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The British were late starters in the race to establish colonies. They had become a fairly wealthy and powerful nation. As a result of this wealth, the people wanted more material things. These material goods had to come from somewhere, so money was being sent to other countries to purchase the desired things. This was an undesirable situation in the mercantile system. In an attempt to solve this problem, colonies were started to provide goods that could not be produced in the mother country. The British established their first settlement in the New World in 1607. This settlement was called Jamestown. The colony was funded by a group of private investors joined together to form the Virginia Company. The primary objective of this colony was to turn a profit for the investors. The primary source of income for colonists in Virginia was from the production of tobacco. The tobacco trade soon became this colony's major export to many countries all over the world. Another colony, financed by ...