ABSTRACT
IT has been seen how the capture of Constantinople in 1453 created a barrier between trading operations from East to West, and that as a consequence various commercial countries looked abroad to find if possible a less obstructed route. The opening up of these new countries and the enormous extension of the possibilities of trading, beginning in the 16th century, had great effects on the world. The Mercantile System or Policy of Power was extended by certain European governments to meet the new conditions. Our Navigation Laws were considered to be our maritime charter, making us supreme on the seas. Adam Smith, the first Englishman who published an outstanding work on economics, said that these Navigation Laws were so wise that one would have thought they had been dictated by Divine wisdom. The Spaniards and Portuguese were not disposed to carry on small industries, or, indeed, commerce on retail lines.
