PROFITS AND THE COUNTING-ROOM 283 



ling, or 5.3% for the entire period. On the other hand, a 

 right whaler of 250 tons, fitted out for a voyage of two years 

 at a cost of 5,500 pounds sterling, similarly calculated, might 

 be expected to show an average profit of about 720 pounds 

 sterling, or thirteen per cent for the cruise. ^° In other words, 



20 These figures form part of an analysis of the whaling industry contained 

 in a letter written by Charles Enderby to T. R. Preston, under date of October 

 31, 1846. This letter, revised and augmented, was published during the follow- 

 ing year as a "Proposal for Re-Establishing the British Southern Whale Fish- 

 ery." Mr. Enderby was the head of the largest whaling firm in Great Britain, 

 and had succeeded his father in the business. The Enderby house-flag was 

 known the world over; and the son was eminently qualified, as a result of life- 

 long experience, thorough acquaintance with all phases of the industry, and 

 a wide knowledge of whalemen and their problems, to speak with authority 

 concerning the financial aspects of whaling. Although the bulk of the pamphlet 

 was given over to British conditions, he referred frequently to American whal- 

 ing as well; and in the analysis of profits from which these figures were taken 

 he stated specifically that reference was had to both American and British 

 whalers. The detailed figures were as follows: 



Sperm Whaling 



Ship of 350 tons, fitted for 4-years' cruise @ £26 per ton £ 9) 100 



Interest for 4 years @ 5% 1,820 



Total cost of equipment £10,920 



Returns of 150 tons sperm oil @ £80 per ton 12,000 



Less shares of the crew 3>Soo 



Net Returns 8,500 



Add value of the ship (original value minus outfit and depreciation) . . 3,000 



Net returns plus value of the ship 11,500 



Deduct original cost of ship and equipment with interest 10,920 



Leaves as profit £ 580 



Right Whaling 



Ship of 250 tons, fitted for 2-years' voyage @ £20 per ton £ 5,000 



Interest for 2 years @ s% 5°° 



Total cost of equipment S.500 



Returns of 170 tons Whale Oil, @ £ i8 per ton 3,060 



Returns of 15 tons Sperm Oil, @ £ 60 per ton 9°° 



Returns of 7 tons Whalebone, @ £180 per ton 1,260 



Total Returns 5.220 



Less shares of the crew i.Soo 



Net Returns £ ZJ^o 



Add value of the vessel (original investment of £5,000 minus outfit and 



depreciation) 2,500 



