THOSE who are old enough to remember the repeal of the navigation laws describe the state of feeling that prevailed among the shipowning class when the measure was carried safely through Parliament as one of absolute panic. Nothing but the utter ruin of the carrying trade was expected. America had inexhaustible supplies of cheap timber, and neither British shipowners nor British shipbuilders could hope to hold their own against American competition. No one dreamed of the complete re volution which iron and steel in the construction, and steam in the propulsion, of vessels were about to produce, nor of the effect these agencies were destined to have upon the English shipping trade.

The contrast between the results feared forty years ago and the results actually achieved to-day is accordingly very remarkable. On the 1st July last the steamship tonnage owned in Great Britain amounted to 4,265,619 tons, against 634,292 tons owned in the United States, 423,767 tons owned in France, and 289,429 tons owned in Germany— British tonnage being thus more than three times greater than the combined tonnage of the other three chief commercial countries of the world.

This lead in the trade we appear to have main- tained with success, even during the recent years of commercial depression. The figures relating to the last two years are very striking in regard to this point. During the period from July 1, 1878, to July 1, 1880, British owned steam-vessels showed an increase of 571, and tonnage an increase of 508,398 tons, the American figures being 32 vessels and 21,301 tons, the French 60 vessels and 55,982 tons, and the German 57 vessels and 30,390 tons. Thus the mere increase of British tonnage during the past two years is nearly equal to the total tonnage owned in America ; or to the total tonnage of France and Germany combined. The profits accruing to England from this gigantic carrying trade are immense. They go a very long way indeed to redress the balance which, as the Board of Trade figures appear to show, always exists against this country in her commercial in- tercourse with the rest of the world. Look at the American grain trade alone. For a long time past 'we have imported on an average about 200,000 quarters of wheat per week, and probably a similar quantity of Indian corn from the United States; and as these supplies come to us for the most part in British bottoms the shipowners of this country are earning at present from this source alone at the rate of not less than three millions sterling per annum.—Pall Mall Gazette.