VALUE OF NORWEGIAN LAKES FOR FISH CULTURE. 599 



But the selling price of the article wliicli is here treated is in the larger 

 markets considerably higher than is here calculated, and in a business 

 of the kind which is here in view one must assume that they will look 

 out to sell in places where a high price can be expected without regard 

 to a somewhat prolonged transportatiou, which only in a comparatively 

 small degree will increase the exjDenses of transfer. The article stands, 

 considered as a delicacy, far above meat in price, and it commands in 

 Christiania markets 13.75 to 19.25 cents, and often more, per one-fourth 

 kilogram, which equals 55 to G6 cents per kilogram for Venern salmon, 

 which, as a rule, stand far below our best kinds of mountain trout in 

 flavor and value. In France the price varies, according to circumstances 

 and the season, between 3 and C francs, or 53 cents and $1.10 per one- 

 half kilogram, which equals $1.10 to $2.20 per kilogram. Nearly the 

 same price as in France applies in north Germany, and probably also in 

 England. It will thus be a long time before the price, owing to increased 

 production, will approach the amount at which it has been j)reviously 

 estimated, because, in order that this may happen, the i)rices of the 

 necessaries of life, such as meat, must also fall to half what they now 

 are. 



In the very near future also a higher selling price than that estimated 

 certainly will be reached, and it can hardly be doubted that the profit 

 l^reviously calculated upon will be obtained from capital which may be 

 invested in such industry as is here treated of, even if the yiehl become 

 considerably less than estimated ; and this so much the more certainly 

 as the business in the extent contemplated will be able to be carried on 

 in due time with far smaller outlay than here estimated. 



If one consider the estimated profit as a jn^oduct equally of the area 

 of Avater used and of the capital employed in its utilization, for which 

 there is probably entire reason, since the water area is the basis of the 

 possibility of the employment of capital in the industry here in question, 

 the value of the capital which the water demands will advance in pro- 

 portion to its extent. In such a division the net profit according to 

 the estimate established should be $701.25 on 30 hectares, or $23,375 

 per hectare annually. The ratio of interest to principal, according to 

 the lawful interest on landed property and fixed possessions, gives this 

 hectare a capital value of $1G7.50. But notv/ithstanding that the previ- 

 ously-given calculation is carried out in such a way that the profit arising 

 therefrom must be regarded as a minimum, I will, however, state that this 

 must be considered above the average amount, because not all the waters 

 will possess a like degree of fertility ; neither will they, because of exist- 

 ing circumstances, be able to be cultivated as completely as stated, partly 

 because a portion, even if not a large portion, of our fresh waters are 

 adapted only for the culture of the kinds of fishes which are considered 

 inferior, whose price must be estimated lower than that of trout or red 

 char, althougli at present here in the chief city and the adjacent jirovinces 

 it is often more than double as high as the previous stated price for the 



