He knew, for everybody knows, that the first three years were on the whole rather unsuccessful; and that, in consequence of this ill success, trade sunk, and navigation declined with it; but _that grand delusion_ of the three last years turned the scale in our favor.
At the beginning of that war (as in the commencement of every war), traders were struck with a sort of panic.

Many went out of the freighting business.

But by degrees, as the war continued, the terror wore off; the danger came to be better appreciated, and better provided against; our trade was carried on in large fleets, under regular convoys, and with great safety.

The freighting business revived.

The ships were fewer, but much larger; and though the number decreased, the tonnage was vastly augmented: insomuch that in 1761 the _British_ shipping had risen by the author's own account to 527,557 tons .-- In the last year he has given us of the peace, it amounted to no more than 494,772; that is, in the last year of the war it was 32,785 tons more than in the correspondent year of his peace average.