DEVELOPMENT OF A MERCHANT MARINE AND COMMERCE. 241 



down to one-tenth of the original time, simply by having up-to-date methods of handling sup- 

 plies and adequate port facilities. 



Before passing to the next paper, I am sure you will desire that the Chair make, on 

 behalf of the Society, an acknowledgment to Admiral Rousseau for his preparation of this 

 most interesting paper. 



As you were advised yesterday afternoon, the next paper on the program, "American 

 Shipyard Apprenticeships, Evening Schools and Scholarships," will be presented at the after- 

 noon session in view of the unavoidable detention of Mr. Bailey. He cannot be present this 

 morning. We will therefore pass to Paper No. 9, entitled "Cost Accounting and Estima- 

 ting," by Mr. H. H. Schulze, a member of the Society. This is perhaps a rather dry subject, 

 but it is an exceedingly vital and interesting one; also, one that all of us known a great deal 

 more about now — at least we think we do — than we did five or six years ago. One of the 

 serious and worrying problems during the war was to catch this somewhat elusive item of 

 "cost" and find out exactly what were its true constituent parts. 



Mr. Schulze: — I can hardly agree with the Admiral that this is a dry subject and not 

 interesting. 



The President : — You misunderstood my remark, I fear. It is an exceedingly inter- 

 esting subject. 



Mr. Schulze : — ^What we have tried to do in our work is to carry out what the 

 Admiral presented in some previous remarks — that is, efficiency. 



In this paper we have endeavored to reduce estimating to a scientific basis and bring 

 it to such a point that, by giving engineering condition, we shall have one answer for the size 

 of the auxiliary, and for a given size we would obtain but one answer for the price. It 

 seems almost impossible to do it, yet I believe we have accomplished much in that line. In 

 order to save the time of the Society, I have made an abstract of the paper and will there- 

 fore read it. i 



Mr. Schulze then read his paper in abstract and at its close said : "If there are any 

 here who later wish to see any details of any portion of the work, I will be glad to show it 

 to them." 



