On June 1 we had increased the American-built tonnage to over 3,500,000 deadweight tons of shipping. This gives us a total of more than 1,400 ships, with an approximate total deadweight tonnage of 7,000,000 now under the control of the United States Shipping Board. In round numbers, and from all sources, we have added to the American flag since our war against Germany began nearly 4,500,000 tons of shipping. Our program calls for the building of 1,856 passenger, cargo, and refrigerator ships and tankers, ranging from 5,000 to 12,000 tons each, with an aggregate deadweight of 13,000,000. Exclusive of these, we have 245 commandeered vessels, taken over from foreign and domestic owners, which are being completed by the Emergency Fleet Corporation. These will aggregate a total deadweight tonnage of 1,715,000. This makes a total of 2,101 vessels, exclusive of tugs and barges, which are being built and will be put on the seas by the Emergency Fleet Corporation in the course of carrying out the present program, with an aggregate deadweight tonnage of 14,715,000. Five billion dollars will be required to finish our program for 1918, 1919, and 1920, but the expenditure of this enormous sum will give to the American people the greatest merchant fleet ever assembled in the history of the world, aggregating 25,000,000 tons. American workmen have made the expansion of recent months possible, and they will make possible the successful conclusion of the whole program. From all present expectations it is likely that by 1920 we shall have close to 1,000,000 men working on American merchant ships and their equipment. We have a total of 819 shipways in the United States. Of these, a total of 751, all of which except ninety are completed, are being utilized by the Emergency Fleet Corporation for the building of American merchant ships. In 1919 the average tonnage of steel, wood, and concrete ships continuously building on each way should be about 6,000. If we are using 751 ways on cargo ships and can average three ships a year per way, we should turn out in one year 13,518,000 tons. The total gross revenue of our fleet is very impressive. From the ships under the control of the Shipping Board a total gross revenue is derived of about $360,000,000.