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 the gauge of the uniting strength of British sovereignty and of the extent of British trade. Long may it remain so. Foreigners, we have been told by an eminent German writer, desire to cultivate trade relations with British Colonies in order to prevent a British Customs Union. Our commercial fleet will be the best mainstay of such a union if it is established, and it is the best substitute for it if it is not. But if it is attacked from abroad, in time of peace by means of foreign reservation of coasting trade and foreign subsidies, and injured at home by misdirected shipping regulations or self-inflicted disabilities as to rates, or is ill-sustained through want of specified manufactures, its value must be impaired. When these things happen, shipowners must either submit to loss, and all British traders with them, or else they may be tempted to transfer their vessels to a foreign flag under which the conditions are less adverse. There is no real reason why these disasters should overtake us, and any revival of industry would at once animate our mercantile marine with fresh vigour, and give an impetus to shipbuilding both at home and in the Colonies. If due precaution is taken and constant watchfulness exercised, there need be no fear for the future of the British commercial fleet.