754 EEPORT OF COMMISSIONER OF FISH AND FISHERIES. 



ring-fisheries should be the main object to which the new Emden enter- 

 prise was to be directed. The sentiments which unfortunately prevailed 

 on the Berlin Exchange are illustrated by an answer, which a year later — 

 when a second issue of shares was to be made and when the Emden 

 comjiany could show a good beginning — was given to an Emden dele- 

 gate by the representative of a wealthy Berlin firm. Nothing would 

 induce this man to advance some money, neither the general usefulness 

 and importance of the enterprise nor the well-founded hope that, after 

 a short period of struggling, amjile profits might be looked for, as this 

 domestic enterprise enjoyed the advantage of a tax of 72 cents per ton, 

 therefore a percentage of 6-8, which foreigners did not have, nor the fact 

 that times in Emden were not worse than in Holland, His answer was 

 simply this: "As soon as you can prove to me that you have made a 

 profit of 10 per cent., you can get as much money as you want." 



We succeeded, however, in selling $72,000 worth of shares at par, and 

 make the next year a second issue of another $72,000 worth, of which 

 shares to the amount of $30,900 were sold. These sums were notsufiScient 

 to gradually enlarge the enterprise, and this was the hope which was 

 continually held out to the director, who had no fixed salary, but only 

 20 per cent, of the net profits, and who, if no hopes had been held out to 

 him, might have resigned his place very soon. All this, of course, 

 proved a continual source of trouble. 



The results cf the first two years, however, were very satisfactory, 

 although we had to confine ourselves to the herring-fisheries, and had 

 to be satisfied with rented buildings which lay inconveniently scattered. 

 The first business year, comprising eight months, yielded a dividend of 

 $1.98 per share, the payment on each share having been $50.40. All 

 the regulations were strictly observed, and tlie reserve-fund was not for- 

 gotten. During the second business year, comprising twelve full months, 

 of which, however, only nine, from June to November, had been devoted 

 to the herring-fisheries, the number of vessels was increased to nine, and 

 the shareholders received a dividend of $2.16 per share. 



In order to fulfill the promises made to the director, three new *' log- 

 gers" had to be built (these were the first built in Germany), and it had 

 become necessary to contract a lean. Even these first two years having 

 yielded small j)rofits, there were reasonable hopes of obtaining better 

 results in the future, as the buildings which had been constructed 

 with a special view of facilitating the business had meanwhile been 

 finished. A favorable location close to the harbor had been bought 

 from the city for a cheap price ; a track had been laid from the harbor 

 to the railroad depot, passing between the two main store-houses; six 

 convenient piers had been constructed. Each of the two store-houses, 

 measuring 90 feet in length, has a good cellar, one for salt, the other for 

 storing, packing, and sorting herrings. Above these cellars, on a level 

 with the cars, there are two rooms, inclosed on three sides but open on 

 the side facing the track. These rooms are connected by a small draw- 



