REVENUE AND INCOME. 125 
fresh, would be saved ; the whaling year might be made to consist of ten in- 
stead of eight months, with, of course, a proportional increase of profits on 
the original outlay for additional two months of fishing ; the vessels employed 
in the business, instead of being large ships, capable of holding 2800 barrels — 
the proceeds of three years— would be small ships, capable of holding only 
one year's gathering ; and the cost of smaller vessels, say one-third the size 
of those, now employed, instead of running up to $28,000 each for vessel 
and outfit, would, by a liberal estimate, be brought down within half that 
sum. 
Estimating the charge per ton for storage, freight, and handling, at the 
enormous rate of $20.00, or $2.00 per barrel across the Isthmus (this is 20 
cents per ton per mile over railroad), and the freight thence to the United 
States to be $1.00 per barrel, or $10.00 per ton, the following comparative 
statement is obtained, in illustration of the importance to this interest alone of 
such a communication : 
Cost, Outfits, and Expenses of Vessels on a Three Years' Whaling Voyage in 
the Pacific Ocean. 
Cost of 400 vessels of 2800 barrels, at $28,000 $11,200,000 
Six per cent, interest on same for one year 672,000 
Three per cent, insurance on same for one year 336,000 
Ten per cent, wear and tear on cost and outfits 1,120,000 
Two year's interest on $1,833,333, being one-third of the value of 
oil taken during three years, of which one-third is kept on board 
ship, dead capital for two years 220,000 
One year's interest on oil taken second year 110,000 
Leakage, being four per cent, on $5,500,000 220,000 
Annual average disbursement per ship, $2000 800,000 
Original outlay and expenses of one year's whaling in Pacific . . . .$14,678,000 
Credits and Receipts. 
Value of vessels and outfits after one year's wear and 
tear $10,080,000 
Value of cargoes returned 5,500,000 15.580,000 
Gross profits k ~ $902,000 
Per contra : Supposing a communication across the Isthmus, and the whaling 
business to be revolutionized by the substitution of vessels of one-third the 
present size, and half the cost, and by sending the oil home once a year : 
Cost of 400 vessels of 933 tons, at $14,000 $5,600,000 
Six per cent, interest on same for one year 336,000 
Three per cent, insurance on same for one year 168,000 
Ten per cent, wear and tear on same for one year 560,000 
Annual disbursement per ship, $1000 400,000 
Loss by leakage, one per cent, on $6,875,000 68,750 
Freight, &c, railroad, of 48,240 tons, at $20.00 per ton 970,800 
Freight thence home, at $10.00 per ton 485,400 
Original outlay and expenses of whaling one year, and sending pro- 
home by railroad $8,588,950 
