WHAT THE OCEAN MEANS TO GREAT BRITAIN 335 



renewed and their steady dividends of ten per cent., 

 down to the little single ship company with a capital 

 of 10,000 invested in an almost worn-out cargo 

 steamer, which has to fight for a bare existence. The 

 great companies conduct their businesses on lines 

 savouring more of the government of a kingdom in 

 their widespread ramifications, with their lordly repre- 

 sentatives all over the world, and their host of well-paid 

 servants ashore and afloat. The enormously costly 

 matter of insurance does not trouble them much, for, 

 in the first place, by having ships and men of the 

 very best at lavish cost they reduce their risks, so 

 that by placing in a fund all the premiums they 

 would have to pay for insuring their ships, experience 

 has shown them they are enabled to build a new ship 

 every now and then, after having paid for all losses 

 and damages. Of course, this method is only open to 

 a firm that has many ships, off every one of which is 

 written a goodly amount each year for depreciation, 

 while they are so well looked after that, though twenty 

 years old, some of them are just as good and efficient 

 as new. I have named one company, but there are 

 many others who are in just the same position, but 

 about which we do not hear so much ; indeed, it may 

 be doubted whether in the whole history of shipping 

 there has ever been known such a marvellous record 

 of prosperity as belonged to the White Star Line 

 before its purchase by the Americans. With a capital of 

 750,000, it owned ships valued at several millions, which 

 had been written down in the books till they stood at 

 nothing, while the shareholders had been receiving divi- 

 dends all along ranging from twelve to twenty per cent. 

 But when we leave these leviathans of shipping 



