For the better part of 150 years, Britannia ruled the waves.

Our Merchant Navy was the envy of the world and in the Thirties a quarter of the world's shipping flew the Red Ensign.

In the last century, going by sea was, for the rich and famous, a comfortable and elegant way to travel.

Not so good if you were third class or guard and steerage.

Great liners vied for the profitable Atlantic routes. Britain, France and the United States competed for the Blue Riband, awarded to the ship that made the fastest crossing of the Atlantic.

British shipping companies ran regular freight and passenger services to all parts of the world.

The Union Castle ships with their beautiful pink hulls ran a weekly service from Southampton to Capetown.

The Cunard ships, the Queen Mary and the Queen Elizabeth, were household names.

But travel by sea was slow. It took P&O five weeks to sail the English cricket team to Australia.

Then suddenly, it was all over.

New airliners were able to provide travellers with a quick and reliable service at a fraction of the cost.

Merchant ships were still required to carry freight but our British shipping companies went into decline.

I thought it would be interesting to write about the Peninsular and Oriental (P&O) Steam Navigation Company.

The name has a nice ring to it and the company still has ships.

Or so I thought.

I sent for P&O's annual report and, alas, for all practical purposes the company is getting rid of its vessels.

Its holding of 50 per cent in P&O Nedlloyd and associated bulk carriers may well be reduced.

The cruise liners have been de-merged to form a separate listed company.

P&O is to concentrate on its ports and logistics business and who can say that the directors are wrong?

But for this old romantic, it is sad news.

But what about the row boats (City slang for the ferries)? P&O still has a fleet of them and if you buy 600 5.5 per cent preference shares you can get a decent discount (up to 50 per cent) on crossing the English Channel, most expensive ditch in the world.

That's a good investment if you are planning a trip to the continent.

Ring your stockbroker, he'll have time on his hands.

There's one just across the page.