OUR COMMERCE WITH AFRICA. 359 



half manned, has to pay a higher rate of insur- 

 ance on his voyage home. 



I consider the direct annual loss to the exist- 

 ing trade, south of the Rio Volta, the part of 

 the coast most frequented by slave-vessels, to be 

 as follows : — 



There are about fifteen thousand tons of British 

 shipping employed in the palm-oil trade, which 

 are sailed at the expense of about ten pounds 

 per ton per annum. 



The loss of time, depreciation of vessel, and extra 



insurance, at 3/. per ton . . £45,000 



The extra insurance on their cargoes, valued at 



500,000/. at 2 per cent. . . 10,000 



£55,000 



If this loss, which I believe to be much under- 

 stated, was sustained by fair competition in a 

 legal trade, there would certainly be no grounds 

 for interference ; but as it is a trade proscribed 

 by all civilised nations, a trade for which millions 

 of British money have been paid to the coun- 

 tries pursuing it under the express stipulation 

 that it should cease, I consider we should be 

 neither morally nor politically wrong in putting 

 an end to that expenditure of British capital and 



