Liberia was fundamentally a maritime state in the nineteenth century, dependent on seaborne trade for its prosperity. Immigrant merchants and their descendants developed an extensive coasting trade in which they attempted to wrest the function of the collection and distribution of commodities from foreign competitors, thereby entering a long-established commercial system which antedated the foundation of Liberia. Small vessels manned by individuals resident along the coast and familiar with local conditions were better suited for the collection and distribution of goods than large foreign-owned merchantmen. This commercial advantage, coupled with an increase in foreign demand for Liberian palm oil and camwood early in the century and restrictions placed on African and foreign traders by the Liberian government, allowed Liberians to acquire a merchant fleet which consisted of at least 234 vessels during the century. To protect their involvement in the coasting trade, Liberians declared independence in 1847. Post-independence prosperity is indicated by the fact that Liberians owned at least 139 vessels between 1847 and 1871. However, in the last three decades of the century the Liberian coasting trade was destroyed by the depletion of camwood resources, the development of aniline dyes, the introduction of petroleum products, the competition of foreign-owned steam packets, and falling demand as a result of the general commercial recession of the period.