The following table shows the tonnage of vessels built in the Dominion of Canada for fiscal years ended June 30, tonnage of vessels documented, including those built in other countries, and tonnage of vessels sold to other countries. The figures are from the Canadian Report on Trade and Navigation for 1893, dated February 6, 1894:

The following table, from the Canadian Report on Trade and Navigation, shows the total number, net tonnage, and number in crews of vessels which have arrived at and departed from Canadian ports, excluding coasting vessels, during the fiscal year ended June 30, 1893. For comparison the Bureau of Navigation appends the like statement of the Canadian report for 1886.

As the same vessels in frequent instances have entered and cleared many times, the figures as to the number, tonnage, and number of crew do not show the actual strength of lake fleets for these years, but cover repeated trips of many vessels.

In the second division of the table, "Vessels between Ontario, Quebec, and the United States," those classed as "foreign" in Canadian statistics are exclusively American. Attention is directed to the large and gratifying increase for the seven years in the navigation of the vessels of the United States on the lakes.

VESSELS OF THE INLAND WATERS BETWEEN ONTARIO, QUEBEC, AND THE UNITED STATES.

GRAND TOTAL SHIPPING

(EXCLUSIVE OF COASTING VESSELS) ENTERED INWARD AND OUTWARD.

Illustrating the description of vessels by which commerce on the Great Lakes is conducted between the United States and Canada is the following tabulation of vessels entered at and cleared from Canadian ports. These figures are to be read with the figures in the preceding table concerning lake trade between the United States and Ontario and Quebec. What has been said of repeated voyages holds good.

The following gives the totals of arrivals and departures of vessels in the coasting trade of the Dominion of Canada for 1893, not covered by foregoing tables. The remark already made as to repeated voyages holds good of this table. For comparison like figures for 1886 are published:

APPENDIX L.

RECENT ANNUAL REPORTS OF PRINCIPAL STEAMSHIP COMPANIES OF LEADING MARITIME NATIONS.

Following are the latest annual reports available on June 30, 1893, of the boards of directors to the stockholders of eleven of the largest steam navigation companies in the world. These reports cover the operations of steamships, aggregating in round numbers 1,600,000 gross tons, or about one-tenth of the world's steam tonnage engaged in foreign trade. They cover the operations of approximately one-twentieth of Great Britain's steam navigation in foreign trade, one-fourth of that of the United States, one-third of Germany's, over one-third of France's, over one-half of Italy's, and twothirds of Austria-Hungary's.

These reports are published by the Bureau of Navigation as the most direct means of furnishing authoritative information, from many points of view, on the economic problems of steam navigation. The reports are published in full except in so far as they contain references to the election of officers, tributes to deceased officers, steamship accidents, and matters of no value in the consideration of the shipping problems of the United States. Such matters have been omitted to save space. Some indulgence is asked for the translation of occasional technical terms in the balance sheets of French, German, Italian, and Dutch reports, but it is believed the idea of the term in the main has been accurately conveyed. While many of the facts and figures given are of no value to a discussion of economic questions in this country, it was found impossible to eliminate them without mutilating the reports and making necessary extended explanatory notes. Differences in the methods of bookkeeping and of making the reports are, of course, numerous, and general statistics can not be drawn from all. The following, however, are noted as of interest:

SUMMARY,

Following is a summary of the number, gross tonnage, horse power, and value on the books of the companies of the fleet of each. The values have been converted into dollars on the basis of the following money equivalents:

NOTE.-Where the horse power is bracketed, nominal horse power is understood; in other cases, indicated or effective horse power.

The following table gives the rate of dividends paid by each corporation for the year for which the report is given. It will be noted that the Pacific Mail Steamship Company and the Netherlands-American Steamship Company applied the profits of the year to the liquidation of debts of previous years, and the HamburgAmerican line applied its profits to a reduction of the book value of its fleet and to improvements.

