46 DEVELOPMENT OF SHIPYARDS IN THE UNITED STATES, ETC. 



Mr. Churchill then read the paper, and during such reading said : — "I may say that 

 these costs as developed by the curves are more for comparative purposes than for actual 

 costs. For instance, the matter of overhead used was purely an estimate. As you probably 

 all know, the overhead in one shipyard and that in another are two very different things. 

 As it worked out, what we did use was approximately correct." 



The paper in full follows. 



