Micro Fiche 3976
Keywords: Michael Henley and Son, Shipping, England
Abstract
This thesis looks at the business of Michael Henley and Son who were London shipowners based at Wapping. It traces their evolution from coal merchants in the early 1770's to becoming one of London's principal shipowners by the first decade of the nineteenth century, at which time they owned fifteen to twenty vessels. The business methods of the firm are investigated in an attempt to throw some light on the nature of ship owning in this period. It is argued that the Henley's were an early example of the evolution of ship owning as a specialist and professional occupation. In addition, the wider question of the contribution of entrepreneurship to British industrialization is discussed in the light of the Henley experience.
It is shown that the Henleys owned a large fleet of medium-sized, old vessels most of which were built for their capacity rather than speed. Many of their ships were built in the highly reputable yards on the north east coast of England, though a number were prizes bought cheaply from the Navy Board. These vessels were deployed flexibly in a variety of trades, especially to the Baltic, Canada, the West Indies and Central America. In addition, vessels were hired to the government as transports, whilst the coal trade was used as a backbone to the business, producing a reliable rate of profit and filling in between the long hauls.
The important contribution of the shipmaster to the enterprise is considered. In a period when communications were still slow and the supercargo rarely used, the master was often solely responsible for the venture for months on end. The pay and conditions of the crew illustrate the large increase in real wages but the heightened dangers from impressment and enemy attacks. The large increases in freights and some costs are demonstrated. Finally, it is shown that the average level of profitability rose during the French Wars and, as a result, the Henleys proved to be a highly prosperous and successful firm.
October 3, 2007
