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HE years between 1849 and 1856 were perhaps the most prosperous that ship-owners and ship-builders have ever known. The discovery of gold in Australia in 1851 had much the same effect as that in California in 1848, and people flocked to Melbourne from all parts of the world. There was this difference, however, that whereas passengers went to California, after the first rush, by steamers via Panama, and the mails and gold were always transported by this route, all the Australian passengers, mails, and gold were for a considerable period carried by sailing vessels. The extent of this traffic may be judged from the fact that the yield of the gold fields up to December 30, 1852, a little more than a year after their discovery, was estimated at £16,000,000 sterling, or $80,000,000. Prior to 1851 the emigration to the Australian colonies had been about 100,000 persons per annum, while the average between 1851 and 1854 was 340,000 annually. The transportation of these passengers alone required an enormous amount of tonnage, so that the discovery of gold in Australia gave an additional impulse to clipper ship building.

At this time the proper route to ports on that