It is easy to see how it has happened that, in competition with the shipowners of every country, the British shipowners have suffered so much under the partial operation of the free-trade principles which the reciprocity system has afforded. It is the inevitable fate of the old and the rich state, in shipbuilding and agriculture, to be undersold by the young and the poor one. The reason is, that the old state, by the very magnitude of its wealth, the amount of its transactions, the number of its inhabitants, the multitude of its fabrics, is obliged to pay much higher for labour and materials of all sorts than the young and the poor one. Machinery and the steam-engine compensate, and more than compensate, this superiority in regard to manufactured articles. England undersells Hindostan, where wages are a penny or twopence a day, by the work of steam-power looms working on cotton raised on the banks of the Ganges. But there is no steam-power loom in shipbuilding any more than in agriculture. Great things in nautical affairs, as in rural economy, can be effected only by the labour of man's hands and the sweat of his brow, in the last ages of civilisation, as in the first. It would appear to be a permanent law of nature, to which there is no exception in any age of the world, or any stage of human progress, that the chief branches of industry on which the subsistence and defence of nations rest--agriculture, and the naval and military arts--are pursued more cheaply, and with more success by young and rising than old and opulent states. History is full of examples in which the manufactures of rich and ancient nations have obtained an undisputed supremacy over the fabrics of poor and rising ones; but it presents still more examples of the encroachments made on the industry and power of old nations by the agricultural produce, or naval and military efforts, of young ones. It is this law of nature which provides for the decay and ruin of nations when they are approaching the limit of their allotted space of existence, and should give place to others entering on the career which they have terminated. No efforts of human energy or virtue can prolong, for any considerable period, this allotted space. But it is the peculiar reproach of free trade, whether applied to agriculture or nautical affairs, that it tends to shorten, instead of prolonging, the life of the nation to which it is applied, by oppressing instead of relieving those vital branches of industry on which its existence depends, and thus both aggravates the natural evils incident to old age, and accelerates the approach of the political society to the tomb.