The EMERALD is a vessel of 756 tons, yacht measurement, and was chartered by Mr. Geo. Gould, of New York, for six months from the 15th April, 1903. Mr. Gould sent over to this country Captain Tod to navigate her across the Atlantic, with instructions to further experiment on her steaming capabilities at sea, and to carefully observe her behaviour compared with the other large steam yachts of which he has had charge. On the termination of the voyage, Captain Tod reported that the yacht behaved splendidly; that there was no racing of propellers, and no vibration; and that the coal consumption was moderate, considering the weather. There have been several rumours to the effect that the new steamers for the Cunard Mail Service are to be fitted with turbine engines, but these rumours have not been officially confirmed. In any case these steamers could not be completed in time to take from the Allan Line the distinction of being the first Company to own a Transatlantic Mail Turbine Steamship. [Illustration: Sir ALFRED L. JONES, K.C.M.G. and W. J. DAVEY, Esq.] THE History of Steam Navigation. Part II. HISTORICAL STEAMSHIP COMPANIES. CHAPTER I. MESSRS. ELDER, DEMPSTER & CO. The firm of Elder, Dempster & Co. was founded in the year 1868 by Messrs. Alexander Elder and John Dempster, two gentlemen intimately acquainted with the working of the African Steamship trade. For 11 years they were the sole partners, but in 1879 they admitted Mr. (now Sir Alfred) Jones into the firm, and Mr. W. J. Davey was also taken into partnership. The original partners, Messrs. Elder and Dempster, retired from the firm in 1884. Mr. Alexander Sinclair, who became a partner in 1891, having retired in 1901, the sole partners at the present date are Sir Alfred L. Jones, K.C.M.G., and Mr. W. J. Davey. The firm is one of the largest commercial houses in the world, and in all the various branches of commerce in which it is interested it takes a foremost position. As steamship owners it controls the largest fleet of steamers in Great Britain. The business of the firm extends so rapidly, and new steamers to meet the necessities of the several trades are so frequently being added to the fleet, that it is impossible to give a list of the vessels owned, or under the management of the firm, which will not in a short time be obsolete, but according to the official sailing list issued 28th March, 1903, the following steamers were sailing under the triple flags of Messrs. Elder, Dempster & Co.:—