As early as 1656 London merchants were inquiring "whether it would not be a prudentiall thing to draw all the Islands, Colonies, and Dominions of America under one and the same management here." Enterprising capitalists who had ventured their money in Jamaica or Barbados were content to leave the honor and profit of founding new colonies to idealists like Penn and Shaftesbury; but they eagerly welcomed the restored monarch after the unsettled conditions of 1659, and were prepared, even before he landed, to tell him "how the forraigne plantations may be made most useful to the Trade and Navigation of these Kingdomes." Of all the busy promoters whose private interests were, by some strange whim of Providence, in such happy accord with the nation's welfare and the theories of economists, none was more conspicuous than Martin Noel. He was a man of varied activities: a stockholder in the East India Company; a farmer of the inland post office and of the excise; a banker who made loans, and issued bills of exchange and letters of credit. His many ships traded in the West Indies, in New England and Virginia, and in the Mediterranean. During the wars of the Protectorate he was himself a commissioner of prize goods, issued letters of marque, and judged the prizes taken by his own vessels. A center of great interest was his place at the Old Jewry; the resort of ship captains, merchants, investors, contractors, officials of the Government. The capital for financing one of the Jamaica expeditions was raised there by Noel, who was rewarded by a grant of twenty thousand acres of sugar land after the conquest of the island. He had been intimate with Cromwell, and after the return of Charles won the reputation of being, in all affairs of trade and plantations, "the mainstay of the Government." It was through Martin Noel, and men of his kind, that the old colonial system began to be shaped to serve the ends of the moneyed and mercantile interests of England.
[Illustration: Areas settled by 1660, and between 1660 and 1700.]
Enterprising men like Noel were prosperous enough, but their extended vision enabled them to complain intelligently of the decay of trade. In the year 1660 exports made not more than a fourth part of the eight and a half millions of England's foreign commerce. Money was scarce, interest high, rents and prices low. No one doubted that the effective remedy for these ills lay in establishing a "favorable balance of trade." But in the path of this achievement stood the old rivals of England--Holland, Spain, and France. Imports from France overbalanced exports thither in the proportion of 2.6 to 1.6. Spain still worked the rich silver veins of the Andes, and the conquest of Jamaica had opened English eyes to the high value of her West Indian possessions. Above all, the thrifty Dutch, intrenched in the East Indies and on the west coast of Africa, supplied Europe with the major part of Oriental products and denied England's right to share with them the honor and profit of importing slaves into Spanish America. To restore the balance of the French trade, and to contest with Holland and Spain for the lucrative commerce of the East and the West Indies was the underlying economic motive of the wars and diplomacy, as well as of the colonial policy of the Restoration period; it was for this that the Royal African and Hudson Bay Companies were organized; for this the Dutch and French wars were waged; for this regulations were enacted for trade and plantations. And to contemporaries the wisdom of such measures was evident in the result: at the close of the century, although imports remained approximately the same as in 1660, exports had reached the unprecedented figure of seven millions sterling.