Having hitherto observed the Methode of the said Author, inpart of his Distribution in the matter and forme of Trade, and therein shewed very great deformities: I am now to apply the True Remedies likewise in order, according to the cuases alleaged, which are noted by me to be tenne in number.
The Efficient cause of the Transformation of our Moneys is (Gaine), and this Gaine ariseth by the undervaluing of our moneys, in regard of the inhauncing and overvaluation of forraine Coyne; so that the cause is Extrinsike comprised under the said exchange of moneys, andnot intrinsicke, in the weight and fineness of the Coyne, which are considered in the course of True exchange betweene us, and forraine Nations; and thereupon it followeth, that neither difference of weight, finenesse of Standard, proportion betweeen Gold and Sivler, or th proper valuation of moneys, can be any ture causes of the exportation of our moneys; so long as a due course is held in exchange, which is founded thereupon.
Hence ariseth the facilitie of the Remedie, by the Reformation of exchange, in causing the value of our money to be given in exchange, which cutteth off the said Gaine, had by the said exportation, and causeth (in effect) that the forraine Coyne beyond the Seas, shall not be received above the value, although the inhauncing therefore, or the imbasing by allay were altering continually. For take away the cause (Gayne) and the effect will cease.
All men of common understanding, when they doe heare of the raising of moneys beyond the Seas, are ready to say, we must doe the like; for they conceive the saying of Cato, Tu quoque fac similie, sic Ars deluditur Arte, to be a proper application hereunto: but they doe not enter into consideration, what Altherations it would bring to the State, and that the matter might runne, Ad infinitum, as shall be declared.
But let us suppose, that this will be a sufficient Remedy, to inhaunce our moneys, as they doe theirs, to imbase our Coyne, as they doe theirs, and to imitate overvaluation and undervaluation of Gold and Silver, as they doe, requiring a continuall laboure, charge, and innovation; is it not an excellent thing that all this can be done by the course of exchange, with great facilitie? And that without inhauncing of our moneys at home, or medling with the weight and finenesse of the Starlin Standard?
This is to be done only by his Majesties Proclamation according to the Statutes of exchanges, prohibiting that after three moneths next ensuing the same, no man shall make any exchanges by Bills or otherwise, for moneys to bee paied in forraine parts, or to be recharged towards this Realme under the true Par, or value for value of our moneys, and the moneys of other Countries in weight and finenesse, but at the said Rate, or above the same, as Merchants can agree, but never under the said Rate: which shall be declared in a paire of Tables publikely to be seene upon the Royall Exchanges in London, according to the said Proclamation, and the said Table shall be altered in price, as occasions shall be ministred beyond the Seas, in the generall Respective places of exchanges, either by their inhauncing of moneys by valuation, or by imbasing of the same by Allay; which by a vigilant eye may be observed, and will be a cause to make othr Nations more constant in the course of their moneys. And this will be executed more or course, then by Authority; becuase Gaine doth beare sway and command with most men.
The facilitie hereof putteth me in minde of the Geometricall Axiom or Maxime, observed in commedation of the invention of round Wheeles, Circulus tangit Planum, unico puncta, as a reason to draw and carry Loads with a small strength; whereas if they had been made square, or any other Poly-angle and proportion: Forty horses would not so easily draw them, being laden, as two doth now, both with speed and ease. Unto which this Remedie may bee aptly compared, which (in a manner) comprehendeth all the other Remedies.
For the Merchant Stranger, being here the Deliverer of money generally: will easily bee induced to make the most of his owne, receiving by exchange more for the same beyond the Seas; and the English Merchant being the Taker of the said moneys, will not bee so injurious to the State, as to give lesse beyond the Seas, then the value of the money of the Realme in exchange, contrarie to the said Proclamation: and if hee would, the Deliverer will not let thim have it. Besides that the Takers occasions are enforced by necesssitie, and he can be no loser; for by this directio, he will sell his Commodities beyond the Seas accordingly.
English Merchants being the Deliverers of money beyond the Seas, and the price of exchange altering there accordingly, will have the like consideration, and the Merchant Stranger will provoke him thereunto. And if there be no Takers, the English Merchant may bring over the money in specie, wherein he shall become a Gayner.
