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16 cursion, such as churches, lodges, settle- ments and social organizations has been notified by circular letter of the plan, and also. supplied with the inspection blanks, means if by no other a repetition of the Slocum horror may be avoided. INTERNATIONAL MERCANTILE MARINE CO. Even its remarkably successful op- erations for 1905, its previous banner year, were surpassed by the Interna- tional Mercantile Marine Co. in the year ended Dec. 31, 1906. The interesting feature in connec-. tion with the report is the statement that new tonnage to the amount of 127,530 tons has been arranged for, the number of vessels to be built be- ing nine, as follows: (1) An express mail, passenger and. cargo steamer for the North Atlantic trade which, the report states, in point of luxury and size will far sur- pass anything hitherto attempted. (2) A passenger and cargo steam- er, also for the North Atlantic trade. (3) A passenger and cargo steamer for the Atlantic Transport Line, New York-London service. (4 and 5) Two mail passenger and cargo steamers for the Dominion Line, Canadian service. (6) A large passenger and cargo steamer designed for the London- Australian trade. (7, 8 and 9) Three steamers for Leyland Line. It is expected that these vessels, with the possible exception of the large fast steamer and the second steamer for the Canadian trade, will be in commission by the early part of 1909. The company's income account for the. year ended Dec. 31, compared ' with those for the two previous years, follows: . 1906 1905 1904 Gross voy. earn. ....$35,931,412 $32,435,512 $27,926,907 Mis, earn: .. . 1,256,397 927,406 920,085 . Ttl earn. .$37,187,809 $33,362,918 $28,846,992 Gross exp... 29,155,187 27,456,174 27,040,585 Net earn. .$ 8,032,631 $ 5,906,744 $ 1,806,407 - Chgs. & txs. 3,695,836 3,880,055 3,845,556 - Surplus ..$ 4,236,795 $ 2,026,689 *$2,039,149 Sur, ins; ac. 791,959 864,159 897,052 Sur. for yr.$ 5,028,754, $ 2,890,848 *$1,142,097 * Deficit. | The statement includes the com- bined income account of the Ameri- can, Red Star, White Star, Dominion, and Atlantic Transport lines, but does not include the operations of the Ley- land and Nationa] lines, in which the parent corporation has important hold- ings, These lines have made separate reports to their shareholders showing profits for the year amounting to £136,- It is to be hoped that by this TAE MarRINE REVIEW 910 7s 9d for the Leyland Jine, and £16,- 877. 1s 11d for the National line. _ The International Mercantile - Marine Co.'s profit and loss account showed: Balance of earnings as above...... $5,028,754 Surplus: Dec, 31, 1905 eee ee ee ewe eee Available surplus $5,278,906 Amount appropriated for deprecia- © tion Om Steanmiships sac a ls ocd 5,000,000 Profit and loss surplus.......... $ 278,906 The condensed general balance sheet, as of December 31 last- compares as fol- lows: Assets-- 1906 1905. Decrease. Cost of prop-_ : erties ....$171,997,011 $171,001,608 *$995,403 Inv. other COS ees 13,016,379 12,989,534, *26,845 Cash with t'st's net 235,602 183,366 @.--°52:230 Inventories. . 789,052 799,374 10,322 'Acets, rec. . 1,763,837 1593887. --*170,020 Bills rec.... 429,000 266,850 *162,150 Inte TeC we ois 8,455 8,503 48 Adv. & cur. ARGEST Aan iies 184,981 1,687,737 1,502,756 Agency bals. 185,887 169,383 *16,504, Mkbl. stocks © e & bonds.. 598,609 598,742 133 Cash ees. 806,903 1,165,984 359,081 Def'rd ¢hgs 2,032,078 2,080,774 48,696 Total ....$192,047,794 $192,545,672 $497,878 Liabilities-- Pid. stacks. $$5514730,971- 95137305971 vee aks Come stlisy. 49,932,189) 490032,735 oases Stk. constit- uent cos. ' : outstdg. .. 1,697 POOL eee Bds. & debs 73,140,580 + 73,502,533 $421,953 Loans and INtESi. hee. 724,238 726,837 2,599 Lns and bls. z : : DANG eG 768,699 6,326,989 5,558,290 Accts. pay.. 3,302,971 2,988,457 *314,514. Agency bals. 148.131 168,026 19,895 Tat. accrd. 