While the Baltic tonnage, which in 1824 was 350,624 Had advanced in 1846 to 571,161 -------- Showing an increase of no } less than } 220,537
And during this same period, the proportion of tonnage of the United States continued, under the operation of the same principle, steadily to advance, the British entries thence being--
Tons. In 1846 205,123 And the American 435,399 -------- Showing an excess of American } over British of } 230,276
I have (I hope not unfairly) introduced into this statement American tonnage, because it shows that while, in the period antecedent to general reciprocity, the adoption of the principle in the trade with that nation produced an actual decline of British navigation, while in the trade with the Baltic powers, which was free from that scourge, British navigation outstripped its competitor, it exhibits in a remarkable manner the reverse result, from the moment the principle was applied to the Baltic trade; while, above all, it completely negatives the statement of the greater part of the commerce of the north of Europe being monopolised by British ships, showing that in that commerce, in 1846, of an aggregate of 660,055 tons, British shipping had only 88,894 tons, while no less than 571,161 tons were monopolised by Baltic ships!"
It is evident, from this summary, that the decline of British and growth of foreign shipping will be so rapid, under the system of Free Trade in Shipping, that the time is not far distant when the foreign tonnage employed in conducting our trade will be superior in amount to the British. In all probability, in six or seven years that desirable consummation will be effected; and we shall enjoy the satisfaction of having purchased freights a farthing a pound cheaper, by the surrender of our national safety. It need hardly be said that, from the moment that the foreign tonnage employed in conducting our trade exceeds the British, our independence as a nation is gone; because we have reared up, in favour of states who may any day become our enemies, a nursery of seamen superior to that which we possess ourselves. And every year, which increases the one and diminishes the other, brings us nearer the period when our ability to contend on our own element with other powers is to be at end, and England is to undergo the fate of Athens after the catastrophe of Aigos Potamos--that of being blockaded in our own harbours by the fleets of our enemies, and obliged to surrender at discretion on any terms they might think fit to impose.