THF WHALE FISHERY. 151 



The home consumption of sperm oil iu 1870 was 28,812 barrels and of whale oil 64,812 barrels, and of whalebone 

 22f>,947 pounds, when in 1869 it was 17,239 barrels sperm, 56,236 barrels whale oil, and 197,098 pounds bone, showing 

 a gratifying increase the past year. 



The stock of oil and bone on hand January 1, 1871, was 26,650 barrels sperm, 36,000 barrels whale oil, and 

 400,000 pounds bone, exclusive of 3,750 barrels wbale oil and 27,500 pounds bone held in San Francisco, against 

 25,052 barrels sperm, 41,633 barrels whale oil, and 294,000 pounds bone same time in 1870. 



TRADE REVIEW FOR 1871. 



Review of the whale fishery for 1871. We have to record another year of poor success in the whale fishery, both as 

 concerns oil taken and pecuniary results, only about twenty-four vessels out, of ninety-one returned having met with 

 good success in taking oil, and scarcely ten of the whole fleet having left their owners any gains in the net results of 

 the voyages terminated ; the average low prices ruling for oil amTbone for the first ten months of the year, when 

 most of our arrivals occurred, tending to this result, and the large advance brought about by the almost total disaster 

 to our Arctic fleet coining too late to change such results. Sperm oil from its own weight of heavy stock on hand at 

 the opening of the year, and the frequent arrivals during the first half of the year, continued to sag from $1.40 in 

 February to $1.22 in July and August, when, under a good foreign demand and some speculative inquiry, It reacted 

 in September and advanced iu October to $1.30, and with a good home demand, stimulated by erroneous views of 

 consumers in the manufacturing districts, as to the kind of disaster we had met with, it was put up to f 1.60, where it 

 stood at the closing day of the year. An impression gained credence with some consumers in this country and Europe 

 that our sperm-whale fishery was the sufferer, and the whaling business severely crippled ; whereas our wharves had 

 thirty ships lying at them for sale, and which the loss of ships in the Arctic simply made a partial market for. With 

 so great a loss of vessels, we have with us for sale at least ten good ships, the owners not feeling willing to embark in 

 new voyages with them. 



Tin' consumption of sperm oil has been rather more than last year, say 56,000 barrels, of which 22,000 barrels were 

 exported to Great Britain, more than usual going to Glasgow. The London market received from the colonies 800 

 tuns, which was more than for either of the three preceding years. The stock ou hand in London, December 31, was 

 630 tuns, au average of the stocks for the three preceding years, and 200 tuns were also being landed from New York 

 for refiners. The home consumption in 1871 was about 34,000 barrels, against 29,000 barrels in 1870, showing the 

 increased consumption of 1871 over 1870 to have been in this country. 



The import of sperm oil was 8,000 barrels less than was looked for at the beginning of the year, which is due 

 rather to the poor whaling, and not to delay of the whalers out in returning home. We have a much smaller stock 

 than for 1871 to open the year with, say 14,500 barrels, and can hardly expect as large an import in 1872 as in 1871, as 

 the fleet is much smaller, and must so remain for the present, while some few sperm whalers may go to the Arctic 

 Ocean and some whalers here may be sent to the same place this year. With the low prices ruling in 1871 for lard, 

 cottou-seed, and petroleum oils, it would seem that sperm oil has its own place to fill at a fair price, regardless of 

 substitutes, and better success iu finding sperm oil would no doubt encourage some owners of vessels to fit them again 

 at present prices. The sperm oil on board of whalers, already caught, is about 33,000 barrels, against 36,000 barrels 

 the year previous. 



There will be au increase in Provincetown whalers fitted this spring, several of them having been temporarily 

 engaged in the coasting business. 



The destruction of thirty-three Arctic whalers out of forty cruising in the Arctic in 1871 will work a new 

 experience to us in the way of importation in 1872, as but two Arctic whalers will arrive this year, the ships Daniel 

 Webster here, and Enropa at Edgartown, and the arrival of Arctic oil will be only about 2,300 barrels. We can 

 hardly hope to import more than 30,000 barrels whale oil from all quarters in 1872, which would only give a supply 

 of 60.000 barrels for the year, against 110,000 in 1871. The market will be cleared before another import of Arctic 

 oil can be caught, unless the extreme views of holders may lead to the importation of seal oil to be caught this 

 spring, and a supply of cotton-seed oil, which shall make up for our large deficiency. Since the news was received of 

 the Arctic disaster we have fitted and sent to the Arctic six ships, and one from New London, of which four were 

 formerly sperm whalers. Of the eleven whalers fitted and which sailed for the Arctic previous to the news of the 

 loss, live were sperm whalers; three sperm whalers have been ordered to the Arctic from sperm-whale grounds. The 

 Faraway, owned in Sydney,. New South Wales, has sailed from Honolulu, under command of Captain Herendeen, 

 formerly of the Mary, of Edgartown, for the Arctic. The fleet of 1872 will comprise twenty-six vessels, of which only 

 three Americans and ouo Hawaiian were there in 1871. San Francisco will probably have no whalers there, under- 

 writers in San Francisco declining to insure on them ; theic past experience seeming to them almost a fatality, they 

 having had to pay for every Arctic whaler that has heretofore fitted from that port. 



AVha'.e oil has been iu good demand, both for home use and export, though the market was a declining one, 

 from 65 cents in January to 50 54 cents in July, and until the November news of the loss of the Arctic whalers, 

 when the market was entirely demoralized, more from insurance and other questions pending solution than any 

 other pressing want to buy or anxiety to sell at the advance. When the excitement was allayed sales were made 

 of Arctic at 75 80 cents, which is the current price. The consumption has equaled the previous year, 64,000 

 barrels being used here, and 18,000 barrels exported to France. 



Seal oil has not interfered With us during the year, only one cargo American catch coining to this country. 

 Cotton-seed oil has been in the market, but the low prices have unquestionably discouraged the manufacturers of it, 

 with similar results in their experience as by our whaling owners. 