This course is agreeable to Justice and the Law of Nations, and will not hinder th'exchange to rise and fall as formerly; but keepe all in due order, with those considerations, Cautions and preventions as shall be set downe to prevent all inconveniences, proceeding by the inhauncing of money; which fall generally upon all men, in the indearing of things, and particularly upon Land- lords and Creditours in their Rents and Contracts; and especially upon the Kings Majesties Lands.
Now before we come to answer some objections made against this Remedie, let us examine what Time the old observer, and experience the best Schoole-master of mans life, have manifestly touching the Raising of moneys in forraine parts, and within the Realme; it being one of the 34 defective remedies before declared.
It is recorded in an ancient booke, that the inhauncing of the Coynes beyond the Seas, was the cause that King Henry the sixt of England, did raise the ounce of Starlin Silver from 20 pence to 30 pence: and King Edward the fourth from 30 pence to 40 pence. And after him King Henry the eight, after many sendings to forraine Princes about Minte affairs and exchanges, (preceiving the price of money continually to rise beyond the Seas:) caused in the 18 yeere of his Raigne, The Angell Noble to be valued from 6 shillings 8 pence, unto seven shillings and four pence, and presently after to 7 shillings 6 pence; whereby every ounce of Starlin Silver was worth 45 pence: and yet there was nothing effected thereby, the money still altering beyond the Seas; whereupon Cardinal Wolsey had to alter the Valuation of money from time to time, as he should see cause.
Afterwards the said King in the 22 yeere of his Raigne, perceiving that divers Nations brought abunance of forraine Commodities into his Realme, and received money for it; which money they ever delivered to other Merchants by exchange, and never employed the same on the Commodities of the Realme, whereby his Majestie was hindered in his Customes, and the Commodities of the Realme were not uttered, to the great hinderance of his Subjects: as is there alleaged: His Majestie caused a Proclamation to be made, according to the aforesaid Statute, made in the time of King Richard the Second, That no person should make any exchange contrary to the true meaning of the said Act and Statute, upon paine to be taken the Kings mortall enemy, and to forfeite all that hee might forfeite; which tooke effect but for a short time, and no other was to bee expected, it not beeing of that moment, nor the principall meane to doe it.
After this followed the imbasing of Moneys and then all the price of forraine Commodities did rise immoderately, which made the native Commodities to rise at the Farmors and Tenants hands, and thereupon Gentlemen did raise the rents of their lands, and tooke farmes to themselves, and made inclosures of grounds; and the price of every thing beeing deare, was made dearer through plenty of money and Bullion comming from the West Indies, as is already noted; and by these meanes, was the Office of the Kings Royall exchanges neglected, because upon the Base money no exchange was made, and other nations counterfeited the same, and filled the kindome with it, and so carried out the good Staple wares of the Realme for it.
This raising of money was augmented afterwards by Queene Elizabeth of blessed memory, in the highest degree, by one full third part, from 45 pence the ounce, unto 60 pence or 5 shillings Starlin Standard: But the exportation did never ceasse, because the course of exchange for money did runne alwaies under the value of the money, still affoording a gaine betweene the said exchange and money, which caused the said exportation. And so will it bee stil, if this be not prevented by Direction in a paire of Tbles, much like unto the Tables kept at Dover in the time of King Edward the third, to receive the passengers money, and by exchange in specie for it beyond the Seas; which made them to leave their moneys within the Realme; and this course of exchange so directed, is the onely meane and way to restore Englands wealth by importation of money and Bullion, advancing the price of our native Commodities, and to prevent the Transporation of our moneys: and all other Remedies are Defective, as experience will proove and demonstrate, if good things can bee favoured.
The Statue of employment must also bee observed, to make the Remedy more compleate with a Register also, to record the Moneys which forraine Marriners doe receive for fraight comming from Norway and other places, which are above one hundred voyages in one yeare; as also many other Ships, bringing corne into the Northerne and Westerne parts of the Realme, and exporting money for it.
The Turke, Persian, and Russian have herein beene more Politicke then we, keeping the price of their exchanges high much above the Valuation of their moneys. So that they have no Trade by exchange, nor moneys, but onely for Commodities; whereby they prevent the over-balancing of forrain Commodities with theirs, as also the exportation of their moneys: albeit the use of our Commodities in those countreys, is very great.
The Objections made by some against this Sole Remedy may easily be answered, for they are grounded upon Suppositions against assured experience.
