286.
*** MS.

of Lord Royston's, from the paper office, p.

295.
Queen Elizabeth, sensible how much the defence of her kingdom depended on its naval power, was desirous to encourage commerce and navigation: but as her monopolies tended to extinguish all domestic industry, which is much more valuable than foreign trade, and is the foundation of it, the general train of her conduct was ill calculated to serve the purpose at which she aimed, much less to promote the riches of her people.

The exclusive companies also were an immediate check on foreign trade.
Yet, notwithstanding these discouragements, the spirit of the age was strongly bent on naval enterprises; and besides the military expeditions against the Spaniards, many attempts were made for new discoveries, and many new branches of foreign commerce were opened by the English.

Sir Martin Frobisher undertook three fruitless voyages to discover the north-west passage: Davis, not discouraged by this ill success, made a new attempt, when he discovered the straits which pass by his name.
In the year 1600, the queen granted the first patent to the East India Company: the stock of that company was seventy-two thousand pounds; and they fitted out four ships, under the command of James Lancaster, for this new branch of trade.