The Company have had at various times the "Falcon," "Ohio," "Georgia," "Crescent City," "El Dorado," "Cherokee," "Empire City," "Illinois," and "Philadelphia," and now have the three last-named ships, the "Granada," the "Star of the West," and the new steamer "Moses Taylor." The benefits conferred by the Company's lines on the trade of the country generally, and especially on our southern seaboard and Gulf connections, have been almost incalculable. They found all of these ports in the undisputed possession of the British, whose steamers furnished the only mail and locomotive facilities of the times. By their superior speed and accommodations the "Georgia" and the "Ohio" soon drove those enterprising steamers from our coast, and confined them to the foreign countries of the Gulf and the Carribean Sea, where they yet rule triumphant in news, transport, and commerce. Our southern harbors are no longer filled with British cruisers, while in their stead we have built up a noble war marine, inured thousands of Americans to the ocean steam service, and made one most effective movement in the direction of successful defenses. (_See Letter of Hon. Edwin Croswell, Paper E, page 200._) Of the Collins Company it is hardly necessary that I should speak. They have received much the largest subsidy from the Government; but they have had a most difficult task to perform. Their ships have never been surpassed in any country, whether as to the excellent style of their prime construction, their large size, or their very unusual speed. They have literally been engaged in a continual race across the ocean for seven years, determined at whatever cost and hazard to far excel those of the Cunard line. And this they have done most signally in all points of accommodation and speed. They have gained one and a half days the advantage over the Cunard line on their average voyages for the seven years. And this was no small achievement. By reference to Section IV. it will be seen how great is the cost of attaining and maintaining such speed with a steamer. The Collins ships, being so much larger than the Cunarders, the four present an aggregate tonnage nearly equal to the eight by which they run their weekly line. It is, moreover, not proportionally so expensive to maintain seven or eight ships on a line as four. The prime cost and repairs are by no means so great when engines are duplicated, or two sets built from the same patterns. Again, the general outlay in docks, shore establishment, offices, company paraphernalia, advertising, and innumerable items, is as great for a small as for a large fleet of steamers. The Collins line has to contend against all this. It also found the Cunard line long and well established, and inwrought into the public favor. It had the business, and most important of all, it monopolized the only freights passing between the two countries; those from England to America, which British shippers gave of course to British ships. They