APPENDIX. Southern Whale Fishery Company.
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Southern Whale Fishery Company,
INSTITUTED FOR THE
PROSECUTION OF THE SOUTHERN WHALE FISHERIES FROM THE AUCKLAND ISLANDS.
Incorporated by Royal Charter, whereby the liability of each Shareholder is limited to the amount of his Subscription.
The Right Hon. the EARL OF HARDWICKE, R.N.
ROBERT BROOKS, Esq., St. Peter's Chambers, Cornhill.
Lieut.-Col. COLQUHOUN, R. A., Woolwich.
CHARLES ENDERBY, Esq., F. R. S., Great St. Helen's.
JOHN ENTWISLE, Esq., Great Winchester Street.
JOHN GILMORE, Esq., R. N., George Yard, Lombard Street.
ROBERT ALEXANDER GRAY, Esq., St. Swithin's Lane.
WILLIAM GLADSTONE, Esq., Austin Friars.
W. S. LINDSAY, Esq., Abchurch Lane.
JAMES PEEK, Esq., Finsbury Square.
Capt. WILLIAM PIXLEY, Kensington.
J. D. POWLES, Esq., Austin Friars.
FREDERIC SOMES, Esq., Ratcliffe.
Messrs. BARCLAY, BEVAN, TRITTON, & Co., 54, Lombard St.
Messrs. TATHAM, UPTON, JOHNSON, &c Co., 20, Austin Friars.
THOMAS ROBERT PRESTON, Esq.
The Royal Charter which has been granted bears date the 16th of January, 1849, and incorporates the Company by the title of the SOUTHERN WHALE FISHERY COMPANY.
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It fixes the capital of the Company at £100,000, in Shares of £50 each, the Shareholders being empowered to increase this, either at one time, or from time to time, to £500,000; --and, with the consent of the President of the Board of Trade, to any larger amount. The Company may begin business when one-half of the said sum of £100,000 is subscribed, and one-fourth thereof paid up.
The value and importance of the SOUTHERN WHALE FISHERIES to a great maritime and commercial country like England, cannot, perhaps, be overrated, and are, indeed, too evident and generally recognised to need illustration.
Of the results to be anticipated from the prosecution of these fisheries (which were truly designated by Mr. Pitt "a source of immense treasure") on a sufficient scale and systematic plan, adapted to the altered circumstances of the trade, some estimate may be formed from the following statement of facts:-- The Americans find it worth their while to employ in the Southern Whale Fisheries between 600 and 700 vessels, manned by upwards of 18,000 hardy seamen, available, if necessary, for their country's defence. Between the years 1838 and 1845, the produce of the American Whale Fishery averaged annually 37,459 tuns, whereof 13,406 tuns were exported and the remainder retained for home consumption. In the last-mentioned year, the produce amounted to no less than 43,064 tuns, representing, at the average American prices (though, probably, realising much more), a value of £1,420,447; whereas, in the same year, the produce of the British Whale Fishery (including Greenland, &c.), was only 5,564 tuns, or one-eighth part, representing, at the average British prices, a value of £249,181; thus showing a balance of £1,171,263 in favour of American over British enterprise in this particular branch of industry.
The object of the SOUTHERN WHALE FISHERY COM-
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PANY is to remedy this unsatisfactory state of things, and thereby prevent our becoming dependent on other nations for an important article of consumption with which we could far more profitably supply ourselves, whilst at the same time creating remunerative employment for a large amount of British labour, besides seamen. The object is, therefore, one both of commercial and national importance. The Company's plan of operations is that projected and developed by Mr. Charles Enderby, in his pamphlet entitled "Proposal for re-establishing the British Southern Whale Fishery," &c. published in 1847. The basis of this plan, the success of which depends alone on proper management, is to carry on the fishery from a station in the South Pacific, and the place selected for the purpose, as being preferable to all others, is the Auckland Islands (commonly called Lord Auckland's Group) situated in the latitude of 51° south, and longitude of 166° east. With reference to the general fitness of the Islands for the use for which they are designed, Capt. Sir James Clark Ross, who made a lengthened stay at them in 1840, remarks, in his narrative of the Antarctic Expedition which he then commanded, that "in the whole range of the vast Southern Ocean no spot could be found combining so completely the essential requisites for a fixed whaling station." And the Quarterly Review for June 1847 alludes to the subject in these terms:-- "This little group is singularly adapted by position and other natural features to assist the revival of a most important, though at present to all appearance moribund department of British industry--the Southern Whale Fishery. We believe that few speculations will be found more sound, more profitable, and more congenial to our national habits, than that suggested by the present grantee of the Auckland Islands, which were discovered under his auspices."
