she shipped that green both night and day.. meant that she was taking green water over the bows, not just spray.
The whalemen were paid on the "lay" principal. it was a way of dividing up the profits. The owners would be paid on the first lay, right down to the lowest seaman who might be on the 250th lay.
Sailors in those days were less than PhD's of course and many came aboard without the proper gear, such as foul weather gear needed to round the horn, so, they would draw what they needed from the ships store, or, "slop chest". Naturally they were overcharged, and could, indeed end up owing money for their gear.
For those who care, the expression to "try out" came from the process of heating whale blubber in giant "try pots" until the oil was extracted. Kinda like frying bacon.