ON THE MAXIMUM DIMENSIONS OF SHIPS. 13 
such ships, expressed the opinion that commercial companies would require 
to be paid annual subsidies for swift steamships in order to make good “the 
loss which would be sustained in peace time for running such vessels.’’ For 
ships having a sea-speed of 25 knots the committee considered that the 
annual subsidy ought to be 15 per cent. of the first cost; for 23-knot vessels, 
8.6 per cent.; for 20-knot vessels, 2.6 per cent. The essential point in this 
recommendation was that extremely fast vessels could not be worked with- 
out loss, and that if they were to be made available for use as auxiliary cruisers 
in war, annual subsidies should be paid. National sentiment was strongly 
in favor of recovering ownership of the swiftest ocean steamships for Great 
Britain; Parliament approved that action; an agreement was made with 
the Cunard Company to build the Lusitania and Mauretania;.an annual 
subsidy of £150,000 was arranged ; and the loan above-mentioned was granted 
at 23 per cent., to be repaid in twenty years. Only the owners of these two 
vessels can know whether or not they have earned dividends and it is their 
concern alone. It is noteworthy, however, that no attempt has yet been 
made to surpass these vessels in speed, and that the five ships of greater 
size for which particulars are given in Table I are intended to be slower than 
their predecessors. ‘They may, in fact, be regarded as the latest develop- 
ments of the “intermediate” type of Trans-Atlantic steamships, rather than 
as additions to the series of “express”’ passenger steamers in which very 
little cargo is carried, of which the Cunarders are the latest examples. 
The essential characteristics of the “intermediate” type of steamships 
are moderate speed in proportion to length and displacement, and the asso- 
ciation of large passenger accommodation with a considerable cargo capacity. 
Moderate speed, of course, permits of relatively moderate engine-power, 
lessens the coal-bill and engine room expenses, makes less demands for space 
for engines, boilers and fuel, and leaves free for other uses a larger proportion 
of the internal capacity than in express steamers. All these differences 
obviously tend to increase net earnings in vessels of the intermediate type 
relatively to express steamers of equal size, but much higher speed; provided 
that passengers and cargo can be obtained. On the other hand if cargoes 
are obtained which utilize the full dead-weight capacity of a very large 
steamer of the intermediate type, it may happen that the period of detention 
in port may be considerably in excess of that required for the passenger 
service and for recoaling. As a consequence there may be so considerable 
an increase in the time spent in port—during which the capital is unpro- 
ductive—as will seriously diminish the net earnings. Every one agrees that 
for large and costly ships a quick “turn round”’ is of vital importance to 
commercial success and the shipment and discharge of large cargoes must 
interfere with that procedure. 