1. Some make doubt, that the price of exchange being risen, there will be no takers of money, and then the deliverer is more thrust upon the exportation of moneys.
2. Others say, that those merchants, which have sold their Cloth beyond the Seas shall receive a losse in the making over of their money from thence.
3. Others say, that they shall not be able to vent their Cloth, according to the high exchange, expecially now that the same is out of request; and would have the matter of reformation deferred untill an other time.
The first objection is answered before, That the taker is ruled by the deliverer, who will not give his money by exchange under the true value according to the Proclaimation to be made; and the deliverer being the Merchant stranger here, will sooner be thrust upon the Statute of employment; for by the exportation of money, he shall have no gaine, whereas some of the discreeter sort would not have that Statute too stricktly pressed upon the Stranger, because the Trade should not bee driven into their hands.
To the second, the Proclamation limiting a time for execution, giveth Merchants ability to recover their moneys, or to sell their billes of debt for money, or to buy Commodities for them, as the manner is.
To the third, experience maketh a full answer to both, that there did not want takers, when the late inhauncing of money at Hamborough, caused the exchange to rise from under 28 shillings to above 35 shillings; which is more then the present alteration will be, and Wooll was at 33 shillings the Todde, which is now fallen under 20 shillings. So that the vent of our Cloth was not hindered when it was solde dearer by one full third part: But there was above 80 thousand Clothes sold yearely, where there is not sold now 40 thousand Clothes. The time is also to bee thought more convenient to advance a Commoditie being undervalued, then to doe it when the price is high. For this Pleurisie of the Common-wealth is dangerous, and admitteth no time to bee cured; like the fire in a City, which permitteth not enquiries to examine how the fire beganne, but requireth every mans helpe to quench the same.
And whereas it is alleadged in defence of the inhauncing of our Coyne, That which is equall to all, when hee that buyes deare, shall sell deare, cannot be saide to be injurious to any. This opinion seemes to be eiusdem farina, as the former, and hath no consideration what the alteration of Weights or Measures betweene us and forraine nations, may produce to the losse of the Common-wealth, albeit that betweene man and man, it may proove alike in some respects.
To make this evident, suppose two Merchants, the one dwelling in London, and the other dwelling at Amsterdam, do contract together; that the Londer sending Clothes to sell at Amsterdam, the merchant of Amsterdam sendeth him Velvets and Silkes to bee solde at London; and in the account to be kept betweene them they agree to reckon the moneys in exchange but at 30 shilings flemish for 20 shilling Starlin, and so make returne each to other from time to time as money shall be received, both, here and beyond the Seas. Wherupon put the case, that there is received at Amsterdam 1500 lib. flemish for Cloth, and at London there is received 1000 lib. Starlin for Velvets and Silkes, which by the said rate calculation is all one (in effect) between them, and might by way of Rescounter answer each other in account. But the Merchant of Amsterdam, (knowing that by reason of the moneys inhaunced there) he can make a great gaine to have the said 1000 lib. sent unto him in specie:) desireth the Londoner to send him this 1000 lib Starlin in silver gold coyns, Realls of eight or Rieckx Dollers, wherby he shal profite 15 upon the 100, by the meanes aforesaid, which amounteth to 150 lib gaines. The Londoner having his 1500 lib. flemish or 1000 lib. Starlin at Amsterdam, cannot doe the like, because the moneys are inhaunced and received above the value, so that his money must be delivered by exchange there at a low rate, or at 33 shillings 4 pence, whereby he doth receive here the said 1000 lib. with no gaine at all. Thus the account betweene them is made even; but by these means, the Kingdome is deprived of the 1000 lib. of the Merchants money sent to Amsterdam, which doth not onely procure the want of money in England, whereof every man hath a feeling to his losse: but also it causeth the native Commodities to be undersold, and the forraine Commodities to be advanced in price beyond the Seas, by plenty of money; and hindereth the importation of money and Bullion, as aforesaid.
