FOX-FARMING IN CANADA 59 



rather than a reddish. The underfur must also be dark- 

 coloured. The fur of silver and black foxes is a dark slate 

 next to the skin. 



Silver hairs. — Pure silver bands — not white nor very prominent. 

 In the costliest skins there are only a few silver hairs, which 

 are well scattered over the pelt. Flakiness, which is the ap- 

 pearance of whitish silver hairs placed close together in patches, 

 is objectionable. 



Texture. — Buyers pass judgment on the skins by drawing the hand 

 over the fur. The softest fur is the most valuable. The quality 

 of softness is referred to as ''silkiness". 



Gloss. — ^The sheen must be evident. It is caused by the perfect 

 health of the animal and the fineness of the hair, as well as by 

 hereditary influences. Woods and humid atmosphere also 

 favour this important quality. 



Weight. — A good fox skin will weigh at least one pound, the weight 

 usually varying from ten to nineteen ounces. The thick, long 

 fur makes the weight. This is a very important point, as 

 heavy fur is more durable and handsome. 



Size. — The value of silver fox pelts increases with the size. 



FINANCIAL ASPECTS 



The amount of capital required to finance a ranch containing even 

 three or four pairs of foxes, involves the organization of companies or ex- 

 tensive partnerships among people of experience and in a situation 

 suitable for fox ranching. In the autumn of 1912, at least $50,000 

 was required to build, equip, and stock a ranch in Prince Edward 

 Island with five pairs of first-class stock, and, in 1913, this amount of 

 money would hardly suffice to provide three pairs. Many ranches have 

 been equipped for less money, but either cheaper wild or unselected 

 stock from Newfoundland, western Canada or elsewhere was purchased, 

 or options had been taken at an earlier date on pups for delivery at that 

 time. 



Because of the keen demand for breeding stock, it has been 

 on Stock customary to sell options for future delivery. Usually the 



options are taken on the unborn pups, and 10 per cent of 

 the price agreed upon is paid when the options are taken. Time of 

 delivery is made the essence of the contract and, if the rancher has not 

 as many pups as he has sold options for, the orders are filled consecu- 

 tively, i.e., the earliest orders are filled first. In case delivery cannot be 

 made, the agreement provides that the deposit must be returned with 

 6 per cent interest per annum. In 1913, as in 1912, options were sold on 



