Page:History of merchant shipping and ancient commerce (Volume 3).djvu/109



Lord John Russell's first steps as Prime Minister: the Equalization of the Sugar Duties—He suspends the Navigation Laws, January 1847—Mr. Ricardo's motion, February 1847—Reply of Mr. Liddell—Mr. Ricardo's motion carried—Committee appointed, February 1847—Meeting of the shipowners, August 12, 1847—Their arguments—What constitutes "British ships"—State of Navigation Laws in 1847—Rules in force in the Plantation Trade—Their rigorous character—Their history from 1660 to 1847—First infringement of the principle of confining the American trade to British vessels—Absurdity and impotency of these laws—State of the law before the Declaration of American Independence—Trade with Europe—Modifications of the law—East India Trade and shipping—Trade with India in foreign and in United States ships even from English ports—Coasting trade—Summary of the Navigation Laws.

The first measure introduced by Lord John Russell, when he succeeded Sir Robert Peel as Prime Minister,—the equalization of the Sugar Duties—was one almost as important to the interests of merchant shipping as the repeal of the Corn Laws. A change so great, affecting, indirectly, the general as well as the fiscal policy of the empire, was even more remarkable than the abolition of the Corn Laws. It was strenuously opposed by the Protectionist party, but Sir Robert Peel, having given his support to Government, the Bill was carried by a large majority.