TABLE OF SHIPPING.
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 The first period comprises the time when the treaties allowing indirect trade, contract ed with the Hanse Towns. Sweden, and oth- CT powers, in 1927 and succeeding years, first began to operate, and. although during the latter years the proportion of foreign ves- sels rapidly increased, the average of the whole was but eighteen per cent

 The second period commenced at about the time when new impulse was added to the already increasing foreign navigation by the colonial arrangemehtn with Great Britain in 1881 and 1892. During these five years, the proportion of foreign tonnage nearly doubled, while the amount thereofin- creased from two to six millions

 During the last five years, a period mark ed by extraordinary commercial fluctuations, the acquired proportion of foreign tonnage has been preserved with remarkable uniformity This latter fact is an evidence that, however the commercial interests of the United States may have been depressed by these revolu- tions and fluctuations, the navigation inter- ests of foreign owners have not been serious ly effected in their intercourse with us.

 The able report of the Committee of Com merce of the House of Representatives (No 335, May, 1S42,) embraces all the facts and statistics relating to our navigation and ship ping interests; and refer to 1t with pleasure for full information, All which is respect fully submitted.

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