The wild, speculative years of ship-owning which followed the discovery of gold in California and Australia, when a clipper ship was expected to pay for herself every voyage or two, had now passed away. Ship-owners retained a lively recollection of the crash in 1857 and the depression which followed, so the tea clippers were built with an eye to economy as well as speed. The rates of freight, which in the early fifties had been £6 and even as high as £8 per ton, were in 1863 £4 10s. to £5 per ton--still fine paying rates on the investment of capital, after allowing for running expenses and depreciation. Ship-owning in Great Britain had now become established upon a less profitable, though more rational and substantial basis. The tea clippers carried from 200 to 300 tons of clean shingle ballast, laid beautifully smooth and even, upon which the chests of tea were stowed, and a considerable quantity of dunnage wood, for which allowances were made in reckoning the actual cargo capacity. The _Taeping_, which under the new rules based on the cubic capacity of the hull registered 767 tons, carried 1234 tons of tea at 50 cubit feet per ton, with a crew of 30 men all told. Vessels were now designed on scientific principles, and it may be doubted whether the qualities then desirable in a merchant sailing ship--speed, strength, carrying capacity, and economy--have ever been so successfully united as in these famous China tea clippers. Some exciting contests took place between the various clippers of the new type, the _Falcon_, _Fiery Cross_, _Serica_, and _Taeping_ proving the most successful. In the year 1865 the _Fiery Cross_ and _Serica_ sailed from Foo-chow side by side, on May 28th, both bound for London. After a close race during which they sighted each other several times, both ships made their signals off St. Catharine’s, Isle of Wight, at almost the same moment, 106 days from Foo-chow, and continued up Channel before a light westerly breeze. Off Beechy Head they fell in with the tugs sent out to meet them, the _Serica_ at that time having a lead of about two miles. The _Fiery Cross_, however, secured the most powerful tug and reached her dock one tide before the _Serica_, thus winning the premium of 10 shillings per ton. The _Taeping_ sailed from Foo-chow some days later and made the passage to the Downs in 101 days. As may be supposed, this system of awarding premiums led to a good deal of unpleasantness.