To prevent this, the Question is now, whether it be better and more expedient, to raise the price of exchange, or the price or valuation of our moneys; Surely all men or judgement wil say, that the raising of exchange breedeth not that alteration, which the inhauncing of moneys doth, namely to make every thing deere, and to cause Landlords and Creditors to lose in their Rents and Contracts. And Merchants of experience doe know, that wee cannot doe as they doe. For the inhauncing of moneys here, will be countermined by other Nations, who still will undervalue them in exchange betweene us, unlesse it be prevented by our own true valuation to be made knowne as aforesaid, which by the Law of Nations, cannot be contradicted; whereby we shall also bee enabled to meet them upon all Alterations and practices, to direct our course accordingly, sooner then a Milner can turne his Winde-mill, to grinde Corne with the variation of all windes.
It followeth (saith the said Author) that the Raising also of the Coyne, would raise the price of Plate, To lessen the superfluitie, or to bee turned into Coyne. It is worthy the observation, that (by reason of the want of money:) the price of Plate is fallen from 6 shillings 6 pence guilt, to 5 shillings 6 pence; and white Plate from 5 shillings 8 pence to 5 shillings 2 pence. And if the moneys were inhaunced ten in the hundreth, that is to say, an ounce of Starlin Silver to 5 shillings 6 pence: the Plate and all other things would rise accordingly. Whereby if a man that spendeth two or three hundreth pounds by the yeere, should spare one hundreth pounds worth of his Plate, and bring the same to be Coyned, might thereby get once tenne pound, and pay ever after (for all other things) twenty and thirty lib. dearer yearely. And the moneys made thereof, would neverthelesse be transported, unless the exchange did prevent the same.
In this place, we are to remember, that the Silver used for divers manufactures and Plate, doth much differ in finenesse, whereby many of his Majesties Subjects are deceived: It may therefore be thought convenient, that no silver made into manufactures be sold, unlesse it bee tried by an Assay master, and marked accordingly, especially the silver Threed comming from beyond the Seas: some beeing but eight ounces fine, which is offered to be solde accordingly: or els to make it finer, as shall be thought convenient to serve the kingdome, and to become bound to make Returne in the manufacture of our Wooll for their manufacture of Silver and Silke; which may bee thought a very reasonable Permutation.
The want of mony coming by the consumption of forraine Commodities, may properly be tearmed overballancing of Commodities, which are more worne and used, because of the quantity of them, imported: proceeding also of the abuse of exchange, as the efficient Cause thereof, as aforesaid.
The excessive Use of Tobacco for so much as concerneth the importation thereof in liew of Treasure, will be much diminished by the late limitation of a quantity of Spanish Tobacco lately established; to the end that the Plantation of Virginia and the Bermodaes may be advanced thereby; and it is to be wished that the moneys to bee employed in Spanish Tobacco were likewise made over by exchange, and delivered to the Merchants adventurers and others, to be bestowed upon the Commodities of the Realme to make benefite of our owne; for if such forraine Commodities, shal vanish away in smoake, or be consumed and brought (as it were) unto doung, and surmount the price of the Commodities, or fruits of the land: Certes, that land is unprofitable in every mans judgement. For lands (being the Naturall riches so much desired of all men) are much disimprooved by the want of money and the selling of our native Commodities is too good cheape in regard of the price of forraine Commodities; This beeing an evident token of the poverty of a Commonwealth, which (like an unweildy Elephantike Body) hath a slowe motion, and therefore more dangerous and subject to destruction, which by the want of money, is made visible and sensible.
The returnes lately had from the East-Indies, wil in part asswage the same, if Merchants in the dispersing of those Commodities, will procure importation of money and Bullion, as (no doubt) they will doe. And this will further bee increased, when the Hollanders and our Merchants shall be at an end of their present controversies, which by his Majesties high wisedome, will soone be determined.
Touching the warres of Christendome, for so much as concerneth the want of moneys: I have already shewed how the same is also comprised in the reformation of the abuse of exchange, procuring thereby moneys, which are Nerui Bellorum. But to take upon mee to discourse of warres, might make me subject to Apelles his reprehension, Ne sutor ultra Crepidam. Onely I hope that the famous example of Augustus Caesar the Emperour may be remembered, who perceiving the forces of the great Pirate Crocataes to increase daily by the concourse of many nations, whilest hee was in Spaine, caused a Proclamation to be made, that whosoever should bring him the head of the said Pirate, he would reward him with 20 thousand crownes; whereupon the said Pirate was brought in danger of the humors of the saide nations, whose suspected inconstancy and lucre bred a resolution in him, to offer his own head to the obedience of justice, and demanding the said 20 thousand crownes, had the same payed unto him, whereby all his associates were overcome and dispersed. In like manner did Sixtus Quintus deale with the Banditi in Italy, and made them to cut one anothers throats. This Policy of reward draweth as forcibly as the Adamant or Loade-stone, which caused the Spanaiard to say, Dadiuas quebrantan Pennas, Gifts doe breake stony Rockes.
