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 the lines of packets between New York and London, and between New York and Liverpool. He traded also with India and China, and was also owner of whalers which went to the South Seas. Like most others of the high-class merchants trading to foreign countries, he was neither concerned in the inland trade of the United States nor the coasting trade. Having furnished evidence as to the progress of American tonnage, he stated that the New York packets, which were universally acknowledged to be the best description of ships built in the United States, having all of them a portion of live oak in them, cost, exclusively of their cabins, about $70 per ton, equal to about 14l. 10s. per ton, sterling. In this estimate it must be remarked that the American tonnage differs from our own.

The American classification of ships also differs from that at Lloyd's. There the rating depends on the age, the material, its quality, together with the quantity of the fastenings, whether copper or iron, and the mode of workmanship. The oak used in New York comes principally from Virginia, the