to Joseph Somes for £13,950. The Waterloo, 1325 tons, eighteen years old, was sold for breaking up at £7200. The Thames, 1360 tons, thirteen years old, went to James Chrystall at £10,700. The remaining ships of the fleet brought equally good prices. Thus ended the maritime exploits of the "United Company of Merchant Venturers of England trading to the East Indies"; although its influence upon the merchant marine of Great Britain continued for many years.
With the opening of the China and India trade to all British ships, there came the long-wished for competition—one of the hinges upon which commerce swings—and a number of British ship-owners, hardly known before, now came into prominence. Among them were Green, Wigram, Dunbar, and Somes, of London, and the Smiths, of Newcastle. So strongly was the example of the East India Company impressed upon their minds that they still continued to construct frigate-built ships, though with some slight effort toward economy and speed. Many of the former captains, officers, and seamen of the East India Company sailed for the private firms, and so the personnel of the British merchant marine was much benefited. The private ships, of course, were not permitted to fly the naval pennant, but in other respects the service remained pretty nearly, the same. Much of the wasteful extravagance was naturally eliminated, and the "indulgences" were substantially reduced, but the time-honored practice of "making snug for the night" was too ancient and comfortable a custom to be very speedily abolished.
