The Republican journal., 1892-01-14

money, lHe larger CdISoeS CdlIleu, dHl ule
general changes in all branches Of trade
incidental to our time. Another reason,
in addition, leading from these causes, is
the small rate of interest which capitalists
are willing to accept on capital invested in
solid enterprises. Therefore the earning
capacity Of shipping interests has been
much cut down. The insurance rates and
depreciation remain at exactly, or about
the same point; hence this class of prop
erty is viewed with suspicion by investors.
The great Cunard Line of Trans Atlantic
Steamships, which is wholly owned by
British stockholders, declares an annual
dividend of four per cent. This is all that
is expected and all that can legitimately
be done and keep the stock at an appreci-
ated value. The steamers are kept fully
insured and the surplus above this goes to
establish sinking fund to cover deprecia-
ton. If the profits admit, further
amount is laid aside to defray cost of new
ships. This is an illustration of the small
returns obtained from the best class of
steam vessels, operated as stock concerns;
is it any wonder that sail vessels 90 down
before competition of this kind?
1t seems evident that in our coastwise
trade there are bright prospects for our
sailing vessels; although here in addition
to the usual competition of steamers. barges
ana steam boomers. the ever present rail
road as to be considered as a factor. The
old-time schooners Of two OF three hun
dred tons capacity would not be suitable
tn make this fight. They would be lin it
for short time only. The vessels Of the
period, the large three. four and five
masted schooners, carrying a maximum of
cargo at a minimum Of expense, are well
adapted to the purpose. They have steam
power for getting anchors. hosting sails,
working cargo and for other uses; by
means of such methods the crew-list is
hardly larger than that of the smaller
''fore and ALTERS The expenses Of
running are less and their original cost is
smaller still in comparison with the steam
ers'. 1t has been concluSively proved that
these great vessels can bring coal and 9TH
Ell calgoes at less freight then the steamers
or barges. 1t is to this fact that they owe
their existence in such numbers: it is to
the same circumstance that the marvellous
schooner building craze of the last two
years. as well as the reasonably good profits
paid in that time, are due. Had it not been
seen and already proved that by adding to
her size a vessels usefulness and paying
qualities in the cost trade would be much
increased, these larger schooners would
never have been built. If the sailers can
keep a moderate monopoly Of the home
business there is much to be grateful for.
The chances for this look excellent. What
the twentieth century has in store in the line
of changes and Improvements in the ship
ping industry, we can hardly imagine. We
can perhaps look toward to the evolution
of electricity as a motive power for electro
ships, and to the completion of the Cape
Cod canal. Probably sailing tonnage
would step down another notch should
these far from improbable signs of prog
rcss become actual. For the present we
can safely exult in the expectation that
Maine shipyards seem likely T. turn out
their beautiful specimens of marine ARCH
lecture in many years to come. Our build
ers should be alive to the changes and I'M
provements that the times call for. Should
it happen that other shipyards in our
State than one notable example at Bath
add to their plant the wherewithal to build
iron ships OF steamships even, 50 mucl!
the better. 1t is we'll to be in the line Of
progress.
CHARLES W. FREDERICK