Sinclair McKay

Golden opportunities

Stephen Alford describes the founding of the City of London, as English traders lined the royal coffers along with their own

issue 22 April 2017

Tudor merchants — shivering in furs in tiny creaking ships, sailing through the ice of unknown winter seas — knew something that today’s careworn EU and civil service officials might be irritated to hear: that despite all travails, trade deals can sometimes be sexy, thrilling and epic.

In 16th-century London, plans to open up fresh trading routes across the world were also about vaulting leaps of fantastical imagination, and naturally also about slavering greed. Down by the Thames, men of property would dream of alien Cathay, and of realms where the beaches, they thought, would glitter brilliant red and green with loose rubies and emeralds. Men were crossing oceans with ever-greater cartographical confidence: much better a private ship than a vulnerable caravan of mules trekking the bandit-haunted silk roads. England was opening itself up not merely to a new age of Reformation but also to the start of modern economics: speculation and investment backed by loans.

Comments

Join the debate for just $5 for 3 months

Be part of the conversation with other Spectator readers by getting your first three months for $5.

Already a subscriber? Log in