Compromise and the end of the premium Great Tea Race of 1866

taeping , ariel racing channel

the clippers sailed @ beginning of 1866/67 tea season had premium of 10s per ton written bills of lading, payable, consignees, first ship dock in london. additional ordinary rate of freight had been negotiated - in case of ariel in 1866, £5 per ton. ton used in these bills of lading freight ton , measurement of volume; british ships loading tea in china @ time used ton of 50 cubic feet (compared american ships used ton of 40 cubic feet).

normally, payment of premium compensated profits made selling first of new crop of tea. in 1866 there problem - first cargo of tea had arrived on 2 weeks earlier in steam auxiliary ship erl king, ship not considered part of race. tea merchants committed payment when tea sell @ loss. add this, first 2 tea clippers had signalled off deal on morning of 6 september, followed third (serica) @ 1:00 pm. these 3 ships create glut of new season tea, prices bound fall further.

the owners , agents of ariel , taeping aware of situation consignees in. ships had telegraphed downs became concerned might considered dead heat or disputed result might lead consignees call race void - there being no outright winner - , not pay premium first ship dock. therefore, agreed whichever ship docked first claim , other not dispute result in way. in return, 2 ships shared premium between them, , mackinnon , keay shared £100 prize winning ship s captain. happened, taeping made claim , shared money equally ariel.

the premium payable first tea clipper arrive in london abandoned after 1866 tea race.