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Updated: May 8, 2025
The result was disastrous. England was not able by herself to consume the entire crop. Nor could the merchants re-export it to the continent because they did not have access to the markets. So the tobacco piled up in the English warehouses, while the price sank lower and lower. The Dutch had given three pence a pound for tobacco, but now the crop was sold at half a penny a pound.
England for years has made huge profits out of the re-export of Teutonic articles, thanks to the grace of free trade and huge carrying power. Is she likely to forego all this? In the last analysis Propinquity and the Purse are the Mothers of Trade Alliance.
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