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Harold's victory was splendid; but he had bought it dearly by the fall of many of his best officers and men, and still more dearly by the opportunity which Duke William had gained of effecting an unopposed landing on the Sussex coast. The whole of William's shipping had assembled at the mouth of the Dive, a little river between the Seine and the Orne, as early as the middle of August.

It is certain that the Moewe left a chain of mines behind her on the outward voyage, some of which undoubtedly caused loss to allied shipping. Once past the British Channel fleet, the Moewe struck for the steamship lane off the Moroccan, Spanish, and Portuguese coasts.

Another letter, this time from Honolulu and from a man who attended the Institute a number of years ago, says: "Just to let you know that I am still alive and enjoying life as I never have before. I have forgotten that I ever stammered. Sincere thanks to you." This young man is now an engineer in the employ of the United Shipping Board.

Three turns of the wheel left him richer by twenty pounds, and he went down to the shipping to make friends with the captain of a decayed cargo-steamer, who landed him in London with fewer pounds in his pocket than he cared to think about. A thin gray fog hung over the city, and the streets were very cold; for summer was in England.

But a waiting cruiser, plain to the eye, interfering with shipping to prevent communication with Germany, was a mild offender compared with an unseen submarine crossing the paths of ships and liable to err in its indiscriminate destructiveness. Fortunately, no American lives were lost. But this was not the fault of the submarine.

Unfortunately, few of these vessels are American, perhaps but one fourth. It is a pity that our countrymen should not benefit more by this trade. During the grain season at most of the Pacific ports the flag of nearly every nation on earth is represented. All styles of shipping, from the largest modern steamer to the smallest ocean sailing vessel, are then to be found in the harbors of the coast.

The government at Washington authorized reprisals, but American ship-owners found it more profitable to compromise than to resist, and Monroe came to an understanding with the English ministry; the prosperity of American shipping was again revived, and the merchants of the United States continued to prosper by carrying English wares under the American flag into harbors where the union jack was forbidden.

'Then the whole management of the Mission must fall upon me; though I am most thankful to say that for some time Mr. Pritt has relieved me from the charge of all domestic and industrial works. 'Mr. Tilly, R.N., has also quite relieved me from my duties as skipper, and I have no trouble about marine stores, shipping seamen, navigating the vessel now.

But he had waited for his money eight years, and could never imagine how it came about that he had been induced to wait so long. There had been, of course, for one who liked "big pots," a certain glamour about the personality of old Heythorp, still a bit of a swell in shipping circles, and a bit of an aristocrat in Liverpool.

Therefore more than one moiety of the Trojan horse has already got within the citadel it has been there for twenty-five years, and yet what has proceeded from its bowels has only tended to augment the rate of increase in the progress of your shipping.