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 undesirable; but qualified reservation, in the sense explained, is supported by most British shipowners. Statesmen, therefore, can help to maintain the ascendancy of our commercial fleet as a link of Empire in respect of speed, the equal application of shipping regulations to British and foreign vessels, the promotion of international agreement with regard to these regulations, the incidence of light dues, and, if need be, the qualified reservation of British Imperial coasting trade.

The other question is, What can shipowners and traders do for themselves? In the past they have done a great deal. For proof it is only necessary to look at the history of some of the famous steamship lines to see how much has been achieved. Although the first receipt of a mail subsidy from the Government generally marks a rapid stride in their development, it has been in the main due to individual effort.

The steady advance of British merchant shipping during the nineteenth century is undeniable, but the progress of one or two foreign steamship lines should not be forgotten. The Hamburg-American is a remarkable case. It was founded in 1847, and possessed in 1851 six vessels, amounting together to 4,000 tons. Its present tonnage consists of 331 vessels with 764,000 tons, including the Deutschland, which so far holds the record of the Atlantic with a speed of 23½ knots. The North German Lloyd, which was founded in 1857, has passed through immense financial obstacles, and has now a world-wide reputation. And last, but not least, the Japanese Nippon Yusen Kaisha, or Japan Mail Steamship Company, is a marvel of modern success. It dates from the amalgamation of two smaller companies in 1885, and now owns about 220,000 tons.

All these facts ought to stimulate British shipowners and traders to continued zeal, honourable competition, and a reciprocally advantageous understanding between the Mother Country and her Colonies. Shipowners and traders can mutually help each other in the future in