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 where French shipping is placed in competition with the shipping of other nations, it is making more progress than in those branches of trade where it is protected, at an enormous cost to the people of France. Indeed, the French shipping employed in those carefully protected branches of commerce has, as appears by the returns, in some instances actually declined. But this state of things is not confined merely to the shipping of France. It has been so throughout all time and with all nations. I shall endeavour to illustrate this to your Majesty by reference to the official returns of the progress of shipping belonging to my own country. Going as far back as 1720, I find that there cleared outwards from the ports of Great Britain, 430,000 tons of British shipping.

In 1810 the clearances amounted to 1,600,000 tons.

Ten years afterwards, in 1820, they had only increased to 1,670,000 tons, but in 1850 they had reached 4,700,000 tons.

That increase, however great, is nevertheless small when compared with the increase which took place after Great Britain, in 1850, swept away the last remnants of her Navigation Laws, and threw open her ports unreservedly to the ships of the world. In 1858, the clearances of British ships outwards employed in the over-sea trade, to which these returns alone have reference, reached 6,400,000 tons.

Thus it appears that in ninety years of the closest protection, when we guarded our ships with the most unusual care, and protected them in every branch of our trade to the detriment of our revenue, and by increased taxation upon the people, our shipping increased only 1,170,000 tons; whereas, in thirty years of partial free-trade, during which we entered into treaties of reciprocity with almost every nation, our shipping increased 3,000,000 tons, and in eight years of perfect free trade, that is, from 1850, when our Navigation Laws were entirely repealed, our shipping increased 1,740,000 tons, or, in round numbers, 600,000 tons more than it increased in ninety years of the closest protection. But it may be well to compare the relative progress of French and British shipping. By comparing the tonnage owned by the respective countries in 1838 and 1858, your Majesty will find that in the last twenty years France has increased her sailing vessels by 370,000 tons, and her steam ships by 50,000 tons. But England, during the same period, has increased her sailing vessels by no less than 2,800,000 tons, and her steam ships by 400,000 tons. Thus the Shipowners of