The compleat tradesman, or, The exact dealers daily companion: instructing him throughly in all things absolutely necessary to be known by all those who would thrive in the world and in the whole art and mystery of trade and traffick : and will be of constant use for all [brace] merchants, whole-sale men, shopkeepers, retailers, young tradesmen, countrey-chapmen, industrious yeomen, traders in petty villages, and all farmers and others that go to countrey fairs and markets, and for all men whatsoever that be of any trade, or have any considerable dealings in the world / composed by N.H., merchant in the city of London.

CHAP. XXIII. Of the Merchants of LONDON.

MErchandizing may be said to be an Art or Sci∣ence, Invented by Ingenious Man-kind, for the Publick Good and Profit of all, supplying (as was said) the Native wants of one place, by the abundance of others, that do not consume their own Growths, Pro∣ducts, or Manufactures. Such as Negotiate and Traf∣fick this way, are called Merchants. The things sold or exchanged, are Two, First, Wares or Goods; and Secondly, Moneys or Coyn, which are usually Contra∣cted or Bargained for, three ways.

First, When Goods are Exchanged for Goods; that

is, so much of one Sort, for like value of another; and this is called Bartering, usual here in old times, and in many places of America, Asia, and Affrica in these days; but in process of time, Men finding it too diffi∣cult and troublesom to carry about them all things thus Bargained and Truckt for, from place to place, invented a common Standard or Measure that should countervail, and be in value as all other things, and be accounted in Payments Satisfaction and Equiva∣lency to all others: and this is called Money, of Gold, Silver, or other Metals. This use of Money is as old as Abraham, but it was not then Coyned, but only in Pieces unstampt; and since by Authority of Princes, it was divided into great and small Pieces, and into several and distinct Parts and Denominations, and Stampt or Coyned with several Characters, denoting the true Weight and Value of the same. This was done first by Servius in Rome, of Brass, whereon was Imprinted the Image of Sheep and Oxen, be∣tokening the Wealth and Riches of those days: Ten of those Pieces made a Denier, or Penny, and were called by Latins, Denarii. This was the Original of Money, which afterward came to be Coyned of Silver and Gold.

Secondly, The second way is of Goods for Money, and this is termed Bargaining, or Buying and Sel∣ling: This facilitates Merchandizing; and to prevent the Inconvenience and Danger of the Carriage of Money about a Man, another Medium was found, and that was,

Thirdly, Exchanging, which is of the giving of so much Money in one place to one, who should cause it again to be repay'd in another place, by another for him. In all Exchanges there is concluded two Payments, two Places, and four distinct Persons; viz.

He that payeth in one place, and receiveth in ano∣ther; and he that receiveth in the one place, and payeth in the other; and so no man can remit, ex∣cept there be another to draw; nor can any receive, except there be another authorized to pay.

The first of these ways was taught to Mankind by necessity; the Second was sound out to facilitate the First, and the Third to facilitate the Second. Thus was the Original of Exchanges, to accommodate Com∣merce, which was first practised without benefit or loss, or any other consideration, they using to pay the value of the very Sum received: but in time it came to be considered, that the Party paying, loses time, and runs a hazard, and therefore it was held reasonable that he should have some benefit. Hence Exchanges are converted to an Art or Mystery, Mo∣neys being remitted for benefit, without so much respect to the end of its Original Institution.

In the first sort, the Merchant ought to know the Commodities delivered and received, the present va∣lue of both the Quality; Viz. whether lasting or perishable; the Property, viz. whether of Natural growth, or Artificial: And lastly, the Quantity; Viz. whether plentiful or scarce, and in few Lands.

In the second sort, the same things are necessary, and also a knowledge how the Things are Bought and Sold, whether by Weight, as ponderous Goods; by Concave or long Measures, as Commodities of Length; or such as are Solid or Liquid. A knowledge of Weights and Measures of the fineness, goodness, and currant value of Money, &c. A Merchant is to know what to bargain for, how to bargain, when to bargain, and with whom; which comprehends the knowledge of the Commodity, Weights, and Measures, proper Sea∣sons, and Credit of the Party bargained with.

In the third sort, there is necessary a knowledge of

the fineness, goodness, and currant value of the Princes Coyn, where the Remitter and Party receiving a∣bide,—a knowledge of the currant Rate of Ex∣changing of the Par, or value for value, both accor∣ding to the Standard of the Country, and according to the Valuation of the currant Coyn there passable. Then of the Ʋsance of the Place,—and a knowledge of the Drawer and Receiver.—As also the due manner and form of making of all Legal Intimations, Pro∣tests, and other such needful Instruments, Circumstances, and Observations, as are requisite upon default of payment, according to the strict and solemn Rules required in a Bill of Exchange. These General Heads are not to instruct Merchants, but to give a kind of a view of this Noble Calling to others that are Stran∣gers to it.

