112 DOCUMENTARY HISTORY OF THE FLORIDA CANAL

the canal on voyages between ports on the Gulf of Mexico and Atlantic and
European ports.
 Assuming (1) that the figures given by the Army engineers are correct, (2)
that the canal will be so constructed as to minimize the hazards of navigation,
and (3) that tolls will be sufciently low to permit of a material saving in
operating costs as compared with the costs involved in the longer voyage via
the Florida Straits, I am led to believe that the canal would benefit ships
operating in the Atlanti-Gulf coastwise trade, as well as ships which operate
between Gulf ports and ports in eastern Canada and Europe.
 It is axiomatic that the success or failure of any industrial enterprise is in
great measure determined by the cost of operation. This is particularly true
of shipping, which is so highly competitive that economies must be sought for
in every item that enters into the calculation. Aside from the cost of the
ship itself, no factor is more important than the element of time. To cut down
the turn around is to cut down the ratio of expense to income, and thus to
reduce the outlay per voyage for fuel, wages, subsistence, stores, and every
other item chargeable to the debit side of the operating account
 With these considerations in mind, I cannot escape the conclusion that the
 proposed sea-level ship canal across the State of Florida, if operated on a
 basis that would preserve for the shipowner a reasonable share of the savings
 due to lessened time per voyage, would tend to stimulate Gulf commerce and
 prove of substantial value to American shipping.
 Very truly yours,
 H. I. CON.


 DOCUMENT NO. 52 (FILES OF SHIP CANAL AUTHORITY OF STATE OF
 FLORIDA), SEPTEMBER 12, 1934

 COxxUNIoATxON FrBO SENATOns oF TB Guvi STATES TO THB
 PRESIDENT

 On September 12, 1934, the special board of review appointed by
 the President having made its report to the President, the following
 letter was addressed to him by Senators of all the Qulf States. As
 dispatched, the letter did not bear the signatures of Senators Harri-
 son and Black. Senator Harrison addressed a separate communica-
 tion to the President and Senator Black requested that his signature
 be added to the letter. The letter follows:
 UnrnED STATEs SWNAT,
 COMMrrra on BANKIOo AND CUEaCyCr,
 Washinmton, September 12, 1984.
 Hon. FBAqNKUw D. RoosBzVET,
 The President, Hyde Park, N. Y.
 Mr DmaA MX. PBSIDnzNT: It is understood that the special board of review
 for the trans-Florida ship canal, appointed by you pursuant to request in our
 letter of March 2, 1984, has completed its work and communicated its findings
 to you. Should you judge the report of the board to justify the project, we
 urge that you authorize the prompt initiation of the work.
 There have been heretofore presented to you in our several communications,
 what appeared to us as some of the prime reasons for undertaking the project
 at this time. They may be briefly restated as follows:
 1. Its benefits are national, affecting favorably the commerce of practically
 every State in the Nation.
 2. It is the logical complement to all plans for development in the territory
 between the Alleghenies and the Rocky Mountains, including the Mississippi
 River development and the Tennessee Valley project.
 3. By means of reasonable tolls it will pay all or the major part of its entire
 cost, operating charges, and interest.
 4. Since it will pay for itself, it will provide without cost to the Govern-
 ment the missing link across Florida in the inland waterway system from
 Boston to Mexico.