118 DOCUMENTARY HISTORY OF THE FLORIDA CANAL

 8 That portion of benefits to local commerce collectible as tolls.
 4. Savings to additional commerce which could more advantageously move
by water if the canal route were open.
 & Benefits to shipping due to the increased number of voyages made possible
by the shorter route.
 & Benefits to shipping because of the general stimulation of water-borne
traffic.
 7. Greater safety by reason of the more protected route.
 & Benefits in time of war because of the more protected route which will
enable the Navy to employ fewer fighting craft to convoy munitions and sup-
plies from Gulf ports to the Atlantic.
 9. Savings due to ultimate lowering of freight rates on existing water-borne
commodities from and to Gulf and Mississippi Valley points.
 10. Benefits due to the stimulation of water-borne passenger traffic between
Gulf and Atlantic seaboard ports and European ports, and consequent stimula-
tion of trade and industry, especially export trade.
 11. Benefits to commerce accruing from barge traffic upon completion of the
 link connecting the intracoastal canal systems of the Atlantic seaboard and
 the Gulf of Mexico.
 There is no disagreement among the numerous authorities, both within and
 without the Government, as to the fact that the savings enumerated under 1,
 2, and 3 above may be reduced to dollars and cents with reasonable accuracy.
 Exhaustive surveys have shown that the benefits under 4 are probably not less
 than $20,000,000 annually. Benefits under several of the other headings may
 be expressed in approximate monetary savings with the same degree of accuracy
 as is employed in the study of most rivers and harbors projects. However, this
 memorandum is confined to capitalizing the project upon a basis composed of
 items 1, 2, and 3 only, using the minimum figures arrived at by the War De-
 partment, the Public Works Administration, the Department of Commerce and
 the special board of review. These minima are as follows:
 1. Annual total direct savings to shipping (operating cost and fixed
 charges) ___-----------------._-------_ (, TOO, 000
 2. Annual saving to the Government of the interest on the cost of
 constructing and the maintenance cost of a barge-canal link
 connecting the intracoastal waterway of the Atlantic seaboard
 and the Gulf of Mexico (estimated and credited to the ship
 canal by the Army engineers in their report under date of
 June 8 193)-------- ------------------------ 1,000,000
 3. Annual tolls collectible from local commerce (average)--------- 400,000
 Total annual amount of dollars and cents saving---------- 10,166,000
 This $10,18,000 capitalized at 3 percent represents an actual dollars-and-cents
 value of $339,000,000, or more than double the special board of review's esti-
 mated cost of the project. These benefits, less the estimated expense of opera-
 tion and maintenance, are sufficient to amortize the cost of the project on a
 3-percent basis in less than 20 years. The project is not only justified but the
 surveys indicate that it will repay in benefits to a greater degree than the vast
 majority of river and harbor projects heretofore constructed.


 DOCUMENT NO. 57 (FILES OF SENATE COMMITTEE ON COMMERCE),
 OCTOBER 20, 1934

 ACTION BY ATLANTIC DEEPER WATERWAYS ASSOCIATION IN CONVENTION
 AT BOSTON, OCTOBER 20, 1934

 The Atlantic Deeper Waterways Association, in convention at
 Boston, October 20, 1934, adopted the following resolution:
 The great intracoastal system of the Atlantic seaboard and the inland water-
 ways of the Mississippi Valley, together with the Gulf intracoastal waterway,
 should be connected; and this association again renews its recommendation for
 the construction of the proposed Gulf-Atlantic ship canal across the State of
 Florida, along such route, and of such dimensions, as shall be finally recom-
 mended by the engineers.