Martin's observations on the subversive, anti-social quality of masturbation is, in actuality, a repetition of the conflict that we discussed in our previous lesson, between the self as an independent and all-inclusive vessel - an island, if you will - and society, which must discipline this self-reliant individual to suit its needs. Martin simply puts this conflict into a sexual - or homosexual - context with which I must agree. The squeezing of the hands in sperm does indeed call into mind group masturbation and homo-eroticism, also reflected in Flask's encouragement of his men in Chapter 81 (The Pequod Meets the Virgin - a title with definite sexual innuendo): "Oh, my lads, do spring... Don't ye love sperm?"
This group activity also solves the conflict between the individual and the social, in a way, because the squeezing of the sperm is commerce-oriented (or necessary in order to sell it). This is also the way in which Flask views this homo-erotic activity of "pulling for your duff": "There goes three-thousand dollars, men - a bank!" he cries.
The squeezing of hands scene also proves that the independent fulfillment of many individuals can be joined together in order to propel society forward, while still providing warmth and comfort for its members in order to help them to become well-adjusted within the social group. Homo-eroticism is, as Martin says, the answer to Ahab's white, patriarchal, aggressive rule and, as in James's analysis, this social triumph belongs to the crew.
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