LEVI W. MYEKS, U. S. CONSUL AT VICTORL\, 13. C. 513 



In tliis table the name of tlie vessel is given, its ap- 

 l)ioxiuiate age, where built, and estimated value. coi^ier^u of tabio. 



The place of coustraction indicates the kind of material used, and 

 this assists in fixing the value. Japan vessels are 

 built of teak, a superior kind of timber; British Co- ^^cojisti^ctionofves- 

 lumbia vessels of Douglas fir; 'New England, of oak, 

 and Xova Scotia, of spruce. The latter is soft wood, and inferior, 

 vessels made of it going into tlie eight-year class. I think Douglas 

 fir vessels are also put into the eight-year class. A vessel is supposed 

 to drop out of its class Avhen the end of its classification has been 

 reached. In other words, it has deteriorated 50 per cent. These rules 

 give the measure or per cent of yearly deterioration. Hence the age 

 of a vessel becomes importaivt in determining its value. In the accom- 

 panying table the age given is rather under than over the actual age. 

 Wherever there was a doubt the vessel has received the benefit of it. 



Schooner builders estimate that a Nova Scotia schooner, fresh from 

 the ways and equipi)ed for sea, is worth $50 per ton 

 register. A British Columbia schooner is worth more, '''"^^•' vessels. 

 as labor and material are dearer. The estimate is that a schooner put 

 up here and ready for sea is worth from $75 to $100 i)er ton register. 

 A vessel coming around Cape Horn from Nova Scotia is supposed to 

 have added at least 25 i^er cent to its value. It is in view of these 

 rules that the valuations in the table are made, and I believe them to 

 be liberal for vessel owners. The owners themselves would probably 

 put a higher price on their own schooners, but they would decrease the 

 price of schooners owned by their neighbors.. For instance, one of the 

 highest officers of the Sealers' Association fixed the value of the Mag- 

 (jleMac at $10,000. I afterwards learned from her principal owner and 

 agent that he valued tlie vessel and outfit at $8,000, and when this 

 valuation was presented to another prominent owner of schooners he 

 shrugged his shoulders and said it was not worth half that. This last 

 owner valued one of his three schooners at $S,000, while a master 

 builder thinks it higli-priced at $5,500. So it goes. Valuations are 

 usually inflated and largely above what could be realized by actual 

 sale. Some of these schooners are very old, and have been repaired 

 and rebuilt several times. " They are held together by their paint and 

 putty," said an experienced builder. A few are new and substantial 

 vessels, while the majority are in middle life, or have passed the period 

 of their classification. 



The valuations placed by Messrs. Stephens and McDonald, whose cer- 

 tificates are attached, are liberal for the owners and are evidently above 

 rather than below the real value. They are competent and practical 

 men of large experience and have no interests in or prejudices against 

 the sealing interest. Mr. Stephens, especially, is regarded an authority 

 on such matters. 



VESSEL OWNERS. 



I have obtained from the custom-house a list of persons who owned 

 shares in these vessels in December, 18[>1, and this is t^ - , 

 verified by the certificate oi John C. iNewbury, the tions of owners of 

 chief clerk, or deputy collector, of the port. Tlie list -"^an^s ^^sseis. 

 and certificate are hereto attached, and are made a part of this report. 



The rapidly increasing interest in Wxe sealing business since 1888 has 

 spread among all classes of i)eople and Ave find shareholders in almost 

 (>5 



