472 OYSTERS, AND ALL ABOUT THEM. 



where the shells of the dead mussels remained, there was 

 an absence of cultch. Making every allowance for the 

 difference of the seasons, I cannot help concluding that 

 the grounds had deteriorated since I dredged over them in 

 February, 1876. 



So far, then, my Report is in every respect against the 

 Company. But I now proceed to notice the reason which 

 its representative put forward why the certificate of the 

 Board of Trade should not issue. It had failed, so he 

 argued, because it had been impecunious ; it would not 

 fail, so he contended, because it was impecunious no 

 longer. During the last few weeks it has concluded an 

 arrangement with Mr. Davies, a wine merchant in London. 

 Mr. Davies intends to purchase a certain number of shares 

 in the Company ; he proposes, in addition, to put into it 

 some extra capital ; and with a view to this arrangement, 

 which is provisional on the results of this inquiry, he has 

 acted for the last two months as managing director. Mr. 

 Davies, who offered his evidence at my inquiry, stated his 

 proposal in the terms which I have repeated it. But I 

 ought to add that, though he did not give precisely either 

 the number of shares which he intended to purchase, or 

 the amount of capital which he proposed to embark, Mr. 

 Davies is a substantial person, connected with many 

 London establishments in which there is a large sale of 

 oysters. 



The effects of Mr. Davies' assistance are already visible. 

 The watch boat was again restored to her old moorings in 

 May ; a new stock bed, the foundations of which were 

 partly laid by Mr. Lovely in 1877, with cultch taken from 

 the old beds, has been formed ; and, during the three 

 weeks which preceded my inquiry, some nine boats were 

 hired and employed on the ground. The representatives 



