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 should be doing a very bad business indeed. I want to know, in the first place, why the shipowners of Great Britain, who possess one-half of the world's effective ocean tonnage, are not to receive what is due to them for the freights they carry, and if so, how they are to be paid? I want to know, in the second place, why those among us who hold foreign bonds, shares, and investments of every kind, are not to be paid the interest which is due to them, and if so, now they are to be paid? I want to know, in the third place, why our shipbuilders, who last year built 90 iron, and 160 wooden ships for the foreigner, are not to receive the price of those ships, and if so, how they are to be paid? I want to know, in the fourth place, why our merchants and bankers, who advance the capital by which our 700 millions of foreign commerce is put in motion, are not to receive the interest on their capital, and if so, how they are to be paid? And in the fifth place, I want to know if our merchants and brokers, who carry on this 700 millions of foreign trade, are to earn any commission thereon, and if so, how they are to be paid?

There are other items which might be brought into the account, but they are sufficient for my purpose; let us try and roughly estimate them. I cannot put down the gross receipts of our ocean carrying trade at less than 45 millions. With regard to the interest on our foreign investments, they are variously estimated by the best authorities at from 55 to 60 millions. I will take the smaller figure. Then the price of those 250 ships we sold last year cannot, at a moderate computation, be put down at less than 1½ million. Then, as to interest on capital, let us take 100 millions as constantly employed in moving our 700 millions of commerce, and say five per cent, this gives us 5 millions; and lastly, what are we to put down by way of commissions? 2½ per cent, on 700 millions give us 17½ millions. Let us now add up.