There may or may not be something appreciable in the contention; it has been doubted, and there is no considerable evidence to be had in support of it.

But what is more to the point is the tangible fact that such specialisation of industry and consequent industrial interdependence would leave all parties to this relation less capable, materially and spiritually, to break off amicable relations.

So again, in time of peace and except with a view to eventual hostilities, it would involve no loss, and presumably little pecuniary gain, to any country, locality, town or class, if all merchant shipping were registered indiscriminately under neutral colors and sailed under the neutral no-man's flag, responsible indiscriminately to the courts where they touched or where their business was transacted.
Neither producers, shippers, merchants nor consumers have any slightest interest in the national allegiance of the carriers of their freight, except such as may artificially be induced by discriminatory shipping regulations.

In all but the name--in time of peace--the world's merchant shipping already comes near being so neutralised, and the slight further simplification required to leave it on a neutral peace footing would be little else than a neglect of such vexatious discrimination as is still in force.

If no nation could claim the allegiance, and therefore the usufruct, of any given item of merchant shipping in case of eventual hostilities, on account of the domicile of the owners or the port of registry, that would create a further handicap on eventual warlike enterprise and add so much to the margin of tolerance.