2 COMMISSION OF CONSERVATION 
ited in the breeding of fur-bearers, particularly in Prince Edward 
Island, has advanced prices there above those obtained in any other 
part of the world. Canada and the United States are being searched 
for fur-bearers for shipment to Prince Edward Island ranches. Fox 
companies incorporated elsewhere establish their ranches there where 
the farmers have a thorough knowledge of the rather difficult art of 
breeding, and the consequence is that fully 85 per cent. of all foxes in 
captivity are to be found in the island province. 
The high prices for furs prevailing during recent years explain 
why fur-farming has made such rapid progress in such a short time. 
This is particularly true of the black fox industry. The fur-value of 
a high-grade black fox ranges from about $500 to about $2,500; but the 
demand for breeders has been so great that the price has risen to $25,000 
a pair for the best quality of breeding stock. Moreover, the promoter 
has entered the field and companies are being floated whose capitaliza- 
tions are based on these high prices and rosy expectations of profits. 
Although there is ample basis for a sound industry in fox-farming, it is 
necessary that the general public should realize that the industry is 
becoming a highly speculative one, and that the individual who puts 
his money in companies loaded with a heavy burden of capitalization 
assumes a great risk. 
Since the fur-farming industry is so intimately connected with 
the present high prices of furs, it will be worth while to enquire into the 
causes of these high prices and endeavour to forecast to what extent they 
will continue to operate. 
DEMAND AND SUPPLY 
Stated in general terms, fur has become scarce because less 
is produced and more is used than ever before. The remark- 
able increase in the demand for costly furs in the past twenty 
years is due to a combination of causes. The population is growing. 
The relative number of people in the wealthy classes is increasing. The 
habits of travelling extensively and of living in metropolitan centres are 
rapidly increasing. Commerce and more efficient salesmanship have 
introduced furs all over the world, so that their admirers and users are 
multiplied. Dame Fashion, whose influence is predominant everywhere, 
is responsible for a very heavy demand for certain kinds, and only the 
best and scarcest are in high favour with her. Then, too, our growing 
cities, which multiply the opportunities for gatherings and concourses, 
especially of the well-to-do classes, engender competitive habits in 
choosing personal adornments. 
Scarcity 
of Furs 
