History of merchant shipping and ancient commerce, Volume 3 (of 4)Lindsay, W. S. (William Schaw)
History
History of merchant shipping and ancient commerce, Volume 3 (of 4)
Lindsay, W. S. (William Schaw)
Commerce -- History; Shipping -- History; Steam navigation -- History
The commercial crisis, however, which occurred on both sides of the
Atlantic, at the close of 1857, necessarily operated injuriously
upon the progress of English trade, and consequently on English
shipping. It must be also remembered that the Russian war, and,
subsequently, the disturbances in British India, created a large and
_abnormal_ demand for tonnage, which ceased with the termination
of those temporary causes; and, as tonnage employed exclusively in the
Government transport service, does not appear in the preceding account,
it is probable that, during 1858, there was a still greater check to
the demand for tonnage than is therein expressed.
The temporary depression was, however, by no means confined to the
shipping of the United Kingdom, as we have shown; similar symptoms had
manifested themselves in other maritime countries.[193]
[Sidenote: American jealousy and competition.]
Although the competition of British shipping in steam navigation had
been the subject of loud complaint in America, it will be found that
the decline in the building and employment of British shipping in 1858
was not so great in proportion as that which was indicated by the
annual accounts of the imports and exports of the United Kingdom for
that year.[194]
[Sidenote: Inconclusive reasoning of Board of Trade.]
The Board of Trade argued, but very inconclusively, with reference to
the free supply of foreign tonnage for the requirements of British
trade, that if, during the exceptional circumstances of recent years,
British commerce had been obliged to depend on British shipping alone
to the extent which was necessary before 1850, an artificial stimulus
would have been given to the demand for British ships, which could
not have been sustained, and that, therefore, the whole weight of the
reaction would have fallen upon British shipping, instead of being
diffused, as was the case, among the whole tonnage employed in British
trade.
Public-domain text, read in full here on John Shaqi.
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