In San Francisco there will be an equally heavy account, as a new mizzen lower mast will be shipped there; and when the “Higgins” arrives back at New York she will have to be thoroughly overhauled and repaired, being of the age of fifteen years. Wooden vessels are classed A 1 for that period and no longer without a complete renovation, and she is then reclassed; iron vessels are rated A 1 for a much longer period. The list of firms above enumerated would not be complete, however, without mentioning the cooper’s bill. This is sometimes quite large for repairs made to cases, barrels, etc., on account of damage sustained while loading, at sea, or discharging. Goods must always be delivered in first-rate condition. Yet, in spite of the heavy running expenses, this ship averages fifteen and sixteen per cent. profit; and there is one very large iron four-masted ship, belonging to the keenest ship-owner in New York, which regularly pays a twenty per cent. annual dividend. Nearly all American sailing ships pay well; but the greatest profits that I know of in late years have been made by a British eleven-knot tramp steamer, whose name I cannot remember. This vessel for the last four years has paid the owners an average annual profit of thirty-four per cent. Much of this is, of course, due to the vessel’s happening to strike the various markets at exactly the right time, though there must be a good, sharp business head to the concern to achieve such an astonishing result. It is said, however, that the majority of British sailing ships are not good money-makers. Latitude, 37° 12′ north; longitude, 136° 15′ west. +September 14+ A magnificent breeze that has driven us along at nearly nine knots has blown steadily from the north-northeast for twenty-four hours, giving us an easterly course by compass. But, alas! the point and a half of variation and another half-point of leeway force us to steer about east-southeast true. We made a whole degree of southing in consequence, and are now ninety miles south of ’Frisco Heads. If we have to tack ship it will be a piece of outrageous luck; and if the ship doesn’t come up three points by noon to-morrow, that’s just what we will have to do.