Note 178 — Chapter XIX

In 1561 (the date of Sir John Hawkins’ first slave voyage), England took the first of three commercial steps that raised her to her present grandeur. A charter was presently granted by Queen Elizabeth, who became a large shareholder, and the live produce of Africa threw 500 millions sterling into the national purse. In 1756, after the success of Clive, the profits of India became the “soil and crops of England.” In 1800 began that enormous importation of American cotton (the first few pounds were shipped in 1784), which formed the third and culminating commercial speculation.—“The Cotton Trade,” by George M‘Henry. London: Saunders, Otley & Co., 1863.