enefit to the nation. But to descend to
the lowest point, we maintain that the value of the lifeboats to the
nation, in the mere matter of saving property, is almost incredible. In
regard to these things, it is possible to speak definitely.

For instance, during stormy weather, it frequently happens that vessels
show signals of distress, either because they are so badly strained as
to be in a sinking condition, or so damaged that they are unmanageable,
or the crews have become so exhausted as to be no longer capable of
working for their own preservation. In such cases, the lifeboat puts
off with the intention, _in the first instance_, of saving _life_. It
reaches the vessel in distress; the boat's crew spring on board and
find, perhaps, that there is some hope of saving the ship. Knowing the
locality well, they steer her clear of rocks and shoals. Being fresh
and vigorous, they work the pumps with a will, manage to keep her
afloat, and finally steer her into port, thus saving ship and cargo as
well as crew.

Now, let it be observed that what we have here supposed is not
imaginary--it is not even of rare occurrence. It happens every year.
Last year thirty-eight ships were thus saved by lifeboats. The year
before, twenty-eight were saved. The year before that, seventeen.
Before that, twenty-one. As surely and regularly as the year comes
round, so surely and regularly are ships and property thus saved _to the
nation_.

It cannot be too well understood that a wrecked ship is not only an
individual, but a national loss. Insurance protects the individual, but
insurance cannot, in the nature of things, protect the nation. If you
drop a thousand sovereigns in the street, that is a loss to _you_, but
not to the _nation_. Some lucky individual will find the money and
circulate it. But if you drop it in the sea, it is lost, not only to
you, but to the nation to which you belong--ay, lost to the world itself
for ever! If a lifeboat, therefore, saves a ship worth 1000 pounds from
destruction, it literally presents that sum as a free gift to the
nation. We say a free gift, because the lifeboats are supported for the
purpose of saving life, not property.

A few remarks on the value of loaded ships will throw additional light
on this subject, and make more apparent the value of the Lifeboat
Institution. Take, first, the case of a ship which was actually saved
by a lifeboat. She was a large Spanish ship, which grou