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1901.] MARINE REVIEW. | oF GERMANY AS A FRIGHTFUL EXAMPLE. From the Engineer, London. 'For some 'years worthy men, mostly incompetent to deal with com- mercial questions, have written and spoken, and reported, and narrated anecdotes, and excited themselves in various ways about Germany, her thoroughness, her technical schools, her cosmopolitan travelers--com- mercial--her enterprise, her push. We have been told that if we are not up and doing, Germany must, would, and could command the markets of the world, and the British manufacturer should be left lamenting. During the last year little, however, has been heard about Germany as an example of all the commercial virtues highly concentrated, the United States having, for the time 'being, taken the place of Germany, -Like "Brer Rabbit," in Uncle Remus' veracious and amusing narratives, the British manufacturer has "kep on never minden," and for some reasons, doubtless inscrutable to the prophets of evil, disaster has not befallen this country. It is industrious and prudent Germany that suffers. The facts are in many ways interesting. For reasons not sufficiently explained, for some time past Germany has launched into a very large internal expenditure. Engineering works have been constructed, and ironworks established; pits sunk; ship yards enlarged, and, in a word, we have seen an enormous manifestation of industrial enterprise. Shops have been enlarged and new tools put down, and it must be remembered that these things represent a far more lavish expenditure than would obtain here under similar circumstances, because the German buyer is willing to pay more than the British buyer. For example, the price of high-class steam engines in Germany is at least half as much again as in this country. It will be remembered that various writers have pointed out that the reason why Germany could spend so much was that the banks freely advanced money for industrial purposes. It is well known, indeed, that by far the larger proportion of the manu- factories of all kinds in Germany are either directly the property of the banks or heavily mortgaged to them. Nothing at all of this kind exists in this country, and it has been held that this is a blot on the banking practice of Great Britain, and that money is locked up, or directed into other channels, that ought to be-employed in fostering industrial enter- prise, and so forth. As long ago as the end of last year it was known that Germany was in difficulties. There was no available ready money with which to carry on business. Everything was locked up in tools and machinery, blast furnaces, and manufactures of all kinds. Even under these extremely inconvenient conditions, it was possible to get along while trade was good. But the natural result of this enormous development has been over-production, and very disastrous reports reach us from the con- tinent. The Leipziger bank has failed for a great sum. A run has already taken place on other banks. How great the strain «is is shown by the latest return of the Imperial Bank. of Germany. Not only is there a decline of nearly five and a half millions in cash in hand, as compared with a decrease of only three and a quarter millions at the same time last year, but other securities show an increase of over fourteen millions, a similar advance being also. recorded in the note circulation. Works are being closed and men discharged in every direction. Political troubles have arisen to embarrass the government, and for the time being Germany is playing the part of the frightful example to the rest of the world. The critics of British methods have not in any way understood the inner com- mercial life of nations; and they have forgotten that the steady method of creating trade: which has made Great: Britain what she is, is a surer road to national opulence than a spasmodic and brilliant. expenditure without much consideration for the results. Much of the difference between the German and the English method may be summed up by the statement that the Englishman spends his own money, and. the German someone else's. : To apply the lesson to a particular case. Heavy censure has fallen upon English engineers because they have not constructed works for building locomotives. Why should orders go to the United States for railway engines? Why not keep the trade in this country? Why let the United States build-for our colonies? and so on. The answer to all this is that locomotive building represents a form of speculation which may or may not be prudent. The English capitalist is always on the look out for good investments. It