ECONOMICS OF THE FISHERIES 



391 



leU 1936 



12 3 4 12 3 4 



1937 1938 1939 1940 1941 



234 1234 1234 1234 1234 



CENTS 



(price 

 (deviations) 



CENTS 



PER 

 POUND 



(price) 



miluions 

 of pounds 

 (production) 



Fig. 12. Upper: Deviations in the production and price of cod and haddock from the annual 

 trend. The trend was obtained by smoothing the quarterly figures by a moving average of four 

 and two to remove the effect of seasonal variations. Lower: Production and average producers' 

 prices of cod and haddock, by quarters. (Herrington, 1946). 



and a much higher correlation (r = 0.68) between production of cod and 

 haddock and average price of competing foods. In Figure 14 it is shown that 

 between price of competing foods and total value of cod and haddock there 

 is an even closer correlation (r = 0.77), and (Fig. 15) that there was a 

 close negative correlation (r = —0.77) between the consumption (or pro- 

 duction) of these fish and the relative price of fish (ratio of fish price to 

 price of competing foods). It is necessary to refer the reader to Herrington's 

 paper for details. 



