July 21, 1852. Since the adoption by the general meeting of the plan recommended by the Directors, I have been engaged very constantly in maturing the details of that plan, and considering the course which it would be necessary to follow in order to carry them out in the surest, safest, and most efficient manner. The steps which are about to be taken are unquestionably in the right direction, but they are considerable ones, and must be taken with deliberation and certainty, and without leaving anything doubtful; and, when determined upon, they must be followed up with decision. Although you will probably determine upon constructing not less than two vessels in the first instance, yet they must both be proceeded with at once, and must in fact be exact duplicates of each other. The success of the two, therefore, depends upon that of each; there can be no average struck in such a case, but the two ships must be designed and executed on such principles and with such perfection that no doubt can exist of the result. By well considering all that has been done, by selecting all that has been most successful, and by a judicious application of such results to the peculiar circumstances of our case, all this certainly can, I think, be assured, but it can be assured only by proceeding with the caution and the decision which the circumstances demand. In the first place, as to the designing of the whole, the principle being determined upon, much may be ascertained by mere calculation, but for these calculations data are required, which nothing but experience can furnish. I have, therefore, availed myself of the assistance of those most competent to afford the required information. I have called in to my assistance the gentlemen whom I had already named to you as best able to give strength to our position by the value of their opinions, and best able to execute the various parts of the work with that experience and perfection which are essential to our success.