It was a period of commercial activity in other Commercial directions. Our first commercial treaty, the Great activity' Intercourse with the Netherlands, was negotiated in 1496, and the Merchant Adventurers, the first of Merchant the incorporated companies chartered for trade, Adventurers' gained a royal charter in 1407, formally received the title of the Fellowship of the Merchant Adventurers of England in 1505, and were incorporated by Elizabeth in 1564.