“Our harbour-master here, who has been upwards of forty years master of vessels out of this port, states that HE NEVER KNEW THE SHIPPING INTEREST AT SO LOW AN EBB AS AT THE PRESENT TIME; and he firmly believes the future prospects are very discouraging. The majority of our vessels are _now_ worked by the masters at _thirds_, and many of them have lost money during the past year—that is, have not made the former wages of £5 per month; in fact, many of them have not made mate’s wages—viz., £3, 5s. per month, who have not reduced their pay more than 5s. per month, and ordinary seamen at the same rate.” “CAERNARVON, _Jan. 29, 1850_. “Ours is nearly altogether a coasting trade, engaged principally in the export of slates, which averages about 91,000 tons per annum. During the year 1849 the export declined to 79,000 tons, and at present there are no prospects of its revival. The shipping belonging to the port is in a _most depressed_ condition; freights are very difficult to be had; and when they are offered, the rate is ruinously low—say 9s. per ton to London, 4s. and 5s. to Liverpool, and so on in proportion. Masters of our coasters are remunerated out of the profits of the vessels they command; and so small have been their earnings of late, that some are giving up _the command_, and shipping as _able seamen_, inasmuch as they earn better wages in the latter capacity! Shipbuilding is almost at an end here; no one will invest capital in coasting vessels now, so depressed are freights, and so clouded is the future.” “CORK, _Jan. 29, 1850_. “I subjoin a statement of freights, &c., at this port:— Per load timber. Freights, Quebec, 1847 40s. „ „ 1848 32s. „ „ 1849 30s. per ton. „ W. C. So. America 1848 £4 5 0 „ „ beginning of 1849 3 17 6 „ „ end of 1849 3 7 6 “The other freights are in the same proportion. “The wages of shipmasters have been reduced _one-third_. A few years back we generally had six or eight vessels on the stocks at this port, AT PRESENT ONLY ONE, and that is an iron screw-steamer, building for the Cork Steam-ship Company. The great majority of the vessels now belonging to this port are colonial built. “Shipmasters have been obliged to accept of reduced wages in order to obtain employment to enable them to support their families. Several of them who were fortunate in having a little money saved, have commenced _tailoring_, rope-making, acting as coasting pilots, &c. &c.” “DROGHEDA, _Feb. 1, 1850_.