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 in the indirect trade with England, and that, therefore, retaliation would neither operate as an inducement to those countries to relax their system, nor afford material addition to the field of employment of British shipping. They contended that the commercial navy of this country was larger than that of France and Spain combined; that, therefore, the Shipowners of these countries had not the means of engaging in an oversea trade to the same extent as the Shipowners of England, and that, consequently, the superior energy of the British Shipowner ought not be pleaded as a barrier to an act of justice. Nor did it, in their opinion, follow that, because the engagement of the Spaniard and Frenchman in the indirect trade with England was not larger and more active than that of the British Shipowners in the indirect trade with France and Spain, there was no inducement to the Governments of those countries to relax the present restrictive system, and no prospect, in the event of such relaxation, of increased employment of British shipping in the direction indicated. In fact, the London Shipowners thought the argument was entirely the other way, and would not be convinced to the contrary, whatever relative prosperity they might enjoy.

With regard to the Coasting trade, all parties were agreed that the Americans acted selfishly in denying to England the same reciprocity for the coasting trade, which she had unrestrictedly conceded to them. The Shipowners, however, by no means acquiesced in the opinion given by the Board of Trade, that "the value of the American Coasting trade had been greatly overestimated." They said, and with