As to the ships themselves, perhaps enough has been said already to indicate the transition stage through which we are passing. For while it is undoubtedly true that the sailing ship is doomed to extinction in the near future, at the present day there is still an enormous amount of sailing tonnage afloat. Thousands of good seaworthy sailing ships still come and go between distant shores, doing good work, not only in earning profits for their owners, but in rearing sailors for the British Mercantile Marine. But we are not building any more to replace them. We have come to the conclusion that the future of sea-traffic is to the steamer. Doubtless many ship-owners, in the present abnormally inflated state of the coal market, are sighing over the fact that they are so dependent upon the black dirty stuff for the due working of their ships, and vainly wishing for the days to return when the clean free winds furnished all the motive power needed. But we cannot go back again to sail. Even the Norwegian timber droghers are taking to steam, and that is a portent indeed. It is the beginning of the end. The end will come, for all sailing ships still making long voyages, with the opening of the Panama Canal. Then, at one fell swoop, the 'Frisco trade in grain, the South American trade in nitrate, will pass into the hands or holds of the steamships. Huge cargo carriers, able to stow eight or ten thousand tons away with ease, will go lumbering steadily down the gulf and through the canal. They will range the western sea-board of the Americas, sweeping into their capacious maws every ounce of cargo, and stimulating production in an amazing way. Presently also will come the petroleum-propelled ship, the electrically-engined ship, as the carriage of coal becomes more and more of a burden, while its price steadily rises. Meanwhile, the inventive genius of America will surely find some way of re-creating for herself a splendid Mercantile Marine. I cannot think that she will always be content to see all her vast carrying trade over-sea practically in the hands of Britain and foreigners. At present it seems to be evident to all, except the average Americans, that such efforts as have recently been made with that object in view are foredoomed to failure. Only one thing is required for the rehabilitation of the American Mercantile Marine, and that is, that owing to the rapid filling up of all uninhabited land on the American continent, the teeming millions along her sea-board shall turn their earnest attention to the possibilities of money-getting that there are in ship-owning and sailing. Then they will insist upon some reasonable laws being passed that shall help, not hinder, the expansion of American sea-traffic, and the thing will be as good as done.