e extensive, and our ships far more
numerous. Nor is it to be forgotten that a very important part of our
commerce is carried on before the eyes of the Spaniards, so that they
may issue out upon our merchants from their own coasts, and retire
immediately beyond danger of pursuit.

But, my lords, neither the situation of Spain, nor the extent of our
commerce, would have made this war so destructive, had not our merchants
sometimes facilitated the attempts of our enemies by their own
negligence or avarice.

I have been informed, my lords, that as the masters of trading vessels
complain of having been deserted by their convoys, the captains of the
ships of war have, in their turn, exhibited such representations of the
conduct of the trading masters, as may prove that their caution is not
proportioned to their clamour, and that in however melancholy terms they
may recount the miseries of captivity, the calamities of ruined
families, and the interruption of the trade of Britain, they will not
endeavour to escape their enemies at the expense of much circumspection,
and that the prospect of no large profit will be sufficient to
overbalance the danger of those evils which they so pathetically lament.

It is not uncommon, my lords, when the fleet has entered the open seas,
for the traders to take different courses both from the convoy and from
each other, and to disperse themselves beyond the possibility of
receiving assistance in danger or distress; and what wonder is it if
part of them be lost, since only part of them can be protected?

It may be imagined, my lords, that this is only an excuse forged by the
commanders to cover their own negligence or treachery. It may be asked,
what motives could induce the merchants to expose themselves to
unnecessary dangers, or what proofs they have ever given of such wild
negligence of their own interest or safety, as that they should be
suspected of rushing precipitately into the jaws of rapine?

This, my lords, is an objection specious in itself, and such as those
who have not inquired into the present state of our traffick will not
very readily discover to be fallacious; but it may easily be removed, by
showing that the danger of being taken by the enemy is generally not so
great to those who have the direction of the ship as it is commonly
believed.

By the present custom of insurance, my lords, the merchant exempts
himself from the hazard of great losses, and if he insures so mu