was upon these grounds: that the steam communication enabled them to turn their capital over a great deal oftener than by sailing vessels; that it gave them a certainty as to the time their goods could be in the market, and they also had a certainty of return for their exports. That no less than forty new Greek mercantile establishments had been formed in this country, since the time of the establishment of those steamers. Supposing those assumptions to be correct, which I believe they are, or nearly so, I think I am warranted in forming the opinion that the revenue has been very greatly increased, inasmuch as the trade is of the most valuable nature for the employment of our artizans and labourers. The exports consist of manufactured goods of the finest class; and the imports of raw material, as for example, silks and goats’ wool, coming here to be manufactured. I am informed that the wages of labour on this fine class of manufactured goods amount to about two-thirds of their value. Assuming that to be the case, and that the trade has been increased by means of the steam communication with Constantinople and the Levant to the extent of about £1,000,000 sterling, that is taking the exports and imports together, £600,000 of that amount have been paid to artizans and labourers, and expended by them for the supply of their ordinary wants. And as the proportion which goes to the revenue in the shape of direct and indirect taxes is usually estimated at about twenty per cent. of such expenditure, it follows that the national exchequer has been benefited to the amount of twenty per cent. on £600,000, or say £120,000 per annum, by the establishment of that steam communication. The effects, therefore, of those communications are, I submit, to increase trade and industry, and consequently the public revenue, while they at the same time provide us with an important means of maritime defence in case of need.[14] The means of maritime defence provided through the three large Companies employed in the Contract Mail Packet Service are as follows:-- ---------------------------------+----------------+---------+---------+ | | |Aggregate| Name of Company. | No. of Vessels.|Aggregate| Horse | | | Tonnage.| Power. | ---------------------------------+----------------+---------+---------+ Peninsular and Oriental Company | 23 vessels | 25,226 | 8,040 | West India Royal Mail Company | 12 vessels | 19,993 | 5,520 | North American Royal Mail Company| 9 vessels | 15,560 | 5,400 | +----------------+---------+---------+ Total | 44 vessels | 60,779 | 18,960 | +----------------+---------+---------+