Cod Wars cut the nets of "Carlisle", and "Falmouth" rammed it again. "Týr" was heavily damaged and found herself propelled by only a single screw and pursued by the tug-boat "Statesman". In the dire situation, Captain Guðmundur Kjærnested gave orders to man the guns, in spite of the overwhelming superiority of firepower HMS "Falmouth" enjoyed, to deter any further ramming. The Third Cod War saw 55 ramming incidents altogether. In NATO-mediated sessions, an agreement was reached between Iceland and the UK on 1 June 1976. The British were allowed to keep 24 trawlers within the 200 nmi and fish a total of
Cod important port. William Pitt the Elder, criticizing the Treaty of Paris in Parliament, claimed cod was "British gold"; and that it was folly to restore Newfoundland fishing rights to the French. In the 17th and 18th centuries in the New World, especially in Massachusetts and Newfoundland, cod became a major commodity, creating trade networks and cross-cultural exchanges. In 1733, Britain tried to gain control over trade between New England and the British Caribbean by imposing the Molasses Act, which they believed would eliminate the trade by making it unprofitable. The cod trade grew instead, because the "French were eager to