will be found that all successful engineering works have been built up by engineers; and that the capital foundation of such works has 'been supplied--generally by degrees--by the engineers who have started the undertakings originally. Now, engineers have very care- fully considered the whole locomotive building question, and they have taken note of the fact that it has all, with one or two exceptions, drifted: away from England to Scotland. There are good commercial reasons for this, no doubt. We need not stop to consider these. It is sufficient for our present purpose to note the fact. In Scotland we find that a very considerable development of locomotive works has taken place, yet no engineer has felt justified in starting new works in the north, while in England it is clearly understood that they could not be made to pay. In one word, the lack of power to supply foreign orders for locomotives in a moment is not due to indolence, failure to understand the situation, or ignorance of the facts; but simply and wholly to the well-reasoned argu- ment, leading to conviction, that money invested in locomotive works could not be made to pay adequate dividends. The British manufacturer may be right or he may be wrong in his conclusions; but he is hardly ever wrong in the way or for the reasons that his critics imagine. Fur- thermore, it is noteworthy that attempts to form companies for the estab- lishment of new works seldom or never succeed unless they find favor in the eyes of men who have experience of the proper kind. The amateur company--and there have been plenty.of such companies--invariably comes to grief, and can only be rescued, if at all, by competent indi- viduals. All the complaints urged against British methods work out in the main to a statement that as a manufacturing people we are not suffi- ciently speculative. We are content with 4 or 5 per cent, where we might have 20, 30, 50 per cent if we pleased. Men who have no money at all to invest, and know nothing of business, urge those who have to plunge as heavily as so many gamblers. It may be that in this country we are over cautious; yet things seem to work out all right in the end. The banking industry of this country is much like any other. It succeeds when well managed by competent men neither too cautious nor too courageous. Probably there is no country in the world wherein, as a whole, banking is on'a sounder basis than it is with us. We refuse to believe that anything would be gained, nothing risked, by our banks eae investing largely in commercial speculations. The result might be for a time an inflated apparent prosperity, such as would perhaps follow a large augmentation of our paper currency; but the results could not fail to be doubtful, if not disastrous. Our bankers understand how and when to help trade, while they are doing their own clients good service. The experience of Germany goes to show that we in this country have taken the better path. We can heartily commend the course of events just now in Germany to those critics who have so long held her up as the example of all that 1s good, as well in banking as in engineering. EUROPEAN AGENTS OF NORTHW:STERN STEAMSHIP CO. Syren & Shipping of London has this to say of the Northwestern Steamship Co.'s venture and of the agents who handle the company's business in London: i bois "The advent of the Northwestern Steamship Co.--the pioneer route between Chicago and European ports--has brought the firm of Messrs. G. W. Sheldon & Co. (as general European agents of the line) in a marked degree before the notice of the shipping world. No expense has been spared in the fitting up of these vessels, which has been carried out by the owners with the intention of carrying goods, both with expedition and economy, between Chicago, Montreal and Europe. The above named firm was established in 1872 by Mr. George W. Sheldon, who is its present. head, and by dint of perseverance and exceptional business ability he has attained a unique position as the pioneer Chicago expert in American custom house business. Mr. Henry W. Ackhoff is in partnership with Mr. Sheldon and with long experience of the intricacies of shipping he has. proved himself a most capable second in command. The firm were import freight agents to the United States government for the Chicago exposition and were again appointed export freight agents by the same government for the Paris exposition. In March, 1899, Messrs, G. W. Sheldon & Co. established offices in London under the entire control of - Mr. Lachlan Taylor. Mr. Taylor quickly proved that the venture was indeed a happy one, and. after a very few