More particularly in this Famous City, is a great number of Merchants, who for Wealth, for Stately Hou∣ses within the City in Winter, and without in Summer; for rich Furniture, plentiful Tables, honourable Li∣ving; for great Estates in Money and Land, excel some Princes in some of our Neighbour Nations, a great many of whom have frequently born the Digni∣ty of the Chief Magistracy of the City, and have been bountiful and very liberal Benefactors to the Publick, and other Pious Ʋses.

The Merchants of London have been by divers Prin∣ces of this Kingdom Incorporated into Societies and Companies, to encourage their Endeavours; and in reward of the Discoveries of the Trade of those Coun∣tries, whereof they take their Name, they have Power and Immunities granted them, to make Acts and Orders for the benefit of Commerce in general, and of their Companies in particular.

The Ancientest of these, called the Merchant Ad∣venturers,

have had their Original and Continuance since Edward the First, grounded at first upon the Exportation of Wooll onely, the Prime and Staple Commodity of England; but now upon Cloathing, in∣to which the Wooll is converted: That King removed the Staple out of Flanders, and allured over some Flemmings, which taught the English to make Cloth, so that they are now the best Clothiers or Cloth∣workers in the World. —And to encourage them, he Enacted in the Twenty seventh of his Reign, by Statute, that it should be Felony to transport Woolls un∣wrought. This Staple was afterwards removed to Calice, to inrich it; afterwards to Antwerp, Middle-borough, Stoad, Delph, Rotterdam, and Hamborough. —It now includes all Drapery, and is go∣vern'd beyond Sea by a Deputy and certain Assistants, and in England by a Governour, Deputy, and certain Assistants. Stow says, that the Company of Mer∣chants called the Staple, were Incorporated by Ed∣ward the Third, but the Merchant Adventurers by Ed∣ward the Fourth.

The Company of Merchants of Levant, termed Turkey Merchants, were Incorporated by Queen Eli∣zabeth, and had their Charter confirmed and enlar∣ged by King James. They first made Discoveries in∣to the Traffick of the Seigniory of Venice, and the Dominions of the Great Turk, having then the Privi∣ledges of the East-Indian Traffick, —the Navi∣gation to us then unknown by Sea, but the Portugals knew it.

Now there is a great and Eminent Company that manage the East-India Trade, and by themselves In∣corporated in Queen Elizabeths time, Anno 1600. Im∣ploying a joynt Stock; they have a great Capital, or House, called the East-India-House; by the said

Trade and Stock they have built many Warlike Ships, and brought all those Indian Commodities to our Homes, which before were brought to us by other Nations; both which Companies (viz. the Levant and East-India) now supply our Land; and by their second Transportation, many other Countries, with those rich Merchandizes which Venetia, Turkey, Arabia, Persia, China, and India yield; these have their re∣spective Governours, to which are joyned certain Commissioners and Assistants.

The Company of Merchants of Russia were Incorpo∣rated by King Edward the Sixth, and their Charter confirmed and enlarged by Queen Elizabeth: as also the Company of Merchants of Ebbing, the East-Land Company,,—the Green-Land Company,—the Spa∣nish Company,—the French Company of New Adven∣turers,— the Company of French Merchants. —There is also the Merchants of Virginia, Bermu∣das, or Summer Islands, the Affrican or Guiney Com∣pany, &c.

These Companies, besides others not at all Incorpo∣rated, being encouraged by sundry Priviledges, go∣vern themselves by setled Acts and Orders, under cer∣tain chosen Governours, Deputies, and a selected num∣ber of Assistants, which have been found to be so pro∣fitable to these Kingdoms, by Exporting the Native Commodities thereof, by setting the Poor on work, by building of many brave Ships, and by Importing hither of sundry Necessaries both for Use and Orna∣ment, that the benefit thereof cannot here be cer∣tainly expressed: But for a taste I shall transcribe one Instance from Mr. Lewis Roberts, in his Map of Com∣merce, written near Fifty years ago, about the Le∣vant Company in particular. It was found (says he, p. 295.) that inour last Voyage to Cales, and to the

Isle of Rhee, they were the Owners of Twenty great Sail of Ships, that served in both those Voyages; and it is probable that they are Owners of Thirty Sail more, which one with the other may contain 12 or 13000 Tuns of burden, 1200 Guns at least, and about 4 or 5000 Saylers yearly, besides Porters, Weighers, Barge-men, Lighter-men, Car-men, which cannot be less than 2 or 3000 more; and they pay above 50000 l. yearly Customs to the King, partly by Ex∣portation of Cloth, Tin, and other Goods, and partly by Importation of Silks, Cottons, Galls, Grograms, Spices, Drugs, Currans, and other Levantine Commo∣dities; which shews the great benefit of a well go∣vern'd Trade. And we may well estimate, if it were so then, that 'tis much greater now; and that the benefit of these and the other Societies belonging to this City and Kingdom, is mighty considerable.