EMDEN JOINT-STOCK HERRING-FISHERY ASSOCIATION. 775 



ment of his money, which had been borrowed at G per cent, interest, till 

 the end of this year's herring-fishing season, and even advanced some 

 more money; and the minister of agriculture gave from his limited 

 contingent fund $1,500 as a present, and $1,500 more to be repaid 

 whenever it would be convenient. But even with such help the enter- 

 prise cannot be established on a firm basis, and when the herring fish- 

 eries have come to a close this season the association will have to decide 

 the question, whether besides the three "loggers," which according to 

 agreement are to be left rent-free to private individuals during the win- 

 ter 1877-'78, they will be able to fit out some more "loggers" in order 

 to carry on the winter fisheries for the association. The management 

 of the trawl-net can easily be learned, if only half the crew has some 

 experience. If, therefore, the association were to fit out three more 

 "loggers" for the winter fisheries 1877-78, it will be possible when the 

 contracts with crews are made for the nest herring season to promise 

 steady employment from that time on to the whole stock of the crews 

 possessing nautical experience. The future of the enterprise, which at 

 present can neither die nor live, would then be secured if there were 

 sufficient funds to make use of all the advantages. 



It is well known that the association has laid a petition before the 

 "house of delegates" (lower house of the Prussian parliament) to let 

 them have a loan from the national treasury at a low rate of interest; 

 and the house has by a large majority recommended this measure to 

 the government. If this aid is granted, the enterprise, which so for 

 stands alone in Germany, will be enabled to fulfill its economical mission 

 also in the future. It is true that other enterprises which receive aid 

 from the state, such as railroads, have similar aims, but then many of 

 these pursue a competitive aim within the national boundaries, which 

 is not the case with the herring-fisheries. For similar enterprises which 

 might spring up will be able to start at a great advantage by not hav- 

 ing to learn at a great expense all that which the Emden association 

 had to learn. There can be no question of unlucky results, as fevery 

 lender remains master over his future resolutions. The whole enter- 

 prise, moreover, means nothing less than a national competition with 

 Holland and Great Britain, where capitalists are satisfied with lower 

 rates of interest than in Germany. After it has within its present lim- 

 its become more consolidated, it will soon be able to command private 

 capital for the i^urpose of extending its sphere of capacity. It would 

 have to be deeply deplored, if all the experience bought with so much 

 money should be lost to the nation ; for if the association were to de- 

 clare itself bankrupt, their vessels would be sold in Holland, where they 

 would fetch the highest price, and the buildings would have to be sold 

 at a great loss, to be used for other purposes. Another generation 

 would pass away before any one would again think of confronting the 

 difficulties inevitably connected with the beginning of high-sea fish- 

 eries. This would have to be deplored all the more, as the managers 