months he found it necessary to move to larger and more commodious premises at No. 38 Leadenhall -- street, E. C., where the firm has'now a suite of the best equipped shipping offices in London. Owing to the rapid strides made by the firm in England it was recently decided to open an office at No. 17 James street, Liverpool, and these excellent quarters have been thoroughly equipped with a competent staff in charge of Mr. W. H. Moffatt. Messrs. G. W. oe & Co. employ a staff of over fifty in their Chicago and New York offices. VESSELS LAUNCHED IN BATH, ME., CUSTOMS DISTRICT. -- g SIX MONTHS, ENDED JUNE 30, 1901. Cuba and Acme are steel; all others wood. ; Gross Rig. Name. By whom built. tons. Length. Beam. Depth. Barge, sHbvande.c 22 7 210. Kelley, Spsamik Co........ 1,617 240 4B AD, Schri.: OO. °C: "Curtis: 0.24. Percy. & Small 3... 2,374 265 | 43 eos Schr,.;. 1. G. Folwells.2..2, New England Co........... 1,263 197 40 °° 18 Schr.....May Neville.:....... James W. Hawley......... 1,191 195: + 40 - 18 SCHE, vies SePuin.' Seo ico Frank S. Bowker.......... 405 144 34 4. Stmr..., eockomock i... .... William T. Donnell........ 153 76 20 ay 30 Sehr...:; -Ci 7S, Hirsch. 6 Kelley, Spear & Co........ 620 Lis. 36 13 Schr.....; M. B. Seavey....... Gardner G. Deering....... 1,247 | 203 40 26 Barge... Whitman...:.3...¢2: Kelley, Spear & Co........ - 497 163 34 10 Tusa A Cuba. i o2 ee eee Bath tron "Works... 7.4, 650 166 29° 19 Barge QUMatanzas......:..... Kelley, Spear & Co........ 1,617 240 43 19 Schr..c.°M. P) Smal oi 7... Percy; & Smallz... 3... 2,178 265 46 22 Barge...Cardenas:....)...45. Kelley, Spear & Co........ 1,576 ' 246 43 19 Barge...Rockland..:«..,..... Kelley, Spear & Co........ 481 164 34 10 Sip... ACME? ccc chs eects . Arthur Sewall & Co....... 3,288 322 45 26 Schr.....Springfield.}........ New England Co........... 633 172 36 "14 Sonn sc Ada Brown....:.... CG. V a Minot 2 ts: 1,450 222 42 19 Barge... Weil. i. cc5 Kelley,' Spear & Co........ 311 154 31. 9 Schr: 5... Inez: Carver: :i..)... New England Co........... 730 168 86 ea Baree, 'Savas. cose Kelley, Spear & Co........ 1,585 246 43 19 Recapitulation--Ten schooners, 12,091 tons; seven barges, 7,684 tons; one ship, 3,288 tons; one tug, 650 tons; one steamer, 153 tons; total, 23,866 tons. IMPORTANT CHAIN ORDER. The Newhall Chain, Forge & Iron Co., Havemeyer building, No. 26 Cortlandt street, New York, has just secured an order for the manu- facture of the large anchor chain cables required by the Eastern Ship Building Co. of New London, Conn., for the two large steel steamers which the latter company is building for Pacific service. These steamers, known as the Hill liners, will be the largest freight stean:ers in the world. © The order is for 660 fathoms of 33/16-in. diameter iron and 300 fathoms. of 1 7/8-in. diameter iron, stud-link cables, the former to be constructed in shots of 15 and 30 fathoms each, which are to be connected with 3 7/16-in. shackles and swivels. Each link of this large-sized chain will measure approximately 1914 in. in length and about 11% in. in width, and will weigh about 100 lbs. to the. foot, so that a total. of about 215 tons is -- represented in this one order. : The 3 3/16-in. chain will be the largest ever attempted in this country, if not in the world, and the Newhall company is to be congratulated in representing in this order the well-known iron expert and chain maker, | Mr. Eli Atwood, formerly of Staffordshire, England, and now the presi- » dent, general manager and superintendent of the Lebanon Chain Works, in whose shops this chain will be made. The chain will be inspected and tested under the supervision of inspectors of Lloyd's Register of Ship- ping. The competition on this order between England and the United -- States was exceedingly close. : oe The Newhall company manufactures high-grade hand-made dredge and steam shovel hoisting chains, close link and stud link yacht and ship -- cables, special steel loading and skidding chains, shackles, swivels and other forgings. Mr. C. E. MacArthur of Mobile, Ala., has written and published a little book entitled "Navigation Simplified," which is having a ready sale. The little work is not written for scientists, but for seamen and others who wish to learn navigation. The author spent forty years at sea, and his chief aim in writing the book is to place before the nautical public a convenient handbook that will simplify the study of navigation and at the same time keep to the high standard required for the local inspectors' examinations. Yachtsmen with the aid of this little work are enabled to 'learn navigation in the shortest possible time.