216 DOCUMENTARY HISTORY OF THE FLORIDA CANAL

 As I understand, there was an application for a loan to construct a
toll ship canal across Florida, made by the Ship Canal Authority of
the State of Florida to the Reconstruction Finance Corporation and
thereafter transferred to the Public Works Administration. That
is the first proposition you agree to that.
 This application and project represented by it was duly examined
by the P. W. A., such examination consisting m an investigation into
the probable cost of such project and the probable revenues which
might be derived from it. Isn't that true .
 Secretary Icxs. That is true.
 Senator VANmn;meG. In other words, you went into it as a busi-
ness proposition I
 Secretary Icxas. Yes.
 Senator VANDKwNme. And decided it was not a business propo-
sition
 Secretary ICKn I think I have made that all clear.
 Senator FLmcan. Yes; investigation of probable cost was based
on preliminary incomplete physical data obtained up to the time of
the examination by the special board of survey, of Army engineers,
which was engaged in making a survey of the project as a lock canal.
 That was the situation at that time. Isn't that true?
 Secretary Icxs. We considered it initially as a lock canal.
 Senator FLTCHEm. Yes; that the investigation of probable revenue
to be derived from tolls on shipping was based upon the available
traffic estimated by the special board of survey and checked by the
examiners of the P. W. A., and the savings to shipping as determined
by the examiners of P. W. A.-isn't that true
 Secretary Icxzs I cannot answer that yes or no, Senator. We
took into account all information that came to us in connection with
this application. I cannot say it was based entirely upon the infor-
mation referred to in the question. We may have discounted the
guess, the estimate, of the Army engineers. We probably did.
 Senator FILTCHEm. You used all that data, I suppose
 Secretary Icxz. Well, it was submitted to us.
 Senator FLZECHE. Yes.
 Secretary Icxus. But that did not necessarily conclude our judg-
ment. We exercised our own independent judgment, as we do in all
of these questions.
 Senator FILzEcHE. Based upon the preliminary and incomplete
physical data obtained up to the time of the examination by the
special board of review the P. W. A. examiners estimate the probable
cost of such a lock canal as approximately $115,000,000?
 Secretary Icxz. No; I cannot answer that question. That is
putting words into my mouth. That is forming conclusions for me,
Senator. For instance, you have me say-apparently you seek to
have me say-"based upon preliminary and incomplete physical
data" that we did so and so.
 Senator FLzrTHEa Yes.
 Secretary Icxra. I am not willing to admit that.
 Senator FLzrCEm Well, based upon physical data, omitting the
term "incomplete"?
 Secretary Ice. Based on our investigation and study, we arrived
at certain conclusions, as I have testified.