3 1 8 Voyage of the Novara. 



Of course the estimate will become very much larger, if 

 all the sailing vessels be included which pass annually round 

 the Horn from E. to W., amounting to some 500 in number, 

 with a tonnage of 400,000, and cargoes valued at 53,000,000 

 dollars (£11,000,000). The projectors also propose to 

 erect a lighthouse and telegraph station, both at Cape Vir- 

 gin on the East, and Cape Pilar at the Western entrance, 

 as also in Possession Bay, 40 miles W. of Virgin's Cape, at 

 the Eastern entrance, and to have the depot buildings for the 

 requisite materials at the entrance of Smythe Channel, 35 

 miles east of Cape Pilar. Four or five steamers of at least 

 500 tons are to perform the towing service, for which they 

 propose to charge sailing vessels 1.50 dollars (65. 3c?.) per ton, 

 less, in fact, than the charge for towing in China, Austra- 

 lia, &c. 



The carrying out of this scheme, which must exercise an 

 incalculable influence on the commerce of the Pacific slope 

 of the Indies, is mainly dependent on the disposition of the 

 Chilean Government to guarantee a given interest, and 

 accord certain facilities to the company which is to under- 

 take so important and heavy an enterprise. Its require- 

 ments are by no means extravagant. During a period of fif- 

 teen years, it asks for an annual subvention of 125,000 dollars, 



such as crew, insurance, &c., and including interest for money invested, amounts 

 to 30 per cent, for 20 days $80,000 



Further saving of interest and insurance on goods valued at $16,000,000 

 at 20 per cent, for 20 days 177,776 



Total saving effected by vessels using the Straits of Magelhaen . . . . $257,776 



