Page:History of merchant shipping and ancient commerce (Volume 3).djvu/380



Scarcity of shipping at the commencement of the Crimean War—Repeal of the manning clause—Government refuses to issue letters of marque—Great increase of ship-building and high freights—Reaction—Transport service (notes)—Depression in the United States—The Great Republic—Disastrous years of 1857 and 1858—Many banks stop payment—Shipowners' Society still attribute their disasters to the repeal of the Navigation Laws—Meeting of Shipowners, December 15th, 1858—Their proposal—Resolution moved by Mr. G. F. Young—Mr. Lindsay moves for Committee of Inquiry—Well-drawn petition of the Shipowners—Foreign governments and the amount of their reciprocity—French trade—Spanish trade—Portuguese trade—Belgian trade—British ships in French and Spanish ports—Coasting trade—Non-reciprocating countries—Presumed advantage of the Panama route—Question discussed—Was the depression due to the withdrawal of Protection?—Board of Trade report and returns—English and foreign tonnage—Sailing vessels and steamers in home and foreign trades—Shipping accounts, 1858—Foreign and Colonial trades—Probable causes of the depression in England and America—American jealousy and competition—Inconclusive reasoning of Board of Trade—Government proposes to remove burdens on British shipping—Compulsory reciprocity no longer obtainable—Real value of the Coasting trade of the United States—Magnanimity of England in throwing open her Coasting trade unconditionally not appreciated by the Americans.

The spring of 1852 ushered in the dawn of brighter days for the disconsolate and "ruined" British shipowner: he could then, at least, obtain, with prudent management, a moderate remuneration on his capital, but there was no actual scarcity of tonnage until 1854.