Expenses on First Voyage, including Outfit £ _s._ _d._ of the Second 4008 18 4 Ditto for Second Voyage. 4476 2 6 Ditto for Third Voyage 4679 11 5 Ditto on Fourth and Fifth 9216 14 6 Ditto on Sixth 5823 14 4 Ditto on Seventh 4729 11 8 Ditto on Eighth 4722 11 5 —————————————— £37,657 4 2 ═════════════════ RECEIPTS. Proceeds of Cargo and Government Bounty (20_s._ per ton on the ship’s measurement, or 291_l._) on the First Voyage 6864 10 5 Ditto, Second Voyage 6568 1 0 Ditto, Third 6287 10 9 Ditto, Fourth and Fifth 10,428 7 11 Ditto, Sixth 7157 8 6 Ditto, Seventh 8275 14 6 Ditto, Eighth 8195 16 10 ———————————————— Amount of Receipts £53,777 9 11 Ditto Expenses 37,657 4 2 ———————————————— Clear Profits £16,120 5 9 ═════════════════ This balance I have stated as “clear profits,” because, in consequence of the perfect state of repair of the Resolution, the large augmentation in the quantity of her stores, and the increased cost of shipping, the value of the ship (augmented by the charge of outfit for the ninth voyage in the table of expenses) was scarcely at all deteriorated. Hence we derive for the clear profit on the original advance of 8000_l._,—a capital still existing,—during eight years continuously, the sum of 2015_l._ 0_s._ 8_d._ a year, or 25 per cent per annum. * * * * * With this result, the enterprises of my Father in the Resolution, of Whitby (influenced, in a considerable degree, I believe, by a kindly and parental consideration for myself), concluded. For on the very day on which I completed my twenty-first year, he, at a Board of the co-partnery, specially summoned, formally resigned his command; and, on the same day,—the earliest at which, by reason of age, I could legally hold a command,—I was unanimously elected his successor.