CONTENTS
rampant. The malpractice of the officials and the impoverished condition
of the Company rendered public intervention necessary; the smaller pro-
prietors were disfranchised, but the Company continued to manage its affairs
ander a Board of Control. » " . ‘ “ . 3 + 463
20292, The Navigation Act and the Colonies. As the colonies grew, the
Navigation Act supplied a suitable mechanism for controlling their traffic,
so as to promote British industry, and to render England a staple for
enumerated commodities. Great attention was given to the West India
[slands, as a depdt for Mexican trade, and in connection with the slave trade.
In this England was chiefly interested, as it helped to secure the economie
flependence of the plantations, and the African market for manufactures.
The traffic had disastrous results on the negroes, and was of doubtful
sconomic advantage; but the treatment of slaves in the West Indies was
improved by astricting them to particular estates. The Navigation Acts
were injurious to the islands, but helped to stimulate shipbuilding in New
England ; while British attempts to cut off Colonial intercourse with the
French engaged in the Newfoundland fisheries, and with the French West.
India Islands, gave rise to considerable grievance. . . . ¥ 471
223. Shipbuilding, Naval Stores, and Seamanship. While providing
for the employment of shipping, the statesmen of the day maintained their
care for fishing for herring and cod, and for whaling. Bounties were given
on shipbuilding, and the colonists were encouraged by bounties to supply
hemp and naval stores. Increased attention was devoted to improving the
prospects of seamen in the Navy and Merchant Service, and to affording
better facilities for protecting ships on our coasts, by erecting light-houses
and improving harbours and charts, « . . . . . 483
224. Marine Insurance. The practice of marine insurance had been
organised under Elizabeth, and was developed by the establishment of the
London Assurance and Royal Exchange Assurance, as well as by the con-
centration at Lloyd's Coffee House of under-writers, who refused to engage
in Life Insurance. » . . - 48"
XV. CHANGES IN THE ORGANISATION AND DISTRIBUTION OF
INDUSTRY.
095. The Influence of Commerce on Industry. The fostering of
industry was the prime object of economic policy during the period of Whig
Ascendancy, and this aim is very defensible. As the materials needed in
he established manufactures were limited, it seemed desirable to plant
oxotic trades, such as silk-weaving, and others in which the Huguenots were
killed. The dependence of industry on trade for materials and for sale,
gave an impulse to the intervention of employers. The reconstruction of
industry on capitalist lines may be effected so gradually as to be untraceable,
but signs of the change are found in the nature of trade associations and
trade disputes. In the clothing trade, the capitalist and domestic systems
existed side by side, and each had advantages of its own; but the capitalist
was in the best position for supervising workmen, gauging the market, and
introducing machinery. . . . . . . . . 494
028. The Migration and Localisation of Industry. The changes which
