Arthur Hamilton Clark,
The Clipper Ship Era
(1911)
“ The primary reason for the existence of a merchant ship is, of course, her ability to pay her way and earn money for her owners. When a ship ceases to be able to do this, the sooner she is converted into a hulk or broken up, the better. So the true measure of a nation's merchant marine is its earning capacity, not merely the number or tonnage of its ships; and judged by this standard, the merchant marine of the United States was at this time far in advance of the merchant shipping of the whole British Empire. ”
