Tools: Ship economics

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Ship economics


Editorial history

Created 01/06/2015 by CSG




Context


Ship burden: data from English Admiralty Court records


Ship bill of sale

UP LOAD IMAGE


Overview of ship economics sources


Deposition books


HCA 13/70
HCA 13/71
HCA 13/72
HCA 13/73

Sentence bundles: schedules


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Instance Papers: schedules


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Overview of document types as ship economics sources


Document types


Ship bills of sale


Ship bill of sale

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Single voyage accounts


Canary Islands

East Sussex Record Office: Archives of the Frewen Family of Brickwall in Northiam [FRE/1 - FRE/1126]: Personal [no ref. or date]: Account books [no ref. or date]: Account book of Benjamin Frewen and Stephen Frewen FRE/521 1632-1679: Accounts ledger of the ship Tenerife FRE/522 (?1646)-1656. 81 paper folios between limp parchment covers. John Turner owned two sixteenth parts of the ship; the ledger was propably compiled by John's brother Richard whilst on board during the overseas trips.

East Indies

Richard Abdy account book, 1657-1659

Mediterranean

Daniell Gates account book for the voyage of the Leghorne Merchant into the Streights, 1668/69
The Accompts of the Shipp Undertaker to the 24:th of ffebruary 1656: Date: Exhibited by M:r Smith June 2nd 1657

West Africa

Voyage accounts of the Constant Ruth, August and September 1652

Ship accounts for multiple voyages


Ship accounts

Accounts of the ship the Charles of Bristol, beginning June 20th 1655[1]

Accounts of the ship the Constant Mary, 1654[2]

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Merchants accounts


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Shipwrights accounts


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Charter parties


SEE: Listing of charter parties

SEE: Charter party of the William, Nov 1667[3]

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Ship inventories of goods


Ship inventory of goods

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Ship valuations or inventories


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Wage schedules


Crew wage schedules

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Capital costs


Hull: materials


  • Timber
  • Metal


- Quantities?
- Cost/measure?
- Material quantities per ton burden built?


Hull: labour


  • Master ship carpenter
  • Ships carpenters
  • Other labour


- Man/hours?
- Cost per man/hour?
- Rule of thumb labour input costs per ton burden built?
- Economies of scale?


Fitting out: materials

  • Rigging
  • Pulleys
  • Metal fittings
  • Sails

Fitting out: labour

  • Ropemakers
  • Sail makers
  • Pulley makers
  • Other

Operating costs


Wear & tear

  • Wear and tear costs (as estimated by owners and/or ship masters)
  • Maintenance costs (as estimated by owners and/or ship masters, or as evidenced in ship account books)

Freight lease costs


  • Monthly costs as agreed in Charter Party


Crew labour costs

  • Monthly wages
  •  ?Additional payments

Victualling costs


  • Food and drink

Port costs


  • Entry and Exit charges at port
  • Other port related charges

Cost of capital in market place


Bottomry bonds


Bottomry bond for £300 dated Nov 22nd 1655: Henry Potts of Newcastle and John Carter bund to James Nutall. No details of interest rate.[4]

Bottomry bond for 1100 guilders (date unclear, but before April 1659) lent by a Mr Demetrius the factor or agent for James Drawater, Demetrius being also freighter of the ship the Saint Anne (Master: Hendrick Johnson), which was bound from Amsterdam to Cadiz. The money was needed due to the great delay of the ship at Amsterdam due to foul weather and ice. Money was repayable on the return of the ship from Cadiz to Amsterdam. Interest amounted to 2200 guilders or £220. Ship was arrested on its return at suit of Mr Drawater to enforce payment of the interest.[5]

Borrowing from crew members


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Deposit rates with City of London


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Returns on single voyages


HCA data on returns


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Return to the ship owner


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Return to the freighter(s)


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Return to ship master


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Return to the crew (labour)


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Returns on a ship per annum or other period


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Riskiness of returns


C17th concepts of risk and return


  • Quantum invested ("stock", "adventure")?
  • Beginning and end of an investment determing period over which return estimated or calculated?


  • Different expected returns on different asset classes?
  • Expected return for a given geographical route and/or commodity type?


  • Opportunity cost?
  • Portfolio thinking?

Suggested reading


Barker, The rise of an early modern shipping industry: Whitby's golden fleet, 1600-1750 (Woodbridge, 2011)
Barbour, V., 'Marine risks and insurance in the seventeenth century', Journal of Economic and Business History. I (1929)
Barbour, V., 'Dutch and English merchant shipping in the seventeenth century', Economic History Review, II (1930)
Davis, R., 'The organisation and finance of the English shipping industry in the late seventeenth century' (London PhD, 1955)
Davis, R., 'Merchant shipping in th eeconomy of the late 17th century', Economic History Review, IX (1996)
Davis, R., 'Earnings of capital in the English shipping industry, 1670-1730', Journal of Economic History', XVII (1957)
 Davis, Ralph, The rise of the shipping industry of the seventeenth and eighteenth centuries (London, 1962)
Fury, Cheryl A. (ed.), The social history of English seamen, 1485-1649 (Woodbridge, 2012)
Grassby, Richard, Kinship and capitalism (Cambridge, 2001)
Grassby, Richard, The business community of seventeenth-century England (Cambridge, 2002)
Grassby, Richard, The idea of capitalism before the industrial revolution (London, 1999)
Jones, Evan Thomas, 'The Bristol shipping industry in the sixteenth century', (Edinburgh PhD, 1998)
North, D.C., 'Sources of productivity change in ocean shipping, 1600-1850', Journal of Political Economy, LXXVI (1958)
Scammell, G.V., 'Shipowning in England, c.1450-1550', Transactions of the Royal Historical Society, XII (1962)
Scammell, G.V., 'Shipowning in the econmy and politics of early modern England', The Historical Journal, vol. 15, issue 03, Sept. 1972, pp. 385-407
Stephenson, Judy, 'Industrial organisation in 17th century London building trades and institutions', unpublished seminar paper, Dec. 10th 2014
Ville, Simon P., English ship owning during the industrial revolution: Michael Henley and son, London shipowners, 1770-1830 (Manchester, 1987)
Ville, Simon, 'The growth of specialisation in English shipowning, 1750-1850', Economic History Review, XLVI, 4 (1993), pp. 702-711

Willan, Thomas, S., The English coasting trade, 1500-1750 (Manchester, 1938)
  1. ↑ HCA 24/113 item 97
  2. ↑ HCA 24/113 item 153
  3. ↑ C6/36/21 f. 3
  4. ↑ HCA 13/73 f.91v
  5. ↑ HCA 13/73 f.202Av

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