Britain’s domination of the oceans in the decades following the defeat of Napoleon ensured that British shipping carried the vast bulk of world trade during the period. At mid-century a quarter of all international trade passed through British ports. More than half of Britain’s foreign trade was carried in British ships, generating important invisible earnings that were enormously boosted by the virtual world monopoly in shipping insurance exercised by Lloyd’s of London. In 1890, Britain still had a greater tonnage of shipping than the rest of the world put together. Even in 1910, 40 per cent
...more
