DOCUMENTARY HISTORY OF THE FLORIDA CANAL


to make surveys and a report on the canal, and the time when the
special board of Army engineers entrusted with this work made its
report (Dec. 30, 1933), the project had begun being processed
through the Reconstruction Finance Corporation and the Public
Works Administration pursuant to other acts of Congress, i. e.,
the Emergency Relief and Construction Act of 1932 and the National
Industrial Recovery Act of 1933. At the time the special board of
survey of the Army engineers made its report (Dec. 30, 1933) the
record shows that the project, having been examined by the Admin-
istration of Public Works, stood approved by the several examining
departments of that agency, but without either approval or disap-
proval of the Administrator. In other words, it was still undisposed
of by the Public Works Administration.
 Publication of reports made by the Army engineers in response
to an act of Congress prior to a report by the Secretary of War to
Congress is inconsistent with the policy of the War Department.
This applies particularly to conclusions and recommendations in
such reports. Such reports are usually made available to Members
of the Congress and to parties at interest by the Chief of Engineers,
but quotation and publication is not permitted. Owing to the fact,
however, that the particular report in question (Dec. 30, 1933) was
later, by order of the President, reviewed by a special board of
review appointed by the Executive, and the reports of that board
of review published, certain statistical findings of the special board
of survey of the Army engineers, as reported by the special board
of review, are available. Among thee are the following:

 19W 1 I98 Average, first

 (1) Cost of project (lock canal. 30 eet depth), exclrive of in-
 tewt dunng construction............................. $171,382,000 $171,382,000 .............
 ( estimated potential veMsl transit of canal-.......... 11,44 1172 13,308
 (3) Savins per transit................ ..................... $702$70
 (4) Total potential direct savings to ships (annual)-..--......---.. ---8,027.000 $10, 651,000 09, 331,000
 (5) Bents to local commerce ...----...............-.... 1,075,000 1,475,000 1,276,000
 (0) Total potential direct benefits (annual)-........... ,102,10 12,126,000 10,614,000
 (7) Total maintenance and operating expense--.......-..-- 1.0 00000 1,000 1, 00 ,000
 (8) Total potential net annual savings (before deduct-
 ing Interest)--...--------------..--..--.....----------- 8 102. 000 9,614,000
 (9) Annual Interest, at 3 percent on 8171,382,000...........----------.. 5,141,000 5, 141,000 5,141,000
 (10) Annual potential net balance, above operation,
 malntnance, and interut...--...........-.....- 12961,0000 15,975,000 14,48,000

 'Thee figures of the board of survey were based upon 1931 Gulf ship trafec. More
 recent surveys by the Army ennloeers have shown greatly nereased figures, due to
 increased trame of later ylars.
 The cost to repay in 40 years an investment of $1,000 together with
 interest at 3 percent requires an annual payment of $43.26. When
 the special board found in the above report that the average net
 potential savings of the canal (after deducting maintenance and
 operating expense, but before deducting interest) over the first 20
 years would be $9,614,000, it found that the potential direct net sav-
 ings would repay interest and principal on the $171,382,000 cost of
 the canal in a little more than 20 years.