A gentleman, Murchison, is selling up his stores and ships including a schooner, the "Jenny Peak". James is interested in the schooner but not the rest of the fleet. William has made a good offer. Letty confides to Elizabeth that she is pregnant, James doesn't know yet. Baines is told by the captain that the Norwegians are crying out for pianos. He says that he has a piano he can have for £10 and sell for £25 minimum. James tells Elizabeth that if she lets him take the schooner off her hands he will withdraw from the bidding. She says that Frazers have made no offer for the Murchison line. William has offered £26,000 and Beaumont says he has agreed to buy on his behalf.