On the 4th of July, 1839, the British Government entered into a contract with Samuel Cunard of Halifax for a semi-monthly mail line between Liverpool, and Halifax, and Boston, at the sum of L60,000 or $300,000 per annum. That contract inaugurated a new era in our American commerce with the old world, and gave an impulse to those international interests and those commercial amities which have bound Great Britain and the United States in the bonds of enduring friendship and mutual, neighborly dependence. Boston soon proved inadequate to the support of the entire line, and half of the steamers were sent to New-York; and thus they continue to run to this day. It is a singular fact that since that contract was made, eighteen years ago, there has never been one transatlantic steamer except those of Mr. Cunard running to or from that port. This contract was renewed with Mr. Cunard in 1850, when weekly trips were required for the greater portion of the year, and the subsidy was advanced, not in the ratio of the service, which was only doubled, but as three to one, from L60,000 to L173,340, or from $300,000 to $866,700. The experience of twelve years had demonstrated both the necessity of continuing the line, and of increasing the subsidy which the Government paid, to such a sum as would secure good steamers, regularity of trips, and efficiency of service. The Company now has nine steamers, with 18,406 tons aggregate tonnage, and 6,418 horses' power. The contract, which is to continue for twelve years, until 1862, was so altered in 1852 as to provide for a weekly service as well in winter as in summer; and it will continue in force from 1862 until twelve months after notice may be given for the discontinuance of the line. The compensation for the same is at the rate of 11_s_ 4-1/2_d_ per mile. Lord Canning's Report to Parliament in 1853, before noticed, in particularizing on this line, said: "An additional allowance, _within certain limits_, is to be made to the contractors in the event of an increase in the rate of insurance on steam vessels, or in the freight or insurance of coals, as compared with the rates payable at the date of the contract, if proved to the satisfaction of the Lords Commissioners of the Admiralty." Thus, instead of abandoning this line after an experiment of twelve years, and finding that it could never be self-supporting, the British Government wisely determined to let their policy produce its full fruits, and continued it for another similar term of years, with three times the former subsidy, for only twice the old service. (_See Collins and Cunard Lines, Sec. X._)