three shillings per tun on all wines imported during that period, and twelve pence per pound on the value of all other merchandise exported or imported, with the fourth part of the then existing subsidy on wool and leather. Although the king complained shortly after these privileges were granted that "they had not sufficiently guarded the seas according to contract," the system of entrusting, if not wholly, at least in a great measure, the protection of its shores and maritime commerce to its merchant ship-owners, prevailed for many years: indeed, as already shown, it was upon them that England mainly depended in her maritime wars. In those early days they had also their own wrongs to redress as well as those of the nation.
Henry V., A.D. 1413: his liberal policy, When Henry V. ascended the throne, he, according to Rymer, confirmed the privileges which had been granted by some of his predecessors to foreign merchants and shipping frequenting his kingdom.[1] From the same authority[2] we learn that the king, who held the sole right of drawing bills of exchange for the use of persons visiting the papal court, Venice, and other places abroad, leased this right for three years at the annual rental of 133l. 16s. 8d., afterwards increased to 208l., the contractor being bound not to export any gold or silver on account of the bills he drew. Merchants, however, trading with these places were allowed to draw bills for their merchandise, but for no other purpose. In his reign also the exemption from the obligation of carrying the staple goods to Paris, granted to the
