The year 1851 is memorable in our maritime annals, because at that time the United States was at the zenith of her power upon the ocean, and had completely outstripped her rival Great Britain in the efficiency and extent of her oversea carrying trade. It is true that the total tonnage of merchant shipping owned in the United States in this year, including steam, was only 3,718,640 tons, against 4,332,085 owned by the British Empire with all its dependencies; but these figures, like many statistics of this nature, are somewhat misleading. The primary reason for the existence of a merchant ship is, of course, her ability to pay her way and earn money for her owners. When a ship ceases to be able to do this, the sooner she is converted into a hulk or broken up, the better. So the true measure of a nation’s merchant marine is its earning capacity, not merely the number or tonnage of its ships; and judged by this standard, the merchant marine of the United States was at this time far in advance of the merchant shipping of the whole British Empire. In the first place, the merchant ships of the British Empire were of such massive construction that they could not carry at the very most more than ninety per cent. of the cargo carried by ships of similar tonnage owned in the United States; then in the matter of speed, an American merchantman would make five voyages while a British ship was making four of equal length; and as to freights, the American ships had the splendid rates to San Francisco all to themselves, while from China to England the rates of freight were quite double in their favor, as compared with British ships. If any one with a liking for statistics will apply these facts to the foregoing figures, the seeming advantage of tonnage possessed by the British Empire will disappear and it will be found that the merchant marine of the United States at that time held a commanding position in the maritime carrying trade of the world. Furthermore, the ship-builders of this country still excelled in every branch of merchant marine architecture.