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The freight on these ships was mostly Virgin Turpentine and Pitch. The other things consisted of food, tobacco, lard, cheese, oil cake, woods, and staves. Anywhere from $7,000 to $15,000 could be made on a single voyage. Every voyage was insured in full which meant that as much as $30,000 of insurance would be carried on the hull of each packet...
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From about 1820-1848 American packets had seized a monopoly of North American trade.7
In January of 1845 the first clipper ship was launched from the Smith & Dimon yards. The Rainbow, was the initial three-masted clipper ship.8 Although Donald McKay didn't originate the clipper he was the man who made it famous...
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