This yields us an income at the rate of about 6½ per cent.
Queen Elizabeth was a considerable shareholder in the syndicate which had financed the expedition.
Out of her share she paid off the whole of England’s foreign debt, balanced her Budget, and found herself with about 40,000 in hand.
For I trace the beginnings of British foreign investment to the treasure which Drake stole from Spain in 1580.
In that year he returned to England bringing with him the prodigious spoils of the Golden Hind.