Decline of American Whaling. 73 
the point, in April, 1866, two New Bedford ships, the 
Corinthian and the George Howland, arrived within five 
days of each other—the gross value of each of the two 
cargoes was $250,000, and it is said that $125,000 profit 
was made on each, on a capital of $25,000. Again, in 
1886 the bark Europa returned from a voyage in Japan 
and Okhotsk Seas with a cargo valued at $248,000.7. On 
the other hand, out of sixty-eight vessels due to arrive 
in New Bedford and Fairhaven in 1858, forty-four were 
calculated as making losing voyages, representing an 
aggregate loss of about $1,000,000.8 And in 1871 the 
entire Arctic fleet of thirty-four vessels was completely 
destroyed by pack ice, entailing an absolute loss of nearly 
$2,000,000, including vessels and cost of outfitting. In 
an industry subject to such fluctuations, however, a 
rapid decline and withdrawal of capital was inevitable 
as soon as other conditions became unfavorable. 
As long as the prices were high and the demand was 
great and fairly certain, the chance of large profits from 
phenomenal voyages was sufficient to tempt continually 
increasing investments even in the face of all natural 
risks. 
In addition to the uncertainty of the business, various 
changes had been at work to necessitate the assumption of 
greater risks to carry it on. The first vessels whaling in 
the Pacific made voyages in two or two and a half years, 
and their fitting did not represent so large an outlay. 
Thus the first Pacific whaler, the Beaver, 240 tons, sail- 
ing from Nantucket in 1791, represented a whole cost of 
$10,212 for the ship completely fitted for the voyage. 
But as the industry was pursued with increasing vigor 
whales became scarce and more shy each year, making 
it harder to secure a full cargo, the voyages were in- 
creased in length and duration to three, four and even 
7 Ellis, p. 450. 
§ Starbuck, p. 149. 
