The English cloth industry grew considerably at the start of the 15th century, and a new class of international English merchant emerged, typically based in London or the South-West, prospering at the expense of the older, shrinking economies of the eastern towns. These new trading systems brought about the end of many of the international fairs and the rise of the chartered company. Fishing in the North Sea expanded into deeper waters, backed by commercial investment from major merchants. Between 1440 and 1480, however, Europe entered a recession and England suffered the Great Slump: trade collapsed, driving down agricultural prices, rents and ultimately the acceptable levels of royal taxation. The resulting tensions and discontent played an important part in Jack Cade's popular uprising in 1450 and the subsequent Wars of the Roses. By the end of Middle Ages the economy had begun to recover and considerable improvements were being made in metalworking and shipbuilding that would shape the Early Modern economy.