Note 132 — Chapter XI

At that moment our prospects were certainly very gloomy, and it was not surprising that many of our shipowners were disposing of their property. On the other hand, as most of our shipbuilders were idle, it was a favourable moment to contract for the construction of ships. I, therefore, embraced the opportunity, and contracted in one week for six ships of an improved description, of about 1000 tons each. Two of these I built at Sunderland, two at Maryport, one in Dundee, and one in Jersey. Most of the old school of shipowners thought I had lost my senses, and prophesied “ruin;” but others thought there was “method in my madness,” and were thus encouraged to follow my example. Many of my readers may remember the jeering paragraphs which appeared in the Free-trade journals of the period, headed “Lindsay and more ruin,” “Not so bad as they seem,” and so forth. But the fact had an astonishing effect in rousing our shipowners from their dreams of despair, and I never had any reason to regret my “daring speculation.”