Page:History of merchant shipping and ancient commerce (Volume 3).djvu/386

 Great and unusual depression naturally followed the cessation of hostilities. Although wars and famines, however unfortunate and disastrous to the nation, afford rich sources of emolument to shipowners, the adverse reaction is frequently sudden and severe. Before the close of 1857, our markets had become so overstocked with vessels of every kind, that it was hardly possible to obtain for them, in any branch of trade, remunerative freights.

Depression in the United States.

Nor were the Shipowners of the United States in any better position. They, too, had overbuilt themselves. Their exclusive Californian trade had offered so many inducements, and, in fact, such large fortunes had been realised out of it, that many more vessels than could be profitably employed were built in the Northern States between 1849 and 1854. Some of these were placed on the trade with Europe. A very large amount of capital had been invested in the famous ships thus employed; but even these, before the close of 1854, were becoming unremunerative, owing to the competition of British iron screw-*

state of affairs under the notice of the House of Commons (see 'Hansard,' vol. clviii. pp. 2051-2061), when a committee was unanimously appointed on my motion, "To inquire into the organisation and management of those branches of the Admiralty, War Office, India Office, and Emigration Board, by which the business of transporting, by means of shipping, troops, convicts, emigrants, materials of war, stores, and any other similar services, is now performed." After a diligent inquiry which lasted the whole session, the Committee did me the honour to almost as unanimously adopt my report. But some time elapsed before a permanent Transport Board was established, so numerous were the obstacles, or rather prejudices, which had to be overcome. That board is now, or ought to be, responsible for the conveyance of all troops and Government stores from their embarkation until landed at their port of destination.]
 * [Footnote: any other means, I, on the 5th of January, 1860, brought the existing