1553.]
NORTHUMBERLAND'S CONSPIRACY.
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venturers, and to interfere with and hamper their trade
'To make an end of this matter, it may please you to understand till that the King's Majesty and you, with the rest of his Most Honourable Council, have wholly set an order in the premises, that you shall never be able to bring the commodities of this realm to such purpose as heretofore hath been; for plenty of merchants without experience is the uttermostly destruction of any realm that hath the like commodities that we have to transport, which must be kept in reputation by merchants, or else in process of time things will grow to small estimation.
'Also there is another matter which is most convenient to be looked unto in time. And this is to make a general stay that there may be no retailer occupy the feat of Merchant Adventurers, but only to keep him, and to live upon his retail; and likewise the Merchant Adventurer to occupy his feat only, and to touch no retail, for divers considerations of damage, as doth daily ensue thereof; and, for an example, the retailer comes over with the commodities of our realm, which, if a cannot sell them at his price, then a falls to bartering of them for silks and such like merchandise, and careth not to win by his cloth, for that a is sure to win by the retail of his silks. Now, the Merchant Adventurer that occupyeth no retail cometh over with our commodities to have his gains and his living thereby; and for that the retailer doth sell the self commodities better cheap than he is able to afford them, a doth not only take away the living of the Merchant Adventurer, but in process of time the few numbers of forty or fifty retailers in London will eat out all the merchants within our realm.'Gresham seemed unconscious of the practical commentary which he was making upon his doctrine that only men who understood their business should be allowed to trade. His complaint against the retailers was merely that they were more skilful than their competitors.'For your Grace's better instruction in the matter,' he continued, 'it may please you to understand that this last March there was one Rowland Haywood and Richard Foulkes, both retailers, as also this last year they both came in by the Hanse; which parties sold here in barter 1500 cloths of the best sort in England and took half silks for them; and the said cloths so sold here was offered by the party that bought them to sell in this town for four pounds better cheap than any Merchant Adventurer was able to afford them; which is a matter in the commonweal to be looked upon. In consideration whereof, the merchants here with one assent have made an Act to take effect at Midsummer next coming, with a proviso so far forth as the King's Majesty and his Most Honourable Council be agreeable to the same, that the
