part of her wool used formerly to be sold, insured her a market for her clothes in all the ports of the Mediterranean and the Baltic.

France, though at present so distinguished for her commerce and navel power, was late in establishing any permanent colony. She had yet no settlement in the East Indies: the colony of Canada was only in its infancy; her settlements in Hispaniola were not formed; and the plantations in Martinico and Guadaloupe were very inconsiderable. Nor had her silk manufacture yet attained that high degree of perfection, which afterwards rendered it so great a source of wealth3'.

Spain continued to receive annually immense sums from the mines of Mexico and Peru. Contiguous settlements and new governments were daily formed, and the demand for European goods was excessive. But as the decline of their manufactures obliged the Spaniards to depend upon foreigners for the supply of that demand, their wealth be came the common property of Europe. The industrious manufacturer of every country had his share; and the conquerors of the New World found themselves dwindle into the factors of England and Holland.

*A. D. 1660.

Such my dear Philip, was the commercial state of Europe, when Louis XIV. assumed the reins of government, and Charles II. was restored to the throne of his ancestors. War continued to rage between the Spaniards and Portuguese; but after an ambitious struggle of twenty-eight years, Spain was obliged to acknowledge, in 1668, the right of the family of Braganza to the crown of Portugal. The rest of Europe was in peace.

31 Raynal, Hist. Philos. &c.

END OF THE THIRD VOLUME.