PROFITS AND THE COUNTING-ROOM 287 



localized in a few small New England ports. Paradoxically 

 enough, American whaling combined world-wide voyages at 

 sea with an intimate, closely-twined provincialism on land. 

 The leading families of New Bedford, Fairhaven, Nantucket, 

 New London, and Sag Harbor constituted an aristocracy of 

 oil and bone in which membership was a real business asset. 

 Still, success might be attained, and was attained, with little 

 capital, with ordinary conections, and with only indifferent 

 luck. 



Business ability, however, was a sine qua non for conspicu- 

 ous long-run success. In spite of a prominent element of 

 chance, which at times seemed quite overpowering, whaling 

 was not a mere lottery. Over a long period large earnings 

 were due primarily to sound judgment, good management, and 

 that real, if indefinable, combination of qualities called busi- 

 ness ability. 



Management and judgment were required in many respects. 

 A "full ship" in itself did not necessarily guarantee large prof- 

 its. Fully as important in determining the financial outcome 

 of the enterprise were the economy, efficiency, and attention to 

 detail with which the vessel had been repaired and equipped j 

 the, knowledge of market prices and conditions which made pos- 

 sible the most advantageous sale of a cargo; the choice of sup- 

 plies which had been put on board; and the care with which 

 the master had been instructed regarding the policies to be 

 followed during the voyage. 



Nowhere was sound judgment more important than in this 

 matter of selecting and instructing the firm's masters and mates. 

 Detailed orders covering all the exigencies of a three-years' 

 cruise were obviously impossible; and since communications 

 were often delayed for periods of many months, it was es- 

 sential to give the captain wide latitude in making decisions, as 

 well as in changing plans and policies. In such circumstances 

 a resolute, skillful officer, calm in emergencies and sound in 

 judgment, was a prize indeed; whereas a master who was in- 

 capable, lazy, cowardly, or unscrupulous might cause greater 

 losses than storm or stranding. 



During the course of one voyage of three years, one month, 

 and twenty-seven days, for instance, only a small cargo had 



