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Happily, however, for the Shipowners, the demand for their vessels soon rose; and, though some of them may have severely suffered for the first twelve months after the repeal of the Navigation Laws, they soon recovered their losses, and their course ever since has been, apart from the usual fluctuations in all branches of commerce, one of almost continued prosperity. Mr. Thomas Tooke, in his well-known work, speaking of the annual state of trade at the close of 1853, states, that the most satisfactory accounts of the year's business were those connected with shipping. Indeed, 1852, as well as 1853, were years of prosperity to every class of persons connected with ships.

The enormous emigration of the former year, and the great increase of imports and exports in 1853—caused unquestionably by our liberal policy—created a sudden demand for freight, far beyond the resources of vessels really available. British ships of the highest class rose in price from 15l. to 21l. and 22l. per ton, and colonial from 6l. 10s. to 11l. per ton; freights, in many instances, advanced more than 100 per cent.; and it was soon discovered that, though the carrying trade of England had been opened to vessels of all nations, English merchants could not find sufficient tonnage to supply the orders pouring in on them from every part of the world: thus, while the demand for Australia was still on the increase, new branches of commerce were opening out also in other quarters. Freights from Odessa rose from 65s. to 120s. per ton; the rates to and from the west coast of South America, Brazil, and