WHALE FISHERIES — EABOT. 489 



establish itself at tlie South Orkneys and the South Sandwich 

 Islands. At South Georgia the British Government authorized the 

 establishment of only one new company, organized in England. 

 Many years ago Great Britain took possession, not only of this 

 island, but also of the South Orkneys, the Sandwich Islands, the 

 South Shetlands, and all that portion of the Antarctic continent 

 situated south of America. We believe that the Government of King 

 George V proposed to continue these annexations in the south polar 

 regions, for which we may congratulate ourselves. Owing to the 

 police system and the taxes established by the British Government, 

 whaling in the Antarctic Seas is regulated to a certain degree, and 

 the influx of too great a number of whalers is arrested. 



In conclusion, we may add that this industry does not require very 

 large capital. The funds of the large Norwegian companies scarcely 

 exceed one-and-a-half million francs, and when a rich whaling ground 

 happens to be found the profits become enormous. In two years a 

 company with a capital of 910,000 francs installed at South Georgia 

 twice distributed a dividend of 130 per cent, besides adding a portion 

 of the profit to various reserve funds and increasing the company's 

 resources 60 per cent. 



