100 
“ each way, and six months on a voyage out and home, usually 
“ performed in about a year, except by whaling vessels; con- 
“ sequently there would be a saving effected of insurance on 
“ vessels and cargoes, and of interest in the amount of their 
“ cost, and of expense in navigating those vessels, just in pro- 
“ portion to the saving of time on the voyages. This saving 
“ would be about one-half, or one per cent, both on the in- 
“ surance and on the interest, as is usually paid, and conside- 
“ rably more on the expenses of navigation, making not less 
“ than ten per cent, per annum. It is estimated there are at 
“ least one hundred ships or vessels of the United States sail- 
“ ing annually from home ports for the Pacific, and as many 
“ returning thence, including those employed in whaling; the 
“ aggregate value of all which, with their cargoes, may be esti- 
“ mated as high as five or six millions of dollars, and ten per 
“ cent, saved thereon would be at least half a million of 
“ dollars. 
“ The British and Europeans exchange annually with the 
“ western side of America to a much larger amount, and carry 
“ on also considerable whaling business in the Pacific. As, 
“ from the relative distances, the time to be saved in their 
“ voyages would be rather less than those from the United 
“ States, and the saving of insurance, interest, and navigating 
“ expenses, of course proportionally less, yet, as the amount 
“ of their exchanges is so much larger than ours, it may be 
“ about correct to estimate the whole saving on the trade of 
“ Europe with the Pacific through the canal as at least equal 
“ to that on the trade of the United States through it— viz., 
“ half a million of dollars—making together, therefore, at least 
“ one million annually. In addition to this must be estimated 
“ the saving on the whole trade of the United States and of 
“ Europe with China and the neighbouring countries and 
“ islands of the Pacific, which would be carried on by way of 
“ the canal, because that route would be above four thousand 
“ miles shorter than by the Cape of Good Hope, without 
“ crossing the equator or reaching high latitudes, and would 
“ reduce the length of voyages out and home at least two 
“ months on an average; consequently as much as three per 
