little faster than sail. It has, however, the advantage
over sail of being rather more reliable and punctual, and can make
arrivals and departures rather more matters of certainty. This at the
same time secures to it a better class of freights as well as vast
numbers of emigrants which together, enable it to incur the extra
expense over a sailing vessel. The cargo is less in the propeller than
in the sail, as much of the room is occupied by the engines, boilers,
and fuel. Hence, the prices must be proportionally higher to meet the
deficit arising from the smaller quantity. But there are very few
trades in which propellers can run as noticed on so long a voyage as
3,000 to 4,000 miles; and these lie between a few countries in Europe
and the ports of the United States. Their support arises chiefly from
the emigrant trade; as without this their freights would not on any
known lines enable them to run one month. And this is not simply an
assumption of theory, but the experience of all the European lines. I
was recently told in England and France by many persons who had no
interest or desire to deceive me, that propeller stock was invariably
a burthen to every body having any thing to do with it, and could
generally be bought at sixty to seventy cents on the dollar, while
much of it would not bring half of its cost price. They cited as an
evidence the fact that no line of propellers is permanent, unless in
some way connected with a subsidized company, as in the case of the
Cunard screws running between Liverpool and New-York. The Glasgow line
is also an exception, and is said to pay dividends. The screw lines
are always hunting a home and a new trade. (_See views of Mr. Murray,
page 111._)

The only way in which some lines can run is by getting their stock at
half its value and thus having to pay the interest on a smaller sum.
The "General Screw Steam shipping Company" is an example. The Company
had from the first lost money, although they had nine fine steamers,
and were compelled finally to close up and sell out. Mr. Croskey, the
United States Consul at Southampton, supposed that they might be put
into a new trade and make a living on a smaller capital stock; that
is, if the new company should get them at half their value. The
transfer was made and the "European and American Steamship Company"
was established. Some of the vessels were put into the trade between
Bremen and London, Southampton, and New-York; some between An