From the Precedent causes of the want of money in England, come we to the causes of the decay of Trade in order, whereof this is the efficient Cause, whereunto the onely Remedy hath beene declared already.
Usury Politike, is made the next cause of the decay of Trade, which must be remedied by the Plentyof money to be procured as aforesaide, wherein that laudable Custome of the transformating or setting over of billes of debt from man to man is to be remembred, which by his Majesties Praerogative Royall or by Act of Parliament might be established; for thereby great matters are effected as it were with ready money. But our law requireth a more preciseness in the execution thereof, then in Germany and the Low Countries, it not being Choses in Action, as the Lawyers speake. But the necessarines hereof, is so urgent, that no man is like to contradict the same; for wee doe finde by experience, that things which are indeede, and things which are not indeede, but taken to be indeed (as this is for payment of moneys) may produce all one effect. And for the biting Usury before mentioned, there will be stocke found to erect pawne- houses, by meanes as shall be more amply hereafter declared; and here is to be wished, that the City of London, and every principall towne of a Shiere or the most part of them, would take upon them to take money casually at the hand of such as will deliver the same upon the adventure of their or other mens lives. As at Venice, where a man for the summe of three or foure hundreth pounds once given (as in like manner at Amsterdam) shall be sure to have one hundreth pounds a yeare, during his life; wherby a great Stocke might be raised for the generall good of all parties, and especially to set the poore people on worke, and to take their manufactures of them to be sold with a reasonable gaine: for experience hath taught in all places, where the like is used, that the City becommeth alwayes a Gayner by the decease of the parties that doe deliver money in this nature. But it is convenient to prescribe certaine rules hereupon in the making of all manufactures, which commonly is best effected by Corporations.
The litigious Suits in Law being noted as the third cause of the decay of Trade, can hardly be remedied for the reasons before declared, but must have their course; and herein there can be no shorter course devised by the witte of man, then the Common- wealth doth use upon proofe and specialties, if the pleadings and issues (although Peremptory:) bee joyned according to the first institution, whereby the Matter of fact nakely appeare before the Jury of twelve men, who are to judge thereof according to the evidence of witnesses produced before them; for touching the matter of Law, the same beeing separated from the matter of Fact, maketh a Demurrer to be determined by the Judge. I have great cause to enter into Campum Spatiosum about this Law Warfare, having by experience and study spent much time therein. But I thinke fit onely to comment the orders used in Germany to take downe the litigious humours of some persons: To make them pay a Fine of twelve pence upon the pound or more to the Emperors or Magistrates, for so much as they claime more of the defendant, then they can justly proove to be due unto them; besides a further charge, if hee bee found in his proceedings to doe things for a Revenge, which they call an unlawfull imprisonment, although by the lawe he have commenced his Sute lawfully: and this is tearmed Paena Plus Petentium.
For all other meanes, whereby the differences happening between Merchants are determined, I must referre the same unto my booke of Lex mercatoria, as a matter requiring a large explanation.
The like I must doe concerning the fishing Trade, which is the fourth Cause noted before, which hath a reference to the want of money, or to speake ingeniously, is a chiefe cause of the want of money, which might bee procured thereby; whereby both the Trade of Cloth and fishing might flourish together, contrary to the opinion of the severall societies of Merchants before alleadged: for although they be of severall companies, yet such orders may be devised by the corporation to be made of fishing Merchants, as shall not infringe their severall priviledges any way: and all objections may be answered by true and just prevention, observing other nations, Facilius est addere, quam constituere.
