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 captain was able to see "daylight al round" through the open seams in her bows.

In Williams's "Liverpool Slave Trade" it is shown that in 1786 the Liverpool slavers sold 31,690 slaves for £1,282,690 net. The gross value of the goods exported to Africa was £864,895, while the maintenance of the slaves cost £15,845. That leaves £401,950 for the owners of the slavers, from which, however, they had to pay their crews and the wear and tear of the ships. These expenses are classed as "freight," at £103,488, but the fact is there was a profit on the "freight."? Nevertheless, calling the freight all expense, the clean profit was £298,462.

That is an estimate giving the expenses at the highest limit, and the sales at the lowest. Going more into detail, the returns for a single good voyage are given.

The ship Lottery, Captain John Whittle, belonged to Mr. Thomas Leyland, who was "thrice Mayor of Liverpool." She sailed from the Mersey on July 6, 1798, and passed Barbadoes on November 27th with four hundred and sixty negroes. Of these four hundred and fifty-three were sold for £22,726 net — the owner received that sum after paying all commissions and charges. From this sum, however, must be deducted £2,307 109. for the ship's outfit and £8,326 14s. for the cost of the cargo sent out to Africa, a total of £10,634, which leaves the sum of £12,091 profit on the voyage. That is to say the profit on each negro was over £26, and it was earned in six months.

The Lottery in another voyage cleared £19,021. The Finterprise on a cargo of three hundred and ninetytwo slaves landed, cleared £24,430. The Hortwne on three hundred and forty-three cleared £9,487. The