Elizabethan England was not particularly successful in a military sense during the period, but it avoided major defeats and built up a powerful navy. On balance, it can be said that Elizabeth provided the country with a long period of general if not total peace and generally increased prosperity due in large part to stealing from Spanish treasure ships, raiding settlements with low defenses, and selling African slaves. Having inherited a virtually bankrupt state from previous reigns, her frugal policies restored fiscal responsibility. Her fiscal restraint cleared the regime of debt by 1574, and ten years later the Crown enjoyed a surplus of £300,000. Economically, Sir Thomas Gresham's founding of the Royal Exchange (1565), the first stock exchange in England and one of the earliest in Europe, proved to be a development of the first importance, for the economic development of England and soon for the world as a whole. With taxes lower than other European countries of the period, the economy expanded; though the wealth was distributed with wild unevenness, there was clearly more wealth to go around at the end of Elizabeth's reign than at the beginning. This general peace and prosperity allowed the attractive developments that "Golden Age" advocates have stressed.