captainjack23
Cosmic Mongoose
EDG said:The only reason history came up was because I asked how the financing of privately owned ships worked in the Age of Sail, if it happened at all (since the AoS is the supposed model of how the OTU is supposed to work). I don't believe anyone actually answered that question either.
Actually, I'm having Deja Vu - its come up more than once, in several contexts.
Anyhoo, heres the question.
EDG said:Really, given the "age of sail" comparisons, I think people need to look at what actually happened in that age when it came to ship-buying and loans and banking etc.
But do ensure that you're looking at what happened with privately owned sailing ships (if there even were any, and they weren't all owned by navies etc). It'd be relatively easy to track down loans given to landowners in far off lands, because they're not mobile and so the banks could (relatively) easily track down those people - but ships can easily disappear off the (not yet invented) radar. They could be lost at sea, or fall to piracy, or become pirates, or vanish off the beaten track.
So, what happened in that era? Were there even any privately owned trading vessels or galleons at all?
Absolutely. And yes, the below applies to private sailing ships. Navies are a whole nother ball o wax, although, up until about the mid 1600's' s the bulk of navy ships were privately owned -and drafted for service.
Yes, ships were privately owned -big ones, small ones, galleons (although too early for the period discussed, really); they were also owned by all kinds of associations and governments. Pre 1600, I would suggest that private ownership was the norm if you just look at tonnage. Smaller ships were owned by the captain or his family. The biggest tended to be owned by families or royals but by no means all. (By families, BTW, I mean big extended related trading groups, essentially proto corporations). Very often the successful owner of a Ship would become the owner of more ships; which would become the foundation of a company as time went on and the holdings passed on.
As we roll into the 1600's, we have companies, joint stock ventures, and ownership corporations. Credit, and thus ships as a mortageable asset become much more common. As we roll into he 1700's we have insurance companies and banking based on credit (not specie) carried out with time delays similar to the 3I. By the 1800's, Just about every financial instrument of purchase and ownership (of real property) currently used was in place.
So, for most of the period in question - and the intended one for traveller really is 1700- early 1800's - ships of all sizes were owned in pretty much any way imaginable -obviously, the more expensive the less likely that they belong to one person -like the captain -but it was always so.
It's mostly nowadays, and the time since steam engines dominated trade and shipping that single owner ships of any size are a rarity.
There's an excellent thread here on that exact subject, from the last time you got interested in history and the age of sail:
Search for:
"Age of Sail" vs OTU, how close are they really?"
Shlio's post on page 3 is particulalry useful -as is the bibliography he suggested
http://www.io.com/gibbonsb/pob/
as well as refrences several others of us suggested.
Hope that helps.
