THE PROFIT 269 



account. To-day large quantities of merchandise are of 

 more importance than quality. It is quantity that sets 

 the market price, as the study of any large fish market, 

 such as Boulogne or Grimsby, will convince you. 



I will divide my description into three periods. The 

 first period (the past), from 1808 to 1871, is characterised 

 by the presence of sailing vessels only, and of low tonnage. 

 The second period (transitional), from 1872 to 1900, is 

 characterised by the introduction of steam fishing vessels 

 among the sailing vessels, the latter being economically 

 preponderant ; and this period may be divided into two 

 sub-periods : (a) from 1871 to 1894, marked by the first 

 unfruitful trial of steamers ; and (b) from 1895 to 1900, 

 marked by the first successes of the steamers, and their 

 regular establishment in the fishing ports. The third 

 period (the steamer period), from 1901 to 1907, is 

 characterised by the economic preponderance of the 

 steam fishing boat. The table on pp. 270-1 gives the 

 details of these three periods. 1 



For each of these periods the corresponding average 

 sale price of fish is given 16, .13 us. 2Jd., 14 73. 2jd. 

 by which it will be seen that the price for the third 

 period is 6 per cent, greater than the price for the 

 second period, so that steam trawling has not lowered 

 prices. 



In 1901 and 1902 a great many vessels were built. 

 The yield of fish increased, and prices remained sta- 

 tionary; but the catch per boat decreased, on account 

 of the crowding of the fishing-grounds. From 1902 to 

 1903 fewer boats were built and equipped ; the owners 

 appeared to hesitate. This did not prevent the yield 

 from being tremendous. In view of this abundance, the 

 price per ton decreased. Then, however, doubtless owing 

 1 See pp. 270, 271. 



