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 the latter capacity we depend on them much. In the words of the recent Royal Commission, though we look mainly for security to our navy, we rely only in a less degree upon the widespread resources of our mercantile fleet, and its power to carry on our trade and reach all possible sources of supply wherever they exist. A guarded scheme of national indemnity, which the Commission advocates against loss from capture by the enemy is also within the sphere of statesmen to furnish. It would steady prices, moderate the cost of transport, and encourage the maintenance of trade and regularity of sailing in time of war.

Another aim which statesmen should endeavour to secure as far as possible is that British regulations as to seaworthiness, overloading, and the like, should be enforced against foreign ships equally with British ships. Otherwise it is plain that foreign ships in our ports will have an undue advantage. Many cases are on record of a British ship being sold to a foreign owner, and returning to this country loaded far more heavily and hazardously than would have been permitted had she started from a British port. As at present a foreign ship is seldom marked with any load-line, the overloading is by no means always easy to detect at sight. The result is a serious handicap to the British shipowner and to British trade in its Imperial aspect. Every available means, therefore, must be taken to bring the foreign ship under the same regulations. The question has recently engaged the attention of two Committees of the House of Commons, and recommendations have been made in favour of giving power to take more stringent action at British ports if negotiation with foreign nations fails. It is much to be desired for public safety that an international, load-line should be agreed upon.

In other directions British shipowners complain that they are unfairly taxed or improperly restricted. They demur to paying light dues—that is, dues charged upon all merchant ships entering British ports in respect