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  1. Anchor the ship in calm water in an area known to have little magnetic divergence
  2. Adjust the anchorage so that the axis of the ship is true to North/South
  3. Move the adjusting magnets for the compass until the compass indicates correctly

Note that different areas experience differing amounts of magnetic disturbance (charts should have indications of the deflections) and that the Magnetic North Pole is not the Geographic North Pole, If you move the ship, the compass will probably point somewhere that is no longer North.

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