The table also shows the average valuation per gross ton put upon its fleet by each of the corporations. These figures indicate roughly first cost and allowance for depreciation and insurance in operating expenses; but it is only approximately. Several factors obviously enter into the average valuation; first, the true first cost, which for a like tonnage will be greater in a heavily powered vessel than in a slower vessel, in a mail and passenger steamer than in a freight boat; second, for identical vessels the cost of construction will vary in different countries; and third, the methods of bookkeeping of different corporations will vary toward low or high valuation. Thus it will be noted that until the current report the Pacific Mail Steamship Company carried its fleet on its books at first cost plus improvements,

making no deduction "for depreciation due to age and design," while the Hamburg-American Steamship Company declared no dividend on account of depreciation, and observes: "On account of the numerous inventions and improvements which have been made in recent years in machinery and shipbuilding, old steamers can be utilized with profit only if their book value can be lowered to an unusual degree.” The tables also show principal sources of receipts, where given in the reports:

* Passenger and freight receipts given together.
†Passenger, mail, and freight receipts given together.

The following are principal items of cost of operation and maintenance. It will be noted that they fall into three approximately equal parts: First, coal; second, wages and provisions; third, allowance for depreciation, repairs, and insurance; thus, for the Peninsular and Oriental, coal counting for about 23 per cent of the total expenses of operation; depreciation, repairs, and insurance for about 25 per cent, wages for about 15 per cent, and provisions for about 12 per cent. The heavy expenditure for coal is in part attributable to the fact that some of the steamships of nearly all the lines, reports of which follow, have contracts to carry the mails for their respective governments or other governments, and to fulfill contract time a much larger consumption of coal is required than in ordinary mercantile navigation. The amounts for provisions include provisions for passengers on passenger steamers and for crews on all steamers:

The reports selected as best and most fully illustrating the modes and extent of American steam navigation, considered from an economic point of view, were those of the International Navigation Company and the Pacific Mail Steamship Company. The Bureau regrets that its request for the report of the International Navigation Company was politely refused for the sufficient reason that no annual report is printed, even for the stockholders, verbal statements merely being made concerning the balance sheet at the annual meeting. The lack of this report is especially to be regretted, as it would afford information on many of the debated questions of the American mercantile marine legislation. The International Navigation Company operates steamships under the American, British, and Belgian flags. It ships crews in New York, Philadelphia, Southampton, Liverpool, and Antwerp; it operates express passenger steamers and cargo steamers, American-built vessels, foreign-built vessels, and foreign-built vessels admitted by special acts of Congress to American registry. During the current calendar year it is building two large steamships in

American ship yards, and has built two large steamships in British ship yards, and during the coming calendar year it is to enter upon the performance of a mail contract with the United States Government at the highest rate of compensation paid by any maritime nation. The International Navigation Company operates lines on the Atlantic, connecting New York and Philadelphia with England and Belgium. Its fleet consists of 22 steamers of 102,370 gross tons, the largest being the Paris and New York, of over 10,000 gross tons each.

The Pacific Mail Steamship Company operates lines on the Atlantic and Pacific, connecting New York and San Francisco with the termini of the Panama Railroad, and connecting San Francisco with Japan and China, and to Mexican and South American ports. Its fleet comprises 19 steamships of 53,500 gross tons, the largest being the City of Peking, of 5,080 gross tons, and the China (under British registry) of 4,940 gross tons. The Bureau of Navigation is indebted for the copy of the report to the courtesy of Mr. W. H. Lane, secretary.

PACIFIC MAIL STEAMSHIP COMPANY.

Following is the report, dated May 31, 1894, for the fiscal year ended April 30, 1894. The earnings and expenses have been as follows:

Comparing the general results with those of the previous year, there is a decrease in the gross earnings of $284,381.05, a decrease in expenses of $816,583.54, leaving earnings over expenses of $475,461.81, against a deficit of $56,740.68 in the previous

year.

The decrease in the earnings of the Atlantic Line resulted entirely from this company withdrawing, under an agreement with the Panama Railroad Company, its line of steamers running between New York and Aspinwall for a period of one year from June 15, 1893. The decrease in the earnings of the Panama Line was entirely in freight, and resulted partly from the disturbing effect of the low price of silver upon the trade of the Mexican and Central American countries, partly from the low rates which prevailed during the entire year on business between San Francisco, Panama, and points north of Acapulco, and partly from the loss of business between said ports, formerly carried by this company, and which was carried by competitors at rates which did not pay the expenses of handling. The earnings from passengers increased on this line $7,169.81 over the previous year. Passenger traffic on the Transpacific Line increased $103,315.25, and freight earnings. $159,870.70. The fall in the price of silver operated to decrease the shipment of flour and other general merchandise from San Francisco to China and Japan, but there has been an improvement in the shipment of other commodities. The shipments of tea have been about the same as last year. The unsettled commercial conditions, however, temporarily