Edward Misselden
Encyclopedia
Edward Misselden was an English merchant, and leading member of the writers in the Mercantilist group of economic thought. He argued that international movements of specie
and fluctuations in the exchange rate
depended upon the international trade flows and not the manipulations of the bankers, which was the popular view at the time. He suggested that trading returns should be established for purposes of statistical analysis, so that the state could regulate trade with a view to obtaining export surpluses.
from 1623 until 1633. On his departure from England (October 1623) the East India Company
invited him to act as one of their commissioners at Amsterdam
to negotiate a private treaty with the Dutch; he had probably been employed by the Merchant Adventurers' Company in 1616 in a similar capacity. His fellow-commissioner was Robert Barlow, East India merchant. The negotiations, however, were fruitless, and the report of the Amboyna massacre
made progress difficult.
In low health, Misselden returned to England, and presented to the company an account of the negotiations (3 November 1624). He returned to Delft at the end of November 1624, and during the next four years he was again employed by the East India Company in the Amboyna matter. He was also entrusted with the negotiations on behalf of the Merchant Adventurers' Company for a reduction of the duties on English cloth. Dudley Carleton
, the English ambassador at the Hague
, believed that he had been bribed by the Dutch, while the States-General
, on the other hand, suspected him of compromising their interests by sending secret information to England, and confronted him (October 1628) with some of his letters. Missenden was aggrieved at his treatment, and declined to have anything further to do with the East India Company's affairs. His case was taken up by the privy council, and reparation was made (1628).
Misselden supported William Laud
's schemes for bringing the practice of the English congregations abroad into conformity with that of the Church of England
. The merchant adventurers at Delft were strongly presbyterian, and John Forbes
, their preacher, exercised great influence. Misselden's attempts to impose the Book of Common Prayer
were met by plots to eject him from his position, and he and Forbes were bitterly opposed. He was ultimately turned out, and the company chose in his place Samuel Avery, a presbyterian.
Two years later (1635) abortive attempts were made to obtain his election as deputy-governor at Rotterdam
, and Charles I
addressed a letter to the Merchant Adventurers' Company vainly recommending them to deprive Robert Edwards who was in the post. Behind this lay the fact that Missenden had furnished Philip Burlamachi
with large sums for the king's service, and in May 1633, £13,000 remained unpaid.
Misselden was subsequently employed by the Merchant Adventurers' Company on missions. Around 1650 he was in Hamburg
, and tried to make himself useful to the Parliamentary regime; but his reputation as a royalist told against him.
The views he put forth on the East India trade were inconsistent with those he advocated in the following year. Gerard Malynes immediately attacked his pamphlet, opposing the principles of foreign exchange. In reply Misselden published The Circle of Commerce, or the Ballance of Trade, in Defence of Free Trade, opposed to Malynes' " Little Fish and his Great Whale," and poized against them in the Scale, London, 1623. After dealing with Malynes's views, and stating a theory of exchange, he discussed the balance of trade
. He defended the exportation of bullion on the ground that by the re-exportation of the commodities the country was thus enabled to purchase, the treasure of the nation was augmented. His theory of the balance of trade is similar that later developed by Thomas Mun
.
Money
Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past,...
and fluctuations in the exchange rate
Exchange rate
In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency...
depended upon the international trade flows and not the manipulations of the bankers, which was the popular view at the time. He suggested that trading returns should be established for purposes of statistical analysis, so that the state could regulate trade with a view to obtaining export surpluses.
Life
He was deputy-governor of the Merchant Adventurers' Company at DelftDelft
Delft is a city and municipality in the province of South Holland , the Netherlands. It is located between Rotterdam and The Hague....
from 1623 until 1633. On his departure from England (October 1623) the East India Company
East India Company
The East India Company was an early English joint-stock company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian subcontinent and China...
invited him to act as one of their commissioners at Amsterdam
Amsterdam
Amsterdam is the largest city and the capital of the Netherlands. The current position of Amsterdam as capital city of the Kingdom of the Netherlands is governed by the constitution of August 24, 1815 and its successors. Amsterdam has a population of 783,364 within city limits, an urban population...
to negotiate a private treaty with the Dutch; he had probably been employed by the Merchant Adventurers' Company in 1616 in a similar capacity. His fellow-commissioner was Robert Barlow, East India merchant. The negotiations, however, were fruitless, and the report of the Amboyna massacre
Amboyna massacre
The Amboyna massacre was the 1623 torture and execution on Ambon Island , of twenty men, ten of whom were in the service of the British East India Company, by agents of the Dutch East India Company, on accusations of treason...
made progress difficult.
In low health, Misselden returned to England, and presented to the company an account of the negotiations (3 November 1624). He returned to Delft at the end of November 1624, and during the next four years he was again employed by the East India Company in the Amboyna matter. He was also entrusted with the negotiations on behalf of the Merchant Adventurers' Company for a reduction of the duties on English cloth. Dudley Carleton
Dudley Carleton, 1st Viscount Dorchester
Dudley Carleton, 1st Viscount Dorchester was an English art collector, diplomat and Secretary of State.-Early life:He was the second son of Antony Carleton of Brightwell Baldwin, Oxfordshire, and of Jocosa, daughter of John Goodwin of Winchendon, Buckinghamshire...
