INTRODUCTORY PROCEEDINGS. xli 
than 6,000 tons displacement. In the Bay of Biscay I have seen a passenger 
steamer of only 10,000 tons remain practically upright while waves 30 feet high 
(from hollow to crest), were approaching her nearly broadside-on. It is not size, 
as we know, that makes a ship steady. Some of the largest warships in the world 
are notoriously unsteady as gun platforms. ‘These ships have been made stiff, 
for other reasons, and consequently have short periods of oscillation, so that in 
ordinary conditions of seaway, they are not so steady as ships which are of smaller 
size yet have longer periods. Mere size is not necessary to good behavior at sea. 
Paragraph XII. ‘The facts as to the cost of Trans-Atlantic steamers from 
1874 onward, there given, are of interest, and so is the summary of what was said 
a few years ago by a special committee appointed by the British Government to 
consider the question of subventioning fast cruisers. The action taken by the 
British Government, with the sanction of Parliament, when the Lusitania and 
the Mauretania were built, commanded general approval and there is still a 
feeling that the money is well spent. 
According to the best information published we may take it that $7,500,000 
is about the cost of the great Trans-Atlantic liners now in service, and there are 
other ships building which will probably cost about $8,750,000. The question 
is—What is the chance cf these vessels earning a dividend? As an outsider Ido 
not question the wisdom of decisions which have been reached by gentlemen of 
great experience in commercial life who have authorized the construction of these 
great ships. They are convinced, no doubt, that on the whole it was right for 
them to have the largest ships; but it is noteworthy that they have not gone in, 
also, for the fastest ships. There has been a limitation in speed and power as 
compared with the Lusitania and Mauretania. The Olympic has made, as you 
know, an average sea speed of about 21 knots, across the Atlantic. “The average 
for the Mauretania has been 25.5 knots, and that excess of 4.5 knots represents 
a considerable increase of engine power and coal. The new German ships are to 
attain about 22 knots, and the Aquitania of the Cunard Line, is to reach 23 knots, 
according to report. 
One matter treated at length in the paper is of great importance. Recent 
types, particularly the Olympic and the Titanic are really developments of the 
“intermediate” type.of Trans-Atlantic steamer in which great passenger accom- 
modation is associated with large dead weight cargo capacity. Expenditure on 
these ships however has reached or exceeded that incurred on their swifter pre- 
decessors of which I have spoken. One wonders what would be the net effect on 
earning power if an attempt were made to utilize the large cargo capacity of these 
vessels! It seems obvious that with such a great capital expenditure on a ship 
a quick “turn round”’ in port is essential to commercial success. It is equally 
obvious that if a huge amount of dead weight cargo is to be embarked at the port 
of departure and discharged at the terminal port, the vessel will be bound to remain 
in port for a considerably longer time than would be necessary simply if only 
passengers and a smaller cargo were carried As a matter of fact the schedule of 
