Scarcity of shipping at the commencement of the Crimean War—Repeal of the manning clause—Government refuses to issue letters of marque—Great increase of ship-building and high freights—Reaction—Transport service (_notes_)—Depression in the United States—The _Great Republic_—Disastrous years of 1857 and 1858—Many banks stop payment—Shipowners’ Society still attribute their disasters to the repeal of the Navigation Laws—Meeting of Shipowners, December 15th, 1858—Their proposal—Resolution moved by Mr. G. F. Young—Mr. Lindsay moves for Committee of Inquiry—Well-drawn petition of the Shipowners—Foreign governments and the amount of their reciprocity—French trade—Spanish trade—Portuguese trade—Belgian trade—British ships in French and Spanish ports—Coasting trade—Non-reciprocating countries—Presumed advantage of the Panama route—Question discussed—Was the depression due to the withdrawal of Protection?—Board of Trade report and returns—English and foreign tonnage—Sailing vessels and steamers in home and foreign trades—Shipping accounts, 1858—Foreign and Colonial trades—Probable causes of the depression in England and America—American jealousy and competition—Inconclusive reasoning of Board of Trade—Government proposes to remove burdens on British shipping—Compulsory reciprocity no longer obtainable—Real value of the Coasting trade of the United States—Magnanimity of England in throwing open her Coasting trade unconditionally not appreciated by the Americans. CHAPTER XIV. 386-421 Further returns of the Board of Trade, and address of the Shipowners’ Society to the electors, 13th April, 1859—Shipowners’ meeting in London—Character of the speeches at it—Mr. Lindsay proposes an amendment—Effect of the war between France and Austria—Mr. Lindsay moves for an inquiry into the burdens on the Shipping Interest, 31st January, 1860—Report of the Committee thereon—Views with regard to foreign countries—The Netherlands—The United States—Generally unsatisfactory state of the intercourse with foreign nations—The present depression beyond the influence of Government—General results of Steamers _versus_ Sailing Vessels—The Committee resists the plan of re-imposing restrictions on the Colonial Trade—Difficulty of _enforcing_ reciprocity—Want of energy on the part of the English Foreign Office—Rights of belligerents—Privateering abolished in Europe; America, however, declining to accept this proposal—Views of the Committee thereon, and on the liability of Merchant Shipping—Burden of light dues—Pilotage Charges made by local authorities now, generally, abolished, as well as those of the Stade dues—The report of 1860, generally, accepted by the Mercantile Marine—Magnificent English Merchant Sailing vessels, 1859-1872—The _Thermopylæ_—_Sir Lancelot_ and others—Americans completely outstripped—Equal increase in the number as well as the excellence of English shipping—Results of the Free-trade policy.