528 CURRENTS AND WHALING. 



industry and perseverance can yield when well directed. The small 

 number of accidents in this large fleet is surprising; for the total 

 losses for which underwriters have to pay, seldom exceed one per 

 cent., and those from other accidents are not more than one half per 

 cent. The insurance seldom exceeds two and a half per cent, by 

 the year, and at this low premium the underwriters have derived good 

 dividends. 



Of late years there has been much fluctuation in the price of oil, 

 which has caused those to make losing voyages who returned at the 

 times of its depression ; but at the steady prices of eighty-five cents 

 per gallon for sperm oil, and thirty-five cents for whale oil, voyages 

 would generally yield a handsome return. 



It is estimated that about ten per cent, of the ships make losing 

 voyages, as well from the incompetency of the masters as from acci- 

 dent and ill luck. 



The greater proportion of the oil finds a market in Germany, Hol- 

 land, and Prussia; consequently the prices abroad control those at 

 home. 



I have stated the number of sperm whales that are taken at five 

 thousand, and this may in some years be beyond the truth. From 

 the best authorities, the whole of both species annually taken is 

 about ten thousand, including those lost from accident, and those cut 

 adrift, in consequence of bad weather or night. These losses may 

 amount to eight or ten per cent, of those mortally wounded. 



It is said that an equal proportion of bull and cow whales are 

 taken. It is, however, admitted that the latter are the most nume- 

 rous ; and the probable reason for the equality in the number taken 

 may be that the bull whale being the largest, is most sought after. 

 The bull whales yield, on an average, from thirty to one hundred 

 barrels of oil, while the cows seldom exceed forty-five barrels, and at 

 times yield no more than five barrels. Bull whales are never found 

 together, but in small numbers, while the cows are seen in large 

 herds. 



The right whale fisheries occupy the higher latitudes in both 

 hemispheres, which are their feeding-grounds. As the winter is 

 setting in, the cows resort to the bays to bring forth their young, 

 where they remain until the spring months, when they again resort 

 to the feeding-grounds, to meet the bulls. It is not known where 

 the latter go during the interval, but it is generally supposed to the 

 high latitudes, where they find their food in greater plenty. 



While visiting the ports for the purpose of recruiting, the crews of 



