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especially if not diffused among his rivals in trade. At last, Government arrived at this conclusion about the condition of merchant shipping, that they could not attribute the actual depression of British shipping to the effects of increased competition with foreign shipping consequent on the repeal of the Navigation Laws; but that, considering the importance of the shipping interest in a national point of view, it was desirable that all partial and unequal burdens to which the shipping interest was still subject should be removed as soon as practicable. In this spirit, the repeal of the differential duty on foreign timber as the raw material of shipbuilding, and the abolition of passing tolls and other local burdens, which were still maintained without any equivalent in the shape of services rendered to shipping, were questions which deserved immediate consideration.

It cannot be denied that this very elaborate exposition of the state of merchant shipping completely cut the ground from under those Shipowners who still advocated Protection. They, however, went on cavilling "for a principle," and contended that the Spanish and French trades for instance might become valuable to the British Shipowner if the Governments of France and Spain would adopt the liberal policy pursued by England towards them in this respect; whereas, under the existing restrictions, British Shipowners lost many valuable charters, and were prevented from completing voyages otherwise profitable. The Shipowners refused to allow the validity of the argument, that the British Shipowner carried on a greater business in the indirect trade with France and Spain than the French and Spanish Shipowners