268 THE HISTORY OF DUTCH SEA FISHERIES. 



the same period likewise underwent a material change. 

 New vessels of course demanded considerable capital, and 

 as their catch averaged from forty to one hundred per 

 cent, above that of the " hookers," capital was invested in 

 them freely enough. Shipowning companies, limited, sprang 

 up, and superseded the partnerships of the old type, many 

 of which liquidated as their hookers were broken up or 

 sold off. The institution of "sale-hunting" shared the 

 general reform. The Herring-hunting Association, which, 

 as said before, was in a previous period formed every year 

 to carry home early herring from the fleet, had continued 

 annually since the law of 1857 na d abolished the "hunting ' 

 privilege and restriction, and any shipowner was free to 

 carry herring home at such a time and in such quantities 

 as he chose. ' One firm only kept outside from the begin- 

 ning ; most shipowners found it expedient to be partners 

 in the association for some of their vessels, in order to 

 secure the enormous prices of the opening season, or "hunt- 

 ing time," for some part of their catch ; but the association's 

 general expenses were so high as gradually to drive out 

 many vessels ; and owners, while they kept some of theirs 

 on the association's books, left out an increasing per- 

 centage. The association's mode of operating was also 

 materially altered. It had, till now, kept up the old 

 traditions. Partners bound themselves not to have their 

 ships home before a date annually fixed by common 

 consent, unless with an exceptional cargo ; and the fish 

 brought home before that date in the association's 

 " hunters ): was sold at certain minimum prices, and kept 

 on hand if prices in the early season were unfavourable. 

 The latter practice was now abandoned, and the whole 

 stock sold in auction for the partners' account as soon as 

 landed. Thus the institution of " hunting " became what 



