A perusal of his masterly and instructive presentation of the subject reveals the fact that with all his research and thoroughness of examination of the plans proposed he was finally unableto evolve any theory that to his own mind was -entirely free from objections. With the permission of the committee I will read one or two short extracts from his speech: What is the cause of the great change? It is that there has been a revolution in commercea Tevolution as complete since the year 1860 as though a century had intervened. Today all immigrants. all valuable freights. all profitable cargoes are shipped by steampropellers. Iron has taken the place of wood. and steam the place of wind. The vesselbuilder can see nothingin commerce but building ships. he thinks that if you stimulate the building of ships you are building up your commerce.
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