In the reign of Edward VI the Privy Council sought for andfound pretexts for abolishing the privileges of the 'Merchants ofthe Steelyard.' The Hansards made strong protests against thisinnovation.But the Privy Council persevered in its determination，and the step was soon followed by the most beneficial results tothe nation.The English merchants possessed great advantages overthe foreign ones， on account of their position as dwellers in thecountry， in the purchase of cloths， wool， and other articles，advantages which up to that time they had not so clearly perceivedas to induce them to venture into competition with such a wealthycompany.But from the time when all foreign merchants weresubjected to the same commercial restrictions， the English werestimulated to enterprise， and the spirit of enterprise was diffusedover the whole kingdom.(13*)After the Hansards had continued for some years to be entirelyexcluded from a market which they had for three centuriespreviously possessed as exclusively as England in our dayspossesses the markets of Germany and the United States， they werereinstated by Queen Mary in all their ancient privileges owing torepresentations made by the German Emperor.(14*) But their joy wasthis time of short duration.Being earnestly Desirous not merely ofmaintaining these privileges， but of increasing them， they madestrong complaints at the beginning of the reign of Elizabeth of thetreatment to which they had been subjected under Edward VI andMary.Elizabeth prudently replied that 'she had no power to alteranything， but she would willingly protect them still in thepossession of those privileges and immunities which they thenpossessed.' This reply， however， did not satisfy them at all.Sometime afterwards their trade was further suspended， to the greatadvantage of the English merchants， who now had an opportunity ofshowing of what they were capable； they gained control over theentire export trade of their own country， and their efforts werecrowned with complete success.They divided themselves into'staplers and merchant adventurers，' the former carrying onbusiness in some one place， the latter seeking their fortune inforeign cities and states with cloth and other Englishmanufactures.This excited the jealousy of the Hansards so greatly，that they left no means untried to draw down on the English tradersthe ill opinion of other nations.At length， on August 1， 1597，they gained an imperial edict， by which all trade within the GermanEmpire was forbidden to English merchants The Queen replied (onJanuary 13， 1598) by proclamation， in consequence of which shesought reprisals by seizing sixty Hanseatic vessels which wereengaged in contraband trade with Spain.In taking this step she hadat first only intended， by restoring the vessels， to bring about abetter understanding with the Hansards.But when she was informedthat a general Hanseatic assembly was being held in the city ofL黚eck in order to concert measures for harassing the export tradeof England， she caused all these vessels with their cargoes to beconfiscated， and then released two of them， which she sent toL黚eck with the message that she felt the greatest contempt for theHanseatic League and all their proceedings and measures.(15*)Thus Elizabeth acted towards these merchants， who had lenttheir ships to her father and to so many English kings to fighttheir battles； who had been courted by all the potentates ofEurope； who had treated the kings of Denmark and Sweden as theirvassals for centuries， and invited them into their territories andexpelled them as they pleased； who had colonised and civilised allthe southeastern coasts of the Baltic， and freed all seas frompiracy； who not very long before had， with sword in hand， compelleda king of England to recognise their privileges； to whom on morethan one occasion English kings had given their crowns in pledgefor loans； and who had once carried their cruelty and insolencetowards England so far as to drown a hundred English fishermenbecause they had ventured to approach their fishing grounds.TheHansards， indeed， still possessed sufficient power to have avengedthis conduct of the queen of England； but their ancient courage，their mighty spirit of enterprise， the power inspired by freedomand by co-operation， had passed from them.They dwindled graduallyinto powerlessness until at length， in 1630， their League wasformally dissolved， after they had supplicated every court inEurope for import privileges， and had everywhere been repulsed withscorn.
Many external causes， besides the internal ones which we haveto mention hereafter， contributed to their fall.Denmark and Swedensought to avenge themselves for the position of dependence in whichthey had been so long held by the League， and placed all possibleobstructions in the way of its commerce.The czars of Russia hadconferred privileges on an English company.The order of Teutonicknights， who had for centuries been the allies as well as(originally) the children of the League， declined and wasdissolved.The Dutch and the English drove them out of all markets，and supplanted them in every court.Finally， the discovery of theroute to the East indies by the Cape of Good Hope， operated mostseriously to their disadvantage.