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The hoarse murmur of the outside sea beating against the stout breakwater; the head and stern lights of the shipping at anchor, distributed here and there; the flashing eye of fire from the lighthouse, casting its long golden wake seaward; the dancing lamps on the low-lying shore of the Singhalese capital, with the soft strains of music from an English bungalow in the half-moon bend of the beach, all together formed a delightful picture, leaving a typical scene deeply engraved on the memory.

Those who best know seem agreed that after the war the price of wheat will not come down with a run. The world shortage of food and shipping will be very great, and the "new world's" surplus will be small.

That as to the truce, the war in its present state was so divided, that they by their fleet deprived him of his shipping and auxiliaries; while he prevented them from the use of the land and fresh water; and if they wished that this restraint should be removed from them, they should relinquish their blockade of the seas, but if they retained the one, he in like manner would retain the other; that nevertheless, the treaty of accommodation might still be carried on, though these points were not conceded, and that they need not be an impediment to it."

"By thunder," he said softly to himself. "I'll do it." He shoved the bunk away from its place in the corner, opened a trap-door in the floor and, lamp in hand, went down into the cabin's cellar. Here was a long pine box, hooped with tin bands for shipping, its lid securely nailed on. He set down his lamp and with shirt-sleeve wiped off some of the accumulation of dust and spider-web.

The shipping in harbour was covered with bunting in honour of the feast-day; for the same reason, there was not a sign of the usual crowd of small boats that give animation to the waters of a port; the middle of the harbour was strangely empty.

British subjects have two or three hundred millions of dollars invested in shipping and other property in the United States. All this property, together with the stocks, would be seized, amounting to nine hundred millions of dollars. Will England incur this tremendous loss for a mere abstraction?"

This was the first concrete action of the entente cordiale the British navy, in the event of war, was to guard the British home waters and the northern ports of France; the French navy was to guard the Mediterranean, protecting French ports as well as French and British shipping from "the Gib" to the Suez. What was the comparative strength of these naval combinations when the war started?

At the close of the war, the country was exhausted by its long and protracted struggle with the colossal power of England. The Eastern States, which furnished most of the shipping, had made great sacrifices, and had contributed more than their share in men, money, and ships to the common defence. They were creditor States, and their means were locked up in "final settlements."

The shipping, which here form a part of the town furniture, and are to be seen every where in the midst of the streets, are painted with every colour of the rainbow, and carved and ornamented according to such ideas of taste in sculpture as are prevalent among Dutchmen; and the whole exhibits a good specimen of a people who have as much to struggle with mud as if they had been born so many eels, and whose conceptions of the real colour of the sky are even a shade darker than our own.

In the third place, they may stimulate, through tariff or shipping concessions, or by subsidies which are much talked of in Europe to-day a preference for their own manufactures over American products in both allied and neutral markets. Take navigation: England controls an immense shipping. As a matter of fact, outside the three-mile limit, she practically owns the waters of the world.