DOCUMENTARY HISTORY OF THE FLORIDA CANAL 69

Commerce Commission for water carriers, which do not directly charge the
vessel with interest but allocate it elsewhere. This is merely a bookkeeping
convenience for the purpose, among others, of coordinating the accounts of
certain carriers and cannot alter the fact that interest must be earned and
paid or lost to capital. It is well that this be clearly understood.
 TIME SAVD AS WEUL AS MONEY

 It is necessary that a clear perception be had of the fundamental fact that
when a vessel shortens its route it saves both money and time. All operating
costs saved may be directly translated into money and banked by the owner.
After he has done this he still has on hand the time saved. If he is able to
usefully employ this, then the fixed charges represented by this saved time
become an actual money gain. In addition to this, he still has the profit
accruing from the use of the saved time. Of course, if the time saved cannot
be used, it is wasted, and the fixed charges and profit represented by it are
not real. This is seldom the case, however, and the great bulk of the shipping
involved in this study (upward of 85 percent) is of such a nature that it
could usefully employ the time saved. Of the remaining 15 percent or less,
the greater portion could usefully employ at least half the time saved, while
the remainder could usefully employ at least one-quarter of the time saved
(by reducing the percentage of the total hours of the year spent in drydock
and major repairs, as one example).
 THR OAmBES

 We have, then, as far as the value of time (as opposed to money) savings
 are concerned, three cases:
 I. All cargo vessels and tankers employed continuously in voyaging into and
 out of the Gulf. In this case, vessels can usefully employ practically the entire
 time saved, and hence fixed charges and voyage profits represented by this
 time are a real money saving, and will bear a toll
 II. Those combination cargo and passenger vessels which are obliged to oper-
 ate on a set advance schedule of arrival and departure, and where the fleet
 is not large enough to have the time saved represent the dropping or adding
 of one or more. ships or voyages, as the case may be. However, this case repre-
 sents those vessels to whom the incalculable value of the time saved (by reason
 of betterment of competitive position, etc.) is probably much greater than that
 portion of the fixed charge savings which cannot, in their case, be credited to the
 time saved. For the purpose of this analysis, it is estimated that in this case
 approximately one-half the time saved may be usefully employed, and that
 the case comprises about 10 percent of the total tonnage.
 III. Vessels whose operations represent special cases, such as an occasional
 ship, continuously in commission, but not continuously usefully employed. For
 the purpose of this analysis, this case is estimated to comprise not more than
 5 percent of the total tonnage and that it is able to employ usefully one-fourth
 the time saved.
 The following table summarizes the three cases above discussed:

 Percent Percent of
 Cane of total time saved
 tonnage usenlny
 comprised employed

 I.-....-...............-------- -...------------..... ............. ........... 85 100
 II---.. ---------.....--- ------------------------ --- -------................ 10 50
 III.....------.....---------------------------- .......... ----.............. 5 2

 The meaning of the above table is as follows: All of the fixed charges rep-
 resented by the time saved in 85 percent of the tonnage are real and direct
 savings to the owner and will bear a toll. The same is true of 50 percent of
 the fixed charges represented by the time savings of 10 percent of the tonnage
 and of 25 percent of the fixed charges represented by 5 percent of the tonnage.
 Or, in other words, the fixed charges represented by 91.5 percent of the time
 savings of all the tonnage is a real saving and will bear a tolL