By the plan in question, the necessity of employing expensive ships of large tonnage in the Fishery will be
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entirely superseded, since the vessels so to be employed will not, as now, bring home their produce, but deposit it in store at the island station, from whence it will be reshipped to England or elsewhere, in other vessels freighted for the purpose in the adjacent colonies, where they can at all times readily be had, and where also the necessary supplies of stores, provisions, &c. (over and above the produce which the Islands themselves may yield), can be equally procured. Thus, there will be always ships on the whaling grounds, or returning from thence with produce to the station; always supplies of oil awaiting shipment to England, and cargoes on the way thither. By these means a very considerable saving of expense will be effected, not only in the outset, but in the whole course of ulterior proceedings.
The following is a summary of the chief advantages to be anticipated from carrying on the Fishery in the manner stated, viz.:--
1. Diminished cost of outfits, equipments, and repairs.
2. Saving in the disbursements of the vessels, and their wear and tear.
3. Cessation of trading by the masters on their own account, and its attendant evils.
4. Acquisition of an efficient and superior class of masters and seamen, and gradual formation of a valuable Naval School.
5. Increased security against dishonesty on the part of agents.
6. Greater control over the operations of the vessels.
7. Considerable diminution of leakage.
8. Saving in the interest on outlay and insurance.
9. Increased profits.
10. Annual returns of produce, thereby insuring a regular and sufficient supply of oil, and greater steadiness in prices.
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Taking, as the basis of calculation, the results of the Fishery by ships of 250 tons from the Australian Colonies, Mr. Enderby has shown, in his pamphlet, from authentic data, that the amount of profit which might be reasonably expected to accrue from a ship of this tonnage, employed two years in the common Whale Fishery from the proposed station, and prosecuting the Sperm Whale Fishery only incidentally, as occasion offered (this, however, not precluding the special employment of sperm whale ships), would be as under, viz:--
Ship of 250 tons, at £20 per ton (including all expenses of the voyage and Insurance)..
Two years' interest at 5 per cent..
Returns:-- On two voyages of one year each.
340 tuns of common oil, at £22 per tun..
30 tuns of sperm oil, at £70 per tun..
14 tons of whalebone, at L130 per ton..
Less freight and charges for 384 tons, at £6 per ton, £2,304; and the crew's share, £2,000
Add value of the ship at the end of the two years..
Deduct cost of equipment..
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The preceding calculation constitutes an average one, applicable to any number of ships. It is proposed to limit, in the first instance, the business of the fishery to the employment of thirty vessels, and afterwards to increase it progressively to the full extent of the means which the Company may be, at any time, able to command. Computed, therefore, upon thirty ships, the returns would be £122,880, or at the rate of £61,440 per annum; from which, after making a sufficient allowance for the expenses of management and contingencies, a net balance of profit would remain, capable of yielding a very satisfactory return to the Shareholders.
