Lord John Russell’s first steps as Prime Minister: the Equalization of the Sugar Duties—He suspends the Navigation Laws, January 1847—Mr. Ricardo’s motion, February 1847—Reply of Mr. Liddell—Mr. Ricardo’s motion carried—Committee appointed, February 1847—Meeting of the shipowners, August 12, 1847—Their arguments—What constitutes “British ships”—State of Navigation Laws in 1847—Rules in force in the Plantation Trade—Their rigorous character—Their history from 1660 to 1847—First infringement of the principle of confining the American trade to British vessels—Absurdity and impotency of these laws—State of the law before the Declaration of American Independence—Trade with Europe—Modifications of the law—East India Trade and Shipping—Trade with India in foreign and in United States ships even from English ports—Coasting trade—Summary of the Navigation Laws. CHAPTER V. 110-135 Progress of the changes in the Navigation Laws—Reciprocity Treaties—Austria, July 1838—Zollverein States, August 1841—Russia, 1843—Various anomalies, &c., then in existence—Curious effects of Registry Laws, as regarded individuals or corporate bodies—Ship _Equador_—Decision of the Queen’s Bench, December 1846—Further details: owner to reside in the United Kingdom—Naturalisation of goods brought to Europe—Waste of capital caused thereby; and obstructions to trade—Story of the cochineal—But the Navigation Laws not always to blame—Special views of the Canadians—Montreal, its shipping and trade—Navigation of the St. Lawrence—Free-trade with the United States desired by the farmers of Canada—Negotiations proposed—Canadians urge the abolition of Protection—Views of Western Canada—Canadians, really, only for partial Free-trade—Improvements of their internal navigation—Welland Canal—Cost of freight the real question—Loss to Canada by New York line—General summary of results as to Canada—West Indians for Free-trade as well as Canadians—Divergent views of capitalists at home—Liverpool and Manchester opposed. CHAPTER VI. 136-160