pounds in the period 1946-1950 inclusive. The catch since then is 

 tabulated in terms of 5 year-totals. Because the assumed price 

 remained stable at 2(t a pound, the compounded deficit is highest in 

 the five years following 1950 and declines thereafter. The total 

 cumulative loss for these two fisheries at the beginning of 1974 as 

 well over 500 million dollars. 



DEFICITS INCURRED BY IMPROPER 

 MANAGEMENT OF TWO FISHERIES 



U.S. HADDOCK CATCH 



1962-1966 average 131.9 million pounds 



U.S. CALIFORNIA SARDINE CATCH 



1946-1950 average 492 million pounds (2460 total) 



TOTAL 



10,219 



204.2 



355.4 



Common property aspects of ownership of living marine resources 

 deter private industry from carrying out extensive assessment 

 investigations. With few exceptions, no one has exclusive rights to 

 stocks of fish or shellfish. Since knowledge of the resources will 

 inevitably be shared, little incentive exists for private enterprise to 



33 



