Doc. No. 75. 



69 



and cargoes, and of interest on the amount of their cost, and of expense 

 m navigating those vessels, just in proportion to the saving of time on the 

 voyages. This saving would be about one-half of one per cent, both on 

 the insurance and on the interest, as is usually paid, and considerably 

 more on the expenses of navigation — making not less than ten per cent, 

 per annum. 



But let us suppose that the saving of time to the commerce of the 

 world is only four months instead of six, and appeal to the laws of arith- 

 metic to show us what are the advantages which the canal route presents, 

 after paying two and a half per cent, for transportation duties. Let it be 

 borne in mind that the saving of four months in the round voyage is 

 equivalent, in commercial rates, to double that time: for on one side you 

 avoid disbursements of interest; on the other, you have an increase of 

 profit proportionate with the prospective increase of capital. 

 Premium of one and a half per cent, of interest saved upon 



240 millions in the course of four months 

 Premiimi to be realized in four months from the use and an- 

 ticipation of same capital ----- 

 Saving of two per cent, upon the insurance of said capital, 



estimated at one and a half per cent, a month 

 Aggregate amount saved in salaries for ships' crews during 

 four months; the cost of provision of the maintenance of 

 said crew during that period of time; the saving of in- 

 terest upon the value of vessels, and of insurance upon 

 the same; and, finally, the comparative freedom from 

 maritime danger by the saving of four months in the voy- 

 age: all of which, by the lowest calculation, cannot 

 amount to less than 



$4,800,000 

 4,800,000 

 4,800,000 



2,000,000 



Sum total 16,400,000 



Transit duties on the canal upon 240 millions' worth of mer- 

 chandise, at the rate of two and a half per cent. - - 7,200,000 



Total saving to trade, after paying toUage - - 9,200,000 



From the foregoing estimate, it appears that foreign commerce, by pay- 

 ing a tollage of two and a half per cent., would yield into our hands 

 the sum of seven million two hundred thousand dollars — realizing, 

 nevertheless, a saving of nine million two hundred thousand dollars in 

 the round voyage through the superior advantages offered by the canal. 



In order to form a reliable calculation of the net profits of the canal, it 

 would be necessary to have a correct estimate of the costs of the work; but 

 as I am not aware of any engineer at all acquainted with the various locali- 

 ties having as yet been employed in making such an estimate, I will en- 

 deavor to supply the deficiency, basing my calculations upon the com- 

 parative expenses of other canals, which, however, must not be taken as 

 a definite opinion. The following table exhibits the extent and cost of 

 the Erie canal, and of its various ramifications: 



The principal canal (called Erie) is 363 miles long, and 



cost $9,027,456 05 



The branch called Champlain, 63 miles long, cost - 1,179,871 95 