The fift cause of the decay of Trade, by making Cloth in forraine Countries, hath beene considered of, whereupon the late Proclamation was made, prohibiting Th'exportation of Wooll, Wooll-fells, Wooll-yearne, Fullers earth, and Wood ashes, and all materials, serving for the making of Cloth. The Rules also to be described of the true making of Cloth (wherein the said Author hath been a good observer) may be (with a vigilant eye of the Officiers to be imployed therein by the Corporation, and the increase of Merchants to manage Trade:) a Remedie to the seventh causes: as also to the eight Cause of the decay of Trade: but the sixt cause concerning the Policy of Merchants, is not to be omitted, whose orders already made, and hereafter to bee made, may be thought convenient to be Surveyed by a Committie, who (upon complaints of the parties grieved in all Societies:) may take order by way of approbation or deniall, to execute things for the generall good, and not for the particular: as I have noted in all this Discourse. So that other Merchants upon reasonable considerations, may be admitted (upon this especiall occasion) to be of the said Societies or Companies; for otherwise it may seeme somewhat dissonant from reason, to prohibite all Merchants, as well English as Strangers, to bring in any of the Commodities of Turkie or of the Levant, and now lately from Eastland and those Countries: but to prohibite the importation of Commodities in Strangers Bottomes concurreth with the Law.
The ninth cause of the decay of Trade, consisting of the interruption thereof by Warres, Pirates and Bankrupts, I have partly handled in the fifth Cause. And although decayed men are found at all times, yet the want of money hath caused divers Merchants and Tradesmen to Breake, who might have maintained their credits, but that being out of their moneys, and the moneys out of the Kingdome, maketh them to goe out of their credits; for Necessitas Parit Turpia. The Remedy hereof doth most depend upon plenty of money or meanes in the liew of money, as the setting over of Bills of debt before spoken of. For the Statute against Bankcrupts, cannot produe any great effect, but be a meane to undoe the party for ever, if it doe depend long upon him, contrary tothe intention thereof; for whereas all such as are Creditors, ought to come in within foure moneths to take their part, of what may appeare of the State of the Bankcrupt, to bee examined by all lawful meanes: the same is protracted for tenne, twenty, and more moneths; and all those that come in the said Interim are admitted with the former, and a great part of the estate is spent in charges. This may bee remedied by the Authority of the Chauncery to the Commissioners appointed for th'execution of the said Statute.
The Remedy to the last and tenth Cause of the decay of Trade, (being the immoderate use of forraine Commodities:) doth (as I have shewed before) consist, partly by the abundance of those Commodities imported by the abuse of exchange, and partly by the wearing of those Commodities, affected by the vulgar sort or Common people. Monsieur Bodine doth observe with Plato, that as the Prince is, so are the Subjects, who (by imitation) follow his example, which sooner entreth into their eyes, then into their eares: And the greater their Authority is, the more affectionate is their imitation. Alexander cast his head aside, and all the Court held their necks awry; Denis was Purblinde, and his Courtiers stumbled at every step and justled each other, as if they had beene evill sighted: and so of other Princes in their apparell, precious stones and other things, which is made to bee the fashion. Hence the Proverbe tooke beginning, Countries fashion, Countries honour. And the effect hereof, is many times greater then the Lawes can bring to passe, unlesse it be upon some Remarkable occasion, as the late Command may prove for the wearing of Blackes at Funeralls, in Cloth and Stuffes made of English Wooll within the Realme.
Here I have omitted, to speake of Customes, Impositions publike and secret, layed upon Commodities, especially upon Cloth, both here and beyond the Seas; because the same requireth great consideration, and the abolishing thereof (being once laied on) will hardly bee brought about, unlesse it bee, with the consent of both parties, where the one hath provoked the other to impose them.
For a Conclusion therefore let us note, That all the said causes of the decay of Trade in England, are almost all of them comprised in one, which is the want of money; whereof wee finde the abuse of exchange, to bee the efficient Cause, which maketh us to find out so easie a Remedie, whereby the Kingdome shall enjoy all the three essentiall parts of Traffique under good and Politike Government, which will bee Free Trade effectually or in deed. And this will also bee admirable in the eyes of other Princes, finding his Majesties wisdome to bee Transcendent in Governing of his owne, which (by so many sendings and remissions of Ambassadours unto forraine Princes and States by his Noble Predecessours:) could never bee effected, as by divers Records appeareth; albeit there was nothing required of them, but what did stand with the Rule of Equality and Equitie, which cannot erre: But velut Ariadne caeca regens filo vestigia, non modo nos errare non finit, sed etiam efficit, ut aberrantes in Rectam viam deducamur.
Soli Deo Gloria
FINIS
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