246 DOCUMENTARY HISTORY OF THE FLORIDA CANAL

 And that is so obviously true, Senator. Stockholders and directors
won't stand for a ship navigating around if it cost a dollar more
than need be the case if they navigated a cheaper route.
 Senator VANDENBER. I think it would be very interesting, Mr.
Chairman, to insert in the record the following paragraph from the
economy report of the Department of Commerce, because it seems
to bear upon the thing we are discussing.
 I quote:
 A significant question, which has been generally raised, relates to the length
of time a vessel would be confined to restricted waters. It has been pointed
out by ship operators that the proposed waterway would be practically twice
as long as the world's longest canal, the Suez, and that roughly 86 to 40 hours
would be required to move a vessel from open water to open water over this
distance. The question reflects directly the reluctance of those responsible
for the operation of ships to have them confined to restricted waters.
 I think that is where you get the meat in the coconut.
 Mr. BUCKMAN. Did you read that into the record?
 Senator VANDENBERG. Yes.
 Mr. BUCKMAN. May I have permission to make a reply to that?
 Senator VANDENBERG. Oh, certainly; certainly.
 Mr. BUCKMAN. The Army engineers have estimated that the time
of transit from lightship to lightship requires 24 hours. That, you
will see, is in serious disagreement with the statement you have just
read.
 Senator VANDENBERO. Yes; but I have been reading from one of
your quoted authorities.
 Mr. BUKxxAN. Very good. But I wish to put in both sides of the
matter.
 Senator VANDENBEG. It is just one more evidence of the fact
that the argument is not sound.
 Mr. BucKxAr. In addition to the attitude said to be assumed by
the ship operators in the paragraph which you have just quoted, I
wish to call attention to the fact that the dredged channel from the
port-not Rio de Janeiro-what is the other port on the east coast
of South America
 Senator FLIrCHER. Buenos Aires
 The CHAIRMAN. Buenos Airest
 Mr. BUCKMAN. Buenos Aires; yes; is 150 miles in length into the
open sea and only 1,000 feet wide on the bottom, with dangerous
shoals on both sides, which cannot be navigated at all by a ship, goes
straight into the Atlantic Ocean from the harbor, with nothing be-
tween that channel and the South Pole on the one side, and with 1,000
miles of open water on the north, and yet navigation of that 150-mile
channel in those open and dangerous conditions is not attended by
one cent additionaFcharge by the insurance companies on those ships,
and ships go in and out every day, and I know of no record of a ship
declining to go into the harbor on account of the hazard or of an
insurance company assessing a higher rate of insurance.
 Senator VAN&Dxnmo. Have you any testimony to indicate the
attitude of insurance brokers prospectively in respect to this canal?
 Mr. BucxKM I have none here; no, Senator.
 Senator VANDENBEGm. Have you any available?
 Mr. BUCxKMA. No; I have not.
 The CHAIRMA. Have you some, Senator