This section is from the book "A Library Of Wonders And Curiosities Found In Nature And Art, Science And Literature", by I. Platt. Also available from Amazon: A library of wonders and curiosities.
It is a certain truth, that a ship will carry a weight equal to that of a quantity of water of the same bulk with itself; subtracting from it the weight of the iron about the ship, for the wood is of much the same weight with water; and so, if it were not for the iron, a ship might sail full of water.
The consequence of this is, that, however a ship be loaded, it will not totally sink, as long as the weight of its cargo is less than that of an equal bulk of water: now, to know this bulk or extent, you must measure the capacity or solidity of the ship, which we here suppose to be 1000 cubical feet, and multiply that by 73 pounds, the weight of a cubical foot of sea-water; then you have in the product 73,000 pounds for the weight of a bulk of water equal to that of the ship; so that in this example, we may call the burden of the ship 73,000 pounds, or 36 1/2 tons, reckoning a ton 2,000 pounds, that being the weight of a ton of sea-water, if the cargo of this ship exceeds 36 1/2 tons, she will sink; and if her loading is just 73,000 pounds, she will swim very deep in the water upon the very point of sinking; so that she cannot sail safe and easy, unless her loading be considerably short of 73,000 pounds weight; if the loading come near to 73,000 pounds, as being, for example, just 36 tons, she will swim at sea, but will sink when she comes into the mouth of a fresh water river; for this water being lighter than sea-water will be surmounted by the weight of the vessel, especially if that weight is greater than the weight of an equal bulk of the same water.
 
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