DOCUMENTARY HISTORY OF THE FLORIDA CANAL 97

 Attention is called to the fact that the above figure for the cost
of this project was based upon a lock canal. The canal as actually
under construction is a sea-level canal, and the cost found by the
special board for a lock canal cannot be accurately translated or
compared with the estimated cost of a sea-level canal ($142,700,000).
In other words, it is not necessary to go into the question of accuracy
of the cost estimate made by the special board of survey for a lock
canal. The fact that the canal as it is being actually built is a sea-
level canal has rendered the lock-canal cost figures obsolete and of
academic interest only. On the other hand while the benefits to be
derived from a lock canal and a sea-level canal are not absolutely the
same, they are substantially so. There would be more benefits from
a sea-level canal by virtue of elimination of the factors introduced by
the locks. However, any figure for benefits found for a lock canal, if
accurate, should represent a minimum figure for benefits of a sea-
level canal. For this reason the finding of the special board of Army
engineers of $9,102,000 potential initial annual benefits may be con-
sidered and used as a minimum figure in considering the economics
of a sea-level canal.
 The potential traffic which would transmit the canal was estimated
 by the special board of survey as follows:

 Potential traffic and savings by vessels which would transit the canal annually
 [Estimates of the spedal board of Army engineers report of Dec. 30, 1933]

 Number of Savings at Savings on Potential
 Sesse tansits 702 per local com- total annual
 transit mere savings

 19........................................... ----------------------------------11,434 ,000 $1000,000 02, 000
 1941....-...... ........----------------- 11,005 8,147,000 1, 025,000 9,172. 000
 21........................................... 11,779 8, 260,000 1,050,000 9,319,000
 1903..................................- ...... 11,956 8, 8, 000 1,075,000 9, 46,000
 194-...-....-..-.............................. 12,136 8,519,000 1,100,000 9,619,000
 1945........................................... 12,318 8,647,000 1,125,000 9, 772,900
 19...--..-- ....----- .....-------- ...-----. 12,02 8,775,000 1,150,000 9,925,000
 1947-..-..-....--..-..----...--.......... 2, 090 8, 90, 000 1,175,000 10083, 000
 1 8..............................--------.. 12,880 9044, 000 1, ,000 10 24400
 19049..........---------------........ ...-- 13,073 9,172,000 1,250,000 10,427,000
 190.......-...-..--- ... ..---- ...-- ..... -----. 13,270 9,314,000 1,275,000 10,589,000
 1961...----.................... ----------.. .. 13,409 9,455,000 1,300,000 10,755,000
 1962..--..-..... -........------ ..--- ...---- 13,671 9,587, 000 1,325,000 10, 912, 000
 1983....................... .----------------. 13,876 9, 741,000 1,350,000 11,091,000
 1964..............----------.......--------- 14,084 9,887,000 1,375,000 11,262,000
 1955----.......-..---- ...........--- ......... 14,295 10,035,000 1,400,000 11,435,000
 19566..-----................------- ..--- ..- 14, 50 10,185,000 1,425,000 11,610,000
 1967.--..--......------.....-----.-----.---.. 14,727 133000 1,450,000 11,78000
 1958........--..-----........... ------------ 14,948 10,493,000 1,175,000 11,968,000
 19...............-------....-------. -------- 15,172 10,651,000 1,500,000 12,151, 00

 DOCUMENT NO. 44 (FILES OF DEPARTMENT OF COMMERCE),
 FEBRUARY 1, 1934

 REPORT ON ECONOMIC SURVEY OF THE CANAL BY THE DEPARTMENT OF
 COMMERCE UNDER DATE OF FEBRUARY 1, 1934

 This survey was undertaken at the request of the Chief of En-
 gineers for the purpose of supplementing the independent economic
 survey being conducted by the special board of survey of the Army
 engineers. The survey and report were made by the Bureau of For-
 eign and Domestic Commerce of the Department of Commerce.