The following extracts from his reports and correspondence carry on the narrative till the date of the next meeting of the shareholders (December 1, 1852), when the details of the project were laid before them:-- _Extract from a Letter describing the Scheme._ July 1, 1852. The principle is, as I explained to you, a very simple one--that of building ships to carry their own coals, instead of incurring large expenses and great delay in coaling at numerous intermediate stations; and the result is a large vessel certainly, but one which, at the same cost of fuel as is now required for small ones, has, besides that room, for 4,000 or even 5,000 tons (measurement) of cargo, and as many passengers as offer. Thus the capital embarked in the one vessel is not so great in proportion to the tonnage space for cargo as the capital embarked in several smaller vessels carrying the same amount; while the current expenses are greatly less, and the speed, and economy of time by that speed and by avoiding tedious stoppages, greatly in favour of the large one. Practical men concur with me, not merely in the practicability of constructing the vessel, but in the great advantage as regards speed, seaworthiness, and safety resulting merely from the increased size; while all the mercantile men concur in the opinion that if goods can be carried direct in thirty to thirty-five days, the certainty of freight ensures a return far beyond all present proportion of return to cost.... On these points, of course, I quote only the opinions of the Directors. On the mechanical part I offer my own opinion, and may quote those of the first practical men of the day--Messrs. Maudslay, Messrs. Watt and Co., and J. Scott Russell, all of whom have assisted me in the project, and are prepared to join in it. _Letter to J. Scott Russell, Esq., on the Form and Dimensions of the Great Ship._ July 13, 1852.