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208 take care of it, except in a very limited way. Therefore, I reiterate new and efficient methods are necessary to meet the demand in the barge business, which has quickly grown to enormous propor- tions. It is interesting to note that barge operators have, in one sense of the word, been successful, in that no finan- cial failures worth mentioning have been made a part of our court records, and also that the barge business has been the means of laying the founda- tion for several fortunes, notwithstand- ing the apparent lack of co-operative efficiency. I have grown up with the barge interests. I had thoroughly in- stilled in my mind the old school idea of everybody for himself, and it was not until I had acquired a considerable knowledge of the business that I de- cided to retire for a few years and study the latest, most modern and effhi- cient methods of other businesses, in- cluding some of the largest international concerns. I started at the bottom and did not stop until I had had a thorough schooling from the raw product to the receipt of the finished produce deliv- ered to the ultimate consumer, and with this training I returned to the calling of my family—the barge busi- ness, with the idea of applying modern efficiency to the enterprise of harbor communication. The Details of the Business I believe that the barge owners and operators who do business on a large scale should know something about sup- ply and demand, manufacturing condi- tions with reference to shipping, ex- port, packing, steamship operation, ste- vedoring, and harbor navigation. They should have sufficient tug-boat equip- ment to insure prompt barge delivery, without actually going into the tow- boat business, so as to avoid detaining a barge an unreasonable length of time before it reaches its loading point after the consignor has concluded charter arrangements, and I further believe that in return for. this service, shippers should co-operate with those who ex- pend capital for such additional equip- ment, and who take the time and trouble to render better service, which means quicker loading and a more prompt get-away of our overseas traffic. It is not at all common for freight to take longer to reach the terminal docks from a given railroad point than it does for that same freight to be shipped from Pittsburgh to New York. For years we have devoted our time at nights, watching and waiting for har- bor movements, when if the barges had been available and tow-boats ready, we could have used the time to better ad- vantage. The Cullen Barge Corporation aims to take care of some of these THE MARINE REVIEW difficulties through a customer’s ser- vice bureau. This bureau is in charge of a competent operator who has had 15 years experience in directing harbor transportation movements for one of the largest coal-operating concerns in New York. At this operator’s disposal is a complete file which contains data of every kind and description with reference to transportation in all its ramifications. Special steel cabinets have been constructed to hold the re- U a R. GRACE &CO., New York, V \ will operate a fast fortnightly e passenger service between. New York and the west coast of South Amer- ica via the Panama canal, according to an announcement made by the firm re- cently. The vessels will make Callaho in 11 and Valparaiso in 18 days, including calls at Iquique and Antofagasta. The Pacific Steam Navigation Co. has already announced fortnightly departures to the same destination, so that New York will soon be supplied with a fast weekly pas- senger and express service to the west coast of South America. : Four new steamers are being built at the yards of the Wm. Cramp & Sons Ship & Engine Building Co., Philadel- phia, for ‘W. R. Grace & Co: The first of, these will be delivered May 1, 1917, according to the specifications of the contract, while the other three will be delivered almost immediately thereafter. The service will start at that time. The ships will have a displacement of 10,000 tons and will be capable of attaining a speed of 14 knots. They will be equipped with all modern devices for convenience and safety and will have accommodations for 100 first class pas- sengers. “The plan is in the nature of an ex- periment,” ‘said J. Louis Schaefer, treasurer of W. R. Grace & Co. “We believe that the field has possibilities for development, particularly with the move- ment in the direction of extending the trade of the United States with South America, and that the service will prove successful. We will not depend upon tourists to maintain the service, as it is not difficult to recognize that it will be some years, at least, before the west coast of South America becomes a field for pleasure seekers. But increasing trade relations will necessitate the dis- patch of commercial travelers to that country, probably in sufficient numbers to warrant the service.” No data has yet been set for the inauguration of the Pacific Steam Navi- gation company’s service, so that it is uncertain whether it or the Grace line June, 1916 cords, so that they are sure to be both pilfer and fire proof. One of the du- ties of this operator will be to furnish information to the company’s clients dn a moment’s notice. I believe the time has come when or- ganization is necessary in the lighterage business, so that we may handle easily and quickly the greatest amount of ex- ports and imports, both now and in the future, that America has ever known. New Service will be the first in the field. The posi- tion of the former company is made uncertain by the fact that many of its vessels have been commandeered by the British government, and the beginning of the passenger service is more or less dependent upon the return of these ships. The company’s present route ex- tends only from west coast ports of South America to the Isthmus, where it connects with the Royal Mail’s steam- ers. Its service in this trade has been partly disrupted as a result of the war. In addition to the passenger service, the Grace company will continue to operate its present freight steamers on a fortnightly schedule, thus giving the company’s ships weekly departures. Approximately 20 vessels are now in the freight service, operating under the American, British and Norwegian flags. Cunard’s Annual Report The Cunard Line in 1915, earned £1,721,166 16s 4d, this figure including £141,995 19s 7d brought forward from 1914, but’ excluding a reserve for con- tingent liabilities arising out of the war. After debiting income tax and de- benture interest and reserving £559,062 17s for depreciation of ships and other properties and plant, £1,024,007 5s 1d° remain to the credit of the profit and loss account. Of this amount the sum of £350,000 has been transferred to the credit of the repair and renewal fund, £64,423 to the credit of the insurance account, and £250,000 to the credit of the reserve fund. A dividend of 5 per cent, paid on the preferred stock to Dec. 31, 1915, amounted to £56,750. The directors have recommended the pay- ment of a dividend of 10 per cent on the common stock, including the gov- ernment share, from which income tax will be deducted, together with a bonus of 10 per cent, free of income tax. This leaves a balance of £162,088 9s 1d, which is carried forward to the credit . of the profit and loss account for 1916. The report says: “The company’s royal mail steamer LustTaANta was sunk