<BLOCKQUOTE ...>

Usage Recommendation
use it

<BLOCKQUOTE ...> indicates that you are quoting a large section of text. <BLOCKQUOTE ...> is rendered with a paragraph break before and after, and usually (but not always) indented.

<BLOCKQUOTE>
<B>PORTIA</B><BR>
The quality of mercy is not strain'd, it droppeth as the gentle rain 
from heaven upon the place beneath: it is twice blest; it blesseth 
him that gives and him that takes: tis mightiest in the mightiest: 
it becomes the throned monarch better than his crown.
</BLOCKQUOTE>

gives us

PORTIA
The quality of mercy is not strain'd, it droppeth as the gentle rain from heaven upon the place beneath: it is twice blest; it blesseth him that gives and him that takes: tis mightiest in the mightiest: it becomes the throned monarch better than his crown.

The <P ...>, <BR ...> and <A ...> tags work well within <BLOCKQUOTE ...>. However, avoid using <BLOCKQUOTE ...> for anything besides its intended purpose: that of designating a long quote. In particular, avoid using <BLOCKQUOTE ...> just to indent a section of text. The results will be inconsistent across browsers and frequently look sloppy.