, the English ambassador at the Hague
The Hague
The Hague is the capital city of the province of South Holland in the Netherlands. With a population of 500,000 inhabitants , it is the third largest city of the Netherlands, after Amsterdam and Rotterdam...
, believed that he had been bribed by the Dutch, while the States-General
States-General of the Netherlands
The States-General of the Netherlands is the bicameral legislature of the Netherlands, consisting of the Senate and the House of Representatives. The parliament meets in at the Binnenhof in The Hague. The archaic Dutch word "staten" originally related to the feudal classes in which medieval...
, on the other hand, suspected him of compromising their interests by sending secret information to England, and confronted him (October 1628) with some of his letters. Missenden was aggrieved at his treatment, and declined to have anything further to do with the East India Company's affairs. His case was taken up by the privy council, and reparation was made (1628).
Misselden supported William Laud
William Laud
William Laud was Archbishop of Canterbury from 1633 to 1645. One of the High Church Caroline divines, he opposed radical forms of Puritanism...
's schemes for bringing the practice of the English congregations abroad into conformity with that of the Church of England
Church of England
The Church of England is the officially established Christian church in England and the Mother Church of the worldwide Anglican Communion. The church considers itself within the tradition of Western Christianity and dates its formal establishment principally to the mission to England by St...
. The merchant adventurers at Delft were strongly presbyterian, and John Forbes
John Forbes (preacher)
-Life:He was born about 1568, was educated at the university of St. Andrews, where he took the degree of M.A. in 1583, and was ordained minister of Alford, Aberdeenshire in 1593. When the proceedings of the synods of Aberdeen and Moray against George Gordon, 1st Marquess of Huntly were interfered...
, their preacher, exercised great influence. Misselden's attempts to impose the Book of Common Prayer
Book of Common Prayer
The Book of Common Prayer is the short title of a number of related prayer books used in the Anglican Communion, as well as by the Continuing Anglican, "Anglican realignment" and other Anglican churches. The original book, published in 1549 , in the reign of Edward VI, was a product of the English...
were met by plots to eject him from his position, and he and Forbes were bitterly opposed. He was ultimately turned out, and the company chose in his place Samuel Avery, a presbyterian.
Two years later (1635) abortive attempts were made to obtain his election as deputy-governor at Rotterdam
Rotterdam
Rotterdam is the second-largest city in the Netherlands and one of the largest ports in the world. Starting as a dam on the Rotte river, Rotterdam has grown into a major international commercial centre...
, and Charles I
Charles I of England
Charles I was King of England, King of Scotland, and King of Ireland from 27 March 1625 until his execution in 1649. Charles engaged in a struggle for power with the Parliament of England, attempting to obtain royal revenue whilst Parliament sought to curb his Royal prerogative which Charles...
addressed a letter to the Merchant Adventurers' Company vainly recommending them to deprive Robert Edwards who was in the post. Behind this lay the fact that Missenden had furnished Philip Burlamachi
Philip Burlamachi
Philip Burlamachi was a major financial intermediary of King Charles I of England. His family was of Italian origin, exiled descendants of the Lucchese Francesco Burlamacchi...
with large sums for the king's service, and in May 1633, £13,000 remained unpaid.
Misselden was subsequently employed by the Merchant Adventurers' Company on missions. Around 1650 he was in Hamburg
Hamburg
-History:The first historic name for the city was, according to Claudius Ptolemy's reports, Treva.But the city takes its modern name, Hamburg, from the first permanent building on the site, a castle whose construction was ordered by the Emperor Charlemagne in AD 808...
, and tried to make himself useful to the Parliamentary regime; but his reputation as a royalist told against him.
Writings
Misselden's economic writings were prompted mainly by the appointment of the standing commission on trade (1622). In his Free Trade, or the Means to make Trade flourish, London, 1622, he discussed the causes of the alleged decay of trade, which he attributed to excessive consumption of foreign commodities, exportation of bullion by the East India Company, and defective searching in the cloth trade. His object appears to have been to disarm the opposition to the regulated companies, especially the Merchant Adventurers', and turn it against the joint-stock associations.The views he put forth on the East India trade were inconsistent with those he advocated in the following year. Gerard Malynes immediately attacked his pamphlet, opposing the principles of foreign exchange. In reply Misselden published The Circle of Commerce, or the Ballance of Trade, in Defence of Free Trade, opposed to Malynes' " Little Fish and his Great Whale," and poized against them in the Scale, London, 1623. After dealing with Malynes's views, and stating a theory of exchange, he discussed the balance of trade
Balance of trade
The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period. It is the relationship between a nation's imports and exports...
. He defended the exportation of bullion on the ground that by the re-exportation of the commodities the country was thus enabled to purchase, the treasure of the nation was augmented. His theory of the balance of trade is similar that later developed by Thomas Mun
Thomas Mun
Thomas Mun was an English writer on economics who has been called the last of the early mercantilists. He was among the first to recognize the exportation of service, or invisible items, as valuable trade, and made early statements strongly in support of capitalism.Mun began his career by engaging...
.