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The Speed was built in 1847 near Hull, Quebec, and was launched in 1848. It was known as the "pride of the Ottawa River," due to its extremely quick sailing speed. Originally owned by Macpherson & Crane of Montreal, it was sold in 1853 to Robertson Jones & Co, and again in 1857 to Ottawa Steamers Co.
The Speed was badly damaged by fire in 1848, near Thurso, Quebec. It was relaunched later that year, and was renamed to the Phoenix.
It collided with the Lily, a tug, in 1865, between Buckingham, Quebec and Gatineau, Quebec.
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