Page:History of merchant shipping and ancient commerce (Volume 3).djvu/615

 that produce which your own people require, cannot be imported into France in the ships belonging to those parties who buy the produce and the manufactures of France. No nation, as your Majesty is well aware, can produce all that is necessary to employ, to feed, and to clothe her own people. All nations must, to a greater or less extent, depend upon other countries for those necessary articles of existence. France, to keep her people employed, must have the wools of Australia and the timber of Canada, as well as various descriptions of raw materials which India alone affords, or produces in greater abundance and at lower prices, than other countries. Nevertheless, the Navigation Laws of France prevent those articles which are required for the very existence of the people of France from being imported in the ships of the country whose possessions produce them. India, as your Majesty is aware, has, within the last two years, become virtually, since the abolition of the charter of the East India Company, an integral part of the British Empire: therefore I trust your Majesty will see the justice as well as the policy of at least placing the shipping of England and France engaged in that trade on the same footing as they have been for many years in the trade between those two countries. Such a change would entail no loss of revenue, nor would it, I conceive, require more than your Majesty's decree to effect. This change, in my humble judgment, is indeed necessary on even more urgent grounds than the development of the Commercial Treaty which has recently been concluded. The shipping of the world has just passed through an ordeal of great depression. The losses which Shipowners of all countries have sustained during the last four years have been so great, that capital has, to a considerable extent, ceased to flow in that direction, so much so that, by returns now before me, I find that the tonnage built during the year 1860 in the United States, in Canada, in New Brunswick, in Norway, in England, and in other great producing countries, falls far short of what it was either in 1859, or in any one of the previous years of depression. But, on the other hand, the general commerce of the world has, during that period, increased enormously. For instance, by our Board of Trade returns, the imports of cotton into Great Britain, which amounted to about 8,000,000 cwt. in the eleven months ending November 30, 1859, exceeded 10,000,000 cwt. in the eleven months ending November 30, 1860.

I need not call your Majesty's attention to the vast increase