From Sandy Hook to the equator 18 days. From the equator to 50° S. 23 “ From 50° in the Atlantic to 50° in the Pacific 15 “ From 50° S. to the equator 17 “ From the equator to San Francisco 21 “ -- Total 94 “ The year 1857 was one of financial depression throughout the United States, which was severely felt by the shipping interests of the country and continued until the Civil War. The rates of freight from New York to San Francisco, which during the years immediately following the discovery of gold in California were $60 a ton, gradually declined, and in 1857 had fallen to $10 per ton. Ships that had formerly loaded cargoes for San Francisco night and day and were hurried to sea as quickly as possible, now lay at their loading berths for weeks, leisurely taking on board such cargo as their agents could engage. During this period vessels lay idle at the wharves of Atlantic ports for weeks and even months, in charge of ship-keepers, with sails unbent, waiting for employment. The former activity in the ship-building yards had also subsided. During the four years prior to the Civil War, Donald McKay built only one ship, [Illustration: The “Sweepstakes”] the _Alhambra_ (1857), and William H. Webb built only one ship for the California trade, the _Black Hawk_, beside the _Resolute_, and the barque _Trieste_ (1857), and the barque _Harvest Queen_ (1858). The same depression was felt in all the yards along the Atlantic coast. British ship-builders had made such rapid progress in the construction and speed of their vessels that it was now difficult for American ships to obtain charters from China to England. From 1857 to 1861, they were to be found lying idle for months at a time in Manila Bay, Hong-kong harbor, Foo-chow, Shanghai, and Calcutta, seeking employment. The depression in the oversea carrying trade was felt quite as much by the ship-owners of Great Britain as by those of the United States, and while of short duration, was as serious there as in the United States. It was at this period, however, that Great Britain began to feel the benefit of Free Trade in her ship building industry, and entered upon her conquest of the world’s oversea carrying trade. In this her ship-builders were greatly assisted by the introduction of iron as a material for construction. In 1855 the Committee of Lloyd’s Register had framed rules for the classification of iron ships, as their number had so increased, and the demand of ship-owners for their official recognition had become so general, that they could no longer be ignored. The screw propeller was also beginning to supersede side-wheels as a means of propulsion, and some of the ablest men in Great Britain were engaged upon the development and improvement of the marine engine and boiler.