Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1876-03-18
OLYMPIA, SATURDAY IORNNG, liar. is, 1876
rHF PROFITS ON SHIPPING.

Ihr Wv
The pamphlet of the Underwriters
relating to ship-building on the Pacific
Coast contains some statements which
will surprise those Of our readers who
have imagined that the citizens Of the
Pacific Coast, and especially of Cali
fornia, take the lead in enterprise, and
possess enough business shrewdness
and sagacity to discover the best means
for the investment Of capital. It ap-
pears from their report that during the
previous year, 331 cargoes Of grain
were carried from San Francisco, earn
ing 50, 173, ZIG, while only 8 cargoes were
carried by vessels owned in thatcity, earn
ing $500 ,919 or about two per cent Of the
aggregate sum of the freight money on
the entire amount shipped. Inward
freights, or imports, for the same year
show that 800 cargoes were!carried in
foreign and Eastern vessels, aggregat-
ing 81 ,345, 846, andby "a vessels owned
in San Francisco earning $186, 113, ex-
elusive of coasters and steamers. This
indicates profit of only $40 per cent.
on the whole amount paid for freights
in favor of vessels owned on the coast
and thatwhile each foreign vessel earned
an average freight of $14, 2O2, each San
Francisco vessel earned but So, Ala.
1t appears likewise that during the
preceding five years there had been
paid SIC, 292, 371 in freights, exclusive
of all foreign exports besides grain, and
Of all voyages made to and from other
ports on the coast, whether coasting or
otherwise. The proportion Of this
amount carried by vessels owned in San
Francisco is stated at about s or 6 per
cent. of that large sum. These figures
not only indicate the wide field for ship
building on Pacific waters, but how
completely the commerce of this coast
at themercy OF foreign ship-owners. :
The data for the past two years, is
not at hand, but it would not materially
change the situation. Spasmodic efforts
hitherto made to transfer portion Of
the immense business Of Eastern ship
yards to this coast has proven abortive.
In March, 1874, the 8. F Alta announced
the formation of a strong company
consisting of Richard Vance, OF Maine,
Mr.. Cushing, of Massachusetts,, and
several leading New York ship-builders,
10 establish works on this coast, the OBJ
jective point being Puget Sound; but
the project seems to have died o natur-
al death, and been buried SO unosten-
tatiously as to have occasioned but
little remark. Why it was allowed to
decline, is not on account of want of
confidence, as is indicated by the testi-
mony of every experienced man who
has investigated the subject, but the
solution OF LIE problem probably rested
with those largely interested in the
East, and by the arguments usually en-
ployed where large interests are atstake,
the project was postponed indefinitely,
or until such time as individual inter
ests would be subserved by a revival of
the project. -t @! Is 7. l"s f..
It is estimated that the gross profits
for the year 1878, paid at San francisco
amounted to SO, TOE, 175; deducting
two-thirds for expenses Of earning it -
insurance, depreciation, damage, etc..
and the balance is 1865, 1892, equal to
SO per cent. on the capital invested,
or three per cent. per month. net
profits. Is there any branch of trade
which win pay better than thisp 1t
was far better than The celebrated Com
stock ledge for the flush year Of 1873,
which amounted to ~ per cent. per
month, or less than one-half the profits
on freights! 9st 'ea = 'g ,a'ie'
These figures will probably satisfy
the most exacting of the fact that q
wide field is open for maritime enter
prises on this coast. Mr.. Stewards pre-
diction. made while on o visit to Puget
Sound few years ago, that ''sooner
or later the worlds ship-yards viii be
located here, is near fulfillmsnt, or the
signs OF the times are greatly at fault. =
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