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Summary Elizabeth I: Economic and Social Policy
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Document discusses the different economic and social policies under Elizabeth I's reign.
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1Elizabeth Trade, Exploration and Colonisation
Trade with Northern Europe:
- 1558 trade was dominated by London-Antwerp cloth trade
- Cloth trade between London-Antwerp accounted for 75% of all exports and brought in
customs duties of £35,000-£50,000 per year
- Pilchards were exported to Portugal
- Barley and malt were exported to the Netherlands
- Wine and wood were imported from France
- Coal, tin, herring, cod and dried fish were imported from Scandinavia
- Iron, wool and wine were imported from Spain
- Growing domestic demand for silk and spices which generated high profits
- North-East Passage:
• Under Mary’s reign profitable trade with Russia was started with the creation of the
Muscovy Company
• 1560s Jenkinson explored south from Russia into Persia and tried to establish new
trading links
• Muscovy Company helped to break monopoly of the Hanseatic League in the Baltic -
exported cloth, lead, tin, food and pewter, and imported cables, cordage, tallow, wax
and furs - trade was worth £25,000 per year
• Eastland Company was establish in 1579 to import goods, mostly naval supplies from
the Baltic, cloth made 75% of English exports to the Baltic
• From 1573 onwards took advantage of the dispute between Venice and Ottoman
Empire - English ships began importing silk, spices and oils from the Mediterranean
• 1592 companies trading with Venice and OE amalgamated to form Levant Company
which trade English cloth for raw silk, but also exported some lead and tin and
imported carpets
- North-West Passage:
• Frobisher sailed north of Canada in 1576-78 and discovered what is now called the
Frobisher Strait
• Thought he found a route to China but was wrong
• Drake also failed to find a route to China
• 1585-87 John Davis on 3 voyages found nothing of commercial value but made
valuable contribution to mapping the Arctic - established Greenland is separate from
America
• Hudson Bay Company was founded for trade which developed during Stuart reign
Exploiting New World:
, 2
- 1562 Hawkins went to Africa with brightly coloured cloth and trinkets to sell- he captured
some locals and took them as slaves to West Indian islands
- Able to bring home money and sugar
- 1572-73 Drake led expedition which succeeded in capturing Spanish silver at Nombre
de Dios
- Drake raided west coast of Spanish America and captured Cacfuego and her cargo of
silver worth £140,000
- Drake in total returned to England with £400,000 worth of treasure captured during
attacks on South American coast
- He signed a trade treaty with the Sultan of Ternate
- He made of profit of 4,000 %
- 1562 and 1564 Hawkins brought slaves in Africa which he sold to America- returned to
England with gold, silver and animal skins
Colonisation:
- Humphrey Gilbert was interested in establishing colonies in the north-west of America
for trading purposes
- Patent from Queen, giving him rights over land that was taken and financed mostly by
the Cathay Company - sailed in 1578 but failed as was the expedition of Newfoundland
in 1583
- Walter Raleigh got a patent to colonise Virginia but 2 attempts in 1585 and 1587 failed
- Virginia voyages are usually credited with introducing tobacco to England in 1586
Overseas trade:
- Wanted to trade with India, knew that Portuguese Empire was weakly defended and
could be infiltrated
- 1583 Newbery and Fitch made overland journey to India
- 1591 Lancaster successfully sailed around Africa and reached East Indies, capturing 2
Portuguese ships
- In 1600 the East India Company was created - after Elizabeth’s death in 1603 that ships
returned fully laden
- Under the Treaty of Tordesillas all the newly discovered lands were England’s not Spain
or Portugal’s
- 1550 New World trade required license from Spain which was rarely granted to
Englishmen
- Trade with Africa was undertaken by Barbary Company - traded English cloth for
Moroccan sugar
Population Growth:
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