Daily Kennebec journal., 1879-12-16
CONTINUED from First Page. }

by the agents. The drafts were returned
protested. The agents then put up the
ship at sheriffs sale and bought her for
about 81, 900; her original cost was S6O,-
200. Then began her luck--she got n
good return freight to New Orleans and
arrived Just as there was q demand for
government transports 10 Mexico. She
was chartered for three months for Slo,-
900 per month. and $4,000 per month Tor
any month after.
The government detained her two days
over the three months, and the owners re-
ceived $4,000 in gold. She then took
three-farthings freight to Liverpool, re-
turned to New Orleans. obtained ten
thousand dollar freight coastwise, was
chartered in New York, the ship alone, Tor
$50. 900 to San Francisco, charter prepaid !;
from San Francisco she went to Ca'cutta,
obtained large freight TO London from
London proceeded to New York with a
good freight, and was sold at auction for
S20, 900 cash. netting the owners Sl60, 900.
From 1850 to 1866 freigh's ranged high
Ship building at all the principal New
England shipyards was brisk, and fire.
quently ships cleared themselves in year:
In 1854 a merchant OF this city purchased
the ship Goodwin while on heT voyage
from Turks Island TO Boston with cargo
of salt On her arrival work was done on
her night and day to get the cargo dis
charged-she took ballast and went to
New York, where she received full car
60 of grain and flour for Liverpool, at II
pence for grain and 5s. Cd. PEI barrel for
flour. On her arrival at Liverpool she
was at once chartered at high rate for
the East Indies, one-thrd prepaid On
her voyage out she was lost. The owners
had insured her for freight and ship to the
amount of about forty-five thousand dol
lars. With the amount of freight prepaid
and the proceeds of the voyage from New
York. say ten thousand dollars, in the
hands of the Barings, the owners realized.
in less than three months from the date of
purchase, $4,000. They paid for the ship
S22, 900.
During the late war our shipowners
made fortunes not only out of the necessi-
ties of the government but out of the cir
cumstances which made the United States
flag in danger from rebel cruisers. The
advance in gold was taken advantage Of
by many shrewd merchants and captains.
United States built vessels were even then
at premium in England, and the sale Of
one to an English house even at low rate
more than compensated. One instance
will answer as an illustration. A mer-
chant OF this city purchased the bark Rev
enue, at low figure, and procured very
good freight for foreign port. Whileo on
the voyage she became disabled and put
into an English port for repairs being n
slightly looking craft she attracted the at
tention OF an English firm, and an offer
was made and accepted at price much
beyond the cost The captain RENTED to
the owners drafts on Barings for the
amount at time when gold was 2s0.
These drafts in turn were sold in Boston
Mt ten per cent. premium. All this was
within the space of few months, and is
one of the most remarkable instances Of
the kind on record.
And now again the reaction has set in
and the future of our mercantile marine
looks encouraging. While the excessive
ly nigh freight caused by the California
fever and the rage for American clippers
was at its height, building was over-done.
Now there is no danger of that result i'm
mediately following the present boom, as
it will take long time to place our mer-
chant marine in the point of tonnage
where it was before the war.