The Auckland Islands having been granted by Her Majesty's Government to Mr. ENDERBY and two of his brothers, in furtherance of the project, have been placed by those gentlemen at the Company's entire disposal, on terms highly advantageous to its interests; since the grantees make no other reservation than that they shall share, in equal proportions with the Company, any net profits which may accrue from the sale or lease of the land, after a suitable and sufficient site for the Whaling Station has been selected. Thus, whilst the Company will acquire, free of any charge, an eligible site for the business of the Fishery, together with the power of precluding (as regards the Fishery) the local competition of others, it will possess a beneficial interest, in common with the grantees, in the residue of the land, and consequently have a direct motive for turning such residue to a useful and profitable account. It is only reasonable to assume that the establishment of the Fishery will attract settlers to the Islands, and, as it is proposed to afford them due encouragement, the effect will be to enhance the value of the land by means of its progressive cultivation. It is to be understood, however, that although the colonisation of the Islands may, and no
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doubt will, become an important feature of the undertaking, still it is but a secondary consideration, in comparison with the establishment of the Fishery, and that the success of the latter is by no means contingent upon the introduction of any population, beyond such parties as may be actually employed in the Company's service. The colonisation of the Islands will ensue as a natural consequence of their being made a Whaling Station: it will require to be neither forced nor hurried, but will keep pace with the progress of the Fishery, and prove valuable as a subsidiary measure, though never constituting a primary object. Should any net revenue be derived from the land, the moiety thereof accruing (as stated) to the Company, will be so much added to the profits of the Fishery, and constitute, in fact, a bonus to the Shareholders. Should, on the other hand (though contrary to all reasonable expectation), the land yield no net revenue, still no loss would be entailed upon the Company on this account, because the prosecution of the Fishery and the colonisation of the Islands being wholly independent of each other, the profits incident to the first would remain, so long as it continued to be carried on successfully.
By the terms of the grant, the settlement of the Islands is to entail no charge upon the British Treasury, but the Islands are to defray their own expenses of Government, whatever these may be, according as it may be found necessary to appoint public functionaries. It is also stipulated that the harbours of the Islands shall be free ports, open to the ships of all nations. This will be a great advantage, as well to the Company as the settlers, because vessels, and particularly Whaling Ships, if pre-assured of obtaining at the Islands supplies of stores and provisions, will not fail to make them a place of resort, and, by means of their expenditure, will greatly enhance the prosperity of
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the Colony; as will be obvious, when it is considered how greatly the Sandwich Islands, and other places in the Pacific, have benefited in this respect from the visits of the American whalers. So keenly alive are the authorities of Manilla to this circumstance, that they have lately directed all tonnage dues on Whaling Ships visiting that place, and all export duties on the stores supplied to them, to be suppressed for three years, by way of experiment, in order to encourage such vessels to repair thither.
From the surrounding colonies of Australia, Van Diemen's Land, and New Zealand, the Whaling Colony at the Auckland Islands will at all times be able to obtain whatever supplies of provisions, stores, &c., it may require, and thus an inter-colonial traffic will be created and kept up, conferring mutual benefit.
It is the intention of MR. ENDERBY, the projector of the enterprise, to proceed himself to the Auckland Islands, for the purpose of organising the business of the Fishery, and to remain there a sufficient time to place it on a sure foundation.
The effect of the incorporation of the Company by Royal Charter is to limit the liability of each Shareholder to the amount of his subscription; the Charter granted containing, however, the usual stipulation that a Deed of Settlement to be approved by the President of the Board of Trade be executed by the Shareholders.
A Deposit of £2:10 per Share is to be paid on the Shares, and the remainder by instalments, as may be called for by the Directors, of which due notice will be given.
Forms of Application for Shares, together with all other information relating to the enterprise, may be obtained at the Company's Office, No. 34, Cornhill, London.
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FORM OF APPLICATION FOR SHARES.
To the Directors of the SOUTHERN WHALE FISHERY COMPANY.
I request you will allot to me . . . . . . Shares in the Southern Whale Fishery Company, mentioned in the above Prospectus, and I agree to accept that or any smaller number which may be allotted to me, and to pay the Deposit of £2:10 per Share, and all Instalments on such Shares, as the same may be called for; and to execute, when required, the Deed of Settlement or Copartnership, to be prepared under the instructions of the Court of Directors, and approved of by the President of the Board of Trade.
Dated this . . . . . day of . . . . . 1849.
(Signature of Applicant.)
(Description and Address.)
[Stating both place of business, if any, and residence.]
(Name of Referee.)
(Description and Address.)
PELHAM RICHARDSON, PRINTER, 23, CORNHILL.
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MAP OF THE AUCKLAND ISLANDS.