2 7,0185311 1,023;194-*< 45 4;383 , Adv, & cur. 'acctS, .. BS O05 re ser *55,905 Reserves : 548,364 648,908 100,544 Dfd. credits 2,222,397 2,046,407 *175,990 Tus: fund". 1,000,000 1;000,000) 4 stead oe Dep'n fund. 7,173,389 2,138,766 *5,034,623 P&L. sur. plus ee. 278,906 2505152 *28,654 Total ....$192,047,794 $192,545,672 $497,878 *Increase. In his remarks to the shareholders of the International Mercantile Marine Co., J. Bruce Ismay, the president of that corporation, says: "The steamers of the company's fleet were operated during the year without any serious casualty being sustained, the insurance fund showing a profit of $791,- 958. During the year substantial pay- ments on account of 'floating debt were made from earnings, and the item of loans, etc., was reduced trom $6,326,989 to $768,698. "Under the sinking fund provision, $279,000 of first mortgage Londs were re- tired, and the holdings of debenture bonds of constituent companies in the hands of the public were reduced : from $921,533 to $778,579. More than $5,000,- 000 has been transferred to depreciation fund, making the tota] credit: of insur- ance and depreciation over $8,000,000. SOLD AMERICAN VESSELS. "All the company's steamers and other property have been maintained in a high state of efficiency, The directors dis- posed of the American-built steamers Maine and Missouri at a_ satisfactory price because of the cost of operating 250,152 under. an American registry. New ves- sels have been ordered for the various lines of the company, which are ex- pected to be in commission by the early part of 1909. During the year four old steamers were disposed of, as they could no longer be employed to advan- tage. The number of steamers now in service being 123, with a gross tonnage of 1,015,761 tons. "In 1906 the total number of passen- gers catried was 487,934, an increase of 54,706. Out of the 88,056 first class, 146,- 187 second class, and 445,214 third class passengers, carried betweer British and North American ports, the International Mercantile Marine steamers carried 46,- 139 first class, 53,277 second class- and 182,350 third class passengers. "The improvement in freights during the first quarter of 1905 was not main- tained during the remainder of the year, the conditions being especially disap- pointing in the last quarter, due to the congested conditions of the railroads. This is ascribed as the reascn for many of the steamers from North Atlantic ports sailing with a large amount of va- cant space. The cargo trade to Aus- tralia and New Zealand was not as good as anticipated, but conditions have im- proved and better results are looked for during 1907. The reciprocal agreement with the Hamburg-American and North German Lloyd lines has resulted advan- tageously to International ' Mercantile' Marine." At the annual meeting of the com- pany's shareholders yesterday, al] the re- tiring directors were re-elected, AMBROSE CHANNEL. Dredging out of the harbor's bot- tom a matter of 42,500,000 cubic yards of sand, silt and rock, not unmixed with decayed garbage, is a pretty big job, even for government engineers, so when you ask them how long it will take to complete the improvement of Am- brose channel, they tell you frankly they don't know. But when you ask about the recent feat of the Standard Oil Company's tankboat' Phoebus in ascending this channel they smile in a superior sort of way, and tell you that the Phoebus might have done the same thing fifty years ago, had the vessel been in ex- istence at that time. The Phoebus drew 19 ft., but the tide was high, the day was clear, and although the surveys show a shoal which, when the dredg- ing was begun, was 14% ft., this could have been avoided, and the water show- ed ample depth at other points along the route. This shoal disappeared more than a year ago, and fully a year ago Sandy Hook Pilot Beebe took a