Page:History of merchant shipping and ancient commerce (Volume 3).djvu/442

 also been made since Mr. (now Lord) Cardwell put in motion this scale of reduction, which has proved so valuable in its results; since then no less than fifty-seven new lighthouses have been built, and fifteen new light ships moored on the coast, whilst thirty-seven old lighthouses have been rebuilt and reorganised at an aggregate cost of more than one million pounds sterling.

From 1860 the Shipowners of Great Britain, though they have experienced in their trade, like all other branches of trade, periods of depression, and rarely more so than at the present moment, have never looked backwards. All special and peculiar burdens having now been removed, their only present desire is, and it is not an unreasonable one, that they should be interfered with as little as possible—certainly not more so than is necessary for the protection of the public—in the management of their own affairs, and that they should have a fair and free field: they seek no favours.

What they have done since they have had free scope to their industry and skill, and been relieved from all unfair taxation on the one hand, and the swaddling-clothes of protection on the other, ''is truly astonishing''. Since then, no country has produced more magnificent steam and sailing ships, the former having all but monopolised the great Transatlantic carrying trade, to which I shall fully refer hereafter, and the latter having driven the American clippers

237 per cent. on the present income of about 316,000l. per annum. Nor has economy been consulted at the cost of efficiency during the last twenty years, due in a great measure to the exertions of the late Sir Frederick Arrow, Deputy-Chairman of the Trinity House.]
 * [Footnote: *mentary Paper, No. 27, 1875) at more than 750,000l., or at the rate of