Mercantilism
Most of England's wealth was destroyed in the continental wars. There was an adverse balance of trade, and specie was drained. For recuperation and future prosperity a vast increase in manufactures was necessary. Such things depended upon cheaper raw materials and larger markets. These essentials could best be attained by expanding the policy of bounties on colonial raw materials. Liberal bounties were offered for colonial hemp, flax, silk, cotton, bar iron, and timber.