The eographical discoveries of this period gave a great impulse to
foreign trade with Africe, Brazil, and North America. The wool trade
continued to increase, and also commerce with the East Indies. In
1600 the East India Company was established, thus laying the
foundation of England's Indian empire, and ships now brought cargoes
direct to England by way of the Cape of Good Hope.
Sir Francis Drake did a flourishing business in plundering Spanish
settlements in America and Spanish treasure ships on the sea, and Sir
John Hawkins became wealthy through the slave trade,--kidnaping
negroes on the coast of Guinea, and selling them to the Spanish West
India colonies. The domestic trade of England was still carried on
largely by great annual fairs. Trade, however, was much deranged by
the quantities of debased money issued under Henry VIII and Edward VI.
Elizabeth reformed the currency, and ordered the mint to send out coin
which no longer had a lie stamped on its face, thereby setting an
example to all future governments, whether monarchical or republican.