to their unreasonable demands, an event supervened which for a time changed the aspect of their affairs.
- [Footnote: sketched out since I have been in the room it would have been better
for your interest. (Uproar, and cries of "Sit down!") You may not think it for your interest, but the day will come when you will find it for your interest. (Disapprobation.) If instead of looking after the shadow, you would follow and grasp at the substance it would be better for you. (Uproar.) Have any of you looked at the existing burdens on British shipping? I have done so; but I will not occupy the time of the meeting by going into details. (Great cheering.) I must, however, tell you that these burdens are a serious hindrance to our onward progress; and I also tell you, and I tell you as a thinking man, that you are vainly attempting to get what you call reciprocity enforced. I say vainly, because you will never get it. ("Oh, oh!") You are losing a chance, a favourable opportunity of obtaining relief from those burdens which still unjustly oppress the British shipowners. (A Voice:—"What is the amount?") I am asked what is the amount? The amount of these burdens reaches nearly 1,000,000l. sterling. They are 2 per cent. upon the amount of the capital invested. Tax any interest 2 per cent., and what is the consequence? You will drive the capital employed in that interest elsewhere. ("Hear, hear!") While that real grievance exists, you are following a shadow ("Oh, oh!") How futile then are your attempts! (Confusion.) You are allowing the opportunity to pass of obtaining substantial relief while you are following this delusion of Protection. (Great uproar.) The policy I have recommended is the policy which is best for the interests of the British Shipowner, and it is as a British Shipowner that I advocate it. It is, as the representative of a large maritime constituency, that I have come forward regardless of your insults to state my opinions frankly on the subject, and to enter my solemn protest against the course of policy you vainly attempt to restore. (Great disapprobation.)
Mr. Duncan Dunbar rose to order. He said that they had not met there to discuss what had brought the shipping interest to its present state; for he thought the fact would be universally admitted that the Shipowners were on the road to ruin. ("Hear, hear!") The object of the meeting, therefore, was not to discuss figures and tonnage, but simply to agree to a petition to the Houses of Parliament, asking them to appoint committees to hear the evidence of witnesses on the subject. His friend Mr. Lindsay,—no, he would not call him his friend (cheers and laughter), but the gentleman who spoke last went beside the mark in talking about the increase or decrease of tonnage. All must admit that the Shipowners were on the road to ruin. ("Hear, hear!") The very property he had made by his industry and hard labour was melting away like snow before the sun. ("Hear!") The man who]*
