system to it. One State paper, dating apparently in 1529, thus pictures the situation at the time:—
"Disputes in London between English, Italian, Flemish, and Spanish merchants, as to the exchange, because of the last edict about gold. The writer knows of the importation of 100,000 crowns and £10,000 in gold, which will be exported again unless care is taken. In Flanders, directly after this proclamation, gold was publicly put at a higher price than before—a noble at 24 groats," and so on. The writer, therefore, recommends that the searchers at the various ports should be warned to attend to their Page 119 duty and see that no gold was carried away from the realm.
No recoinage, however, or change in the Mint rates, occurred for some years, and it must be taken as primâ facie evidence that the basis of 1527 continued for some years efficient, and witnessed a steady growth in the circulation, accompanying a steady expanse of trade and prices. In 1535, however, complaints were again heard of the conveyance of coins out of the realm, and on the 15th July a proclamation was issued against it. This movement is perfectly well authenticated. On the 10th of May 1537, Hutton, writing from Brussels to Thomas Cromwell, says: " Gold was formerly carried out of the realm [ i.e. of England] for gain; now great sums are sent hither [ i.e. to