...on Sloop Experiment from New York to Canton & Back to N. York & have determined to give the 12 Guineas per Cent provided it cannot be effected at a lower premium .... The risque we cannot conceive any way to be dreaded more than common upon other Vessels trading to those Ports having the greatest confidence in the Master & knowing the Vessel to be a good one .... M^r Seaman has just received advice from his friend in London a M^r William Cowley Merch^t there of having effected the Insurance on his part of the vessel & Cargo at 10 per Cent. We would beg your calling upon Mr Cowley, he is to be heard of at the N. York Coffee house & who may tell you his men. We are in no way apprehensive of a loss in this business but should such a thing happen we might have occasion to reflect that our endeavours had not been exerted for the preservation of our property. ³³

The homebound cargo purchased in Canton contained no surprises. Teas made up the major part-- 308 chests of Hyson and 100 chests of Souchong. The Experiment also loaded "26 Chests of China Tea cups & Saucers ...5 Chests of Breakfast China," and "80 Bales of Nankeens." Dean obviously negotiated a premium on his Spanish dollars, since the entire cargo was valued at $20,939. ³⁴

The sloop departed Whampoa on 14 December 1786, again sailing around the Cape of Good Hope. ³⁵ On 6 March 1787, they put into St. Helena and purchased three pigs and twelve chickens, and a second stop was made at St. Eustatia in the West Indies on 5 April for provisions, fish, and water. ³⁶ On 22 April 1787, the little sloop entered New York harbor to scenes of great excitement, and "saluted the city by a discharge of 13 rounds. At the discharge of the last round one of the crew was unfortunately wounded by the match being applied before he had fully charged the piece,

Our Sloop Experiment Stewart. Dean Master arrived here 3 days since from Canton w^th a Load of Tea China & Nankeens. She will make a middle good Voyage we suppose after paying Insurance, will leave us 20 pr. Ct. at wholesale price .... We are talking of letting her make a Voyage. to Madeira but we have So many to advise with,.at present is uncertain whether She will come or not. ³⁸

Immediately after the return of their vessel, the sloop's owners were intent upon disposing of the cargo to best advantage. The partners met on 25 April and "agreed that the damaged Tea, the remains of the Tobacco & three pieces of Duck shall be immediately sold at Auction by Mr Jay - & that the Sloop with all her Tackle & apparil, as she came from Sea (as p' Inventory) shall be sold at public Auction on Thursday 3 May next." ³⁹ William Laight & Company were appointed to dispose of the bulk of the cargo and, soon afterwards, advertised

Have for SALE, on reasonable Terms for Cash, HYSON TEA of the first quality, SOUCHONG TEA, superior to any hitherto imported, NANKEENS, large pieces, and of the finest kind, CHINA WARE, elegant patterns, pencilled in gilt. Imported in the Experiment, Capt. Dean, just arrived from China. ⁴⁰

The "General Account & Final Settlement of the Sloop Experiment" indicates that the voyage was not very profitable, returning only about eight percent. There is reason, however, to believe that the "Final Settlement" understates the success of this voyage, since several of the original investors came together to promote a second venture. They were joined by some fresh participants, among them John Vanderbilt, Thomas Ludlow, and John G. Leake. On 22 October 1787, they met and concluded: