Empire (11th of 90) -- Elizabeth and a New Economy
Sir Humphrey Gilbert had established St John's Newfoundland, but perished at sea in his forties. Investors had explored the idea of settlements along the west coast of Africa, but black slaves remained the most profitable cargo from that continent.
There were now two interesting areas of trade: pepper and sugar. Here were the granules from which the empire would be built. There was a huge domestic need for spices, as the establishment of the Guild of Pepperers showed. Also much of the imports were lucrative re-exports.
The second craving of the English was sugar. Look at the later portraits of Elizabeth I and note the black teeth. In his description of Elizabeth, the German traveller Paul Hentzner in about 1598 wrote that "...her lips narrow and her teeth black ... a defect the English seem subject to from their too great use of sugar..."
A letter from John Whithal in Brazil to Richard Staper in London caused enormous financial interest in the City. In it, Whithal said that he and his Brazilian father-in-law intended to "...make a good quantity of sugar every year, which sugar we intend to ship for London..." By 1603, it was increasingly clear that British exploration would for the foreseeable future, be financed for the search of peppers and sugar.