X] PEARLS AND SCIENCE 135 



proper breeding stock, or otherwise, in the improve- 

 ment and development of the fishery." Now it must 

 be noted here that science never advocated the 

 formation of such a company with the fundamental 

 mistake of having to pay such heavy charges. The 

 company had, in fact, agreed to pay the Govern- 

 ment a rent which was about three times the average 

 annual revenue ! This might have been reasonable 

 if the fisheries of 1904 and 1905 had been certam 

 to be continued ; but there was no evidence that 

 Herdman's recommendations had been carried out 

 to such an extent as to warrant this belief, nor 

 could it ever have been expected that the scientific 

 recommendations implied for the future an entire 

 absence of barren years. 



The Ceylon Company of Pearl Fishers, Ltd., en- 

 tered therefore, upon a highly speculative concern, 

 although it is quite possible that they expected 

 science to pull them through. They were successful 

 in the fishery of 1906, and another fishery followed 

 in 1907. Thus the first years of the company were 

 marked by such handsome returns that a very good 

 dividend was paid within the first few months of the 

 company's existence. In fact, about £50,000 was 

 paid in dividends (during the first two years) on an 

 issued capital of £90,000 ! Since 1907, however 

 there have been no fisheries and the company paid 

 rent to the Government until lack of any prospects 



