There is a large class of freights which are not transportable by steam on long ocean voyages under any conditions. We will grant that under the most favorable circumstances, where rich and costly articles are transported in small bulk, that propellers running at a low rate of speed, or just fast enough to anticipate sailing vessels, will make a living. But change the class of these freights into the great average class of those filling the thousands of sailing vessels, and deprive these screw vessels of an immense emigrant passenger traffic, and they would not pay their running expenses by fifty per cent. This style of freights, sailing vessels in their great competition have reduced to the lowest paying figure. The margin left for profit is so small that our ship-owners constantly complain that unless there are changes they must go into other business; and many of them say this honestly, as is shown by the hundreds of ships which of late years we can always find lying up, awaiting improvement in business. Now, let even the slowest and cheapest running screw vessel attempt to carry the same freights, to say nothing of fast side-wheel mail vessels, and we shall see against what odds the screw or other steamer has to contend. In the first place, her engines, boilers, coal, etc., occupy at least forty per cent of her total registered tonnage. Grant that the additional expense of a steamer over a sail, that is, wages for engineers, firemen, coal passers, etc., and finding the same in food and rooms, costs even no more than the loss of an additional ten per cent of her freight room. In other words, considering her steam machinery, fuel, extra expenses, etc., to be equal to half of her freight room, it is evident that she would carry only half as much freight as a sailing vessel of the same size, and that she would get but half as much money for it. It is thus clear, I think, that there is a certain class of ocean freights which steam can not transport under any conditions so long as there are sailing vessels on the ocean; and in that class are comprehended all the great standard and staple articles of the world, constituting in sum seventeen twentieths of all the freight passing upon the ocean. This being so, it is utterly idle to suppose that steam in any form can take the place of sail upon the ocean, even though the present prices for the carriage of standard articles should increase three hundred per cent.