At the end of a depression. with little American wheat moving to Europe. it is extremely difficult to make a case for the billiondollar subsidy to shipping which the seaway represents. Nor does it appear to me that there would be any benefit to American people sufficient to outweigh the burden of debt and taxation which will result from the cost of these projects. I may be mistaken. but I can visualize. if the St. Lawrence propect is developed and the gates are thrown wide open. that foreignbuilt ships. built by cheap labor and manned by coolies. will come to the Great Lakes when times are bad and eke out an existence on low rates that have developed. To construct it now would be to create a white elephant.