I have been informed, my lords, that as the masters of trading vessels complain of having been deserted by their convoys, the captains of the ships of war have, in their turn, exhibited such representations of the conduct of the trading masters, as may prove that their caution is not proportioned to their clamour, and that in however melancholy terms they may recount the miseries of captivity, the calamities of ruined families, and the interruption of the trade of Britain, they will not endeavour to escape their enemies at the expense of much circumspection, and that the prospect of no large profit will be sufficient to overbalance the danger of those evils which they so pathetically lament. It is not uncommon, my lords, when the fleet has entered the open seas, for the traders to take different courses both from the convoy and from each other, and to disperse themselves beyond the possibility of receiving assistance in danger or distress; and what wonder is it if part of them be lost, since only part of them can be protected? It may be imagined, my lords, that this is only an excuse forged by the commanders to cover their own negligence or treachery. It may be asked, what motives could induce the merchants to expose themselves to unnecessary dangers, or what proofs they have ever given of such wild negligence of their own interest or safety, as that they should be suspected of rushing precipitately into the jaws of rapine? This, my lords, is an objection specious in itself, and such as those who have not inquired into the present state of our traffick will not very readily discover to be fallacious; but it may easily be removed, by showing that the danger of being taken by the enemy is generally not so great to those who have the direction of the ship as it is commonly believed. By the present custom of insurance, my lords, the merchant exempts himself from the hazard of great losses, and if he insures so much of the value of the ship and cargo, that the chance of arriving first at market is equivalent to the remaining part, what shall hinder him from pressing forward at all events, and directing his course intrepidly through seas crowded with enemies?