FUR-FARMING IN CANADA 49 



tensive partnerships among people whose experience and location are 

 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 

 Islajid with five pairs of first-class stock. Many ranches have been 

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

 from Newfoundland 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 

 onStock 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, options were sold on more 

 pups than could be delivered because of the unusually small number of 

 pups. At the present time (December, 1912), many options on 1913 

 stock at an average price of about $10,000 per pair have been sold. As 

 large ranchers carefully number the options, the holder of the first 

 option has the best chance of securing the choice of pups when the 

 deliveries are made. 



All over Xorth America wherever the common red fox is found, 

 agreements are being constantly made with lumbermen, miners, mis- 

 sionaries, fur traders, trappers, government officials and others for 

 future delivery of wild animals captured in their respective districts. 

 Tlie supply of fur, however, will not be appreciably diminished by the 

 capture of wild fur-bearers alive. 



In 1911 and 1912 all available foxes were sold for 

 Breeding Stock breeders. The first general sales were made in 1910, 



at prices not far above the fur-value, viz. about $3,000 

 to $4,000 a pair. In 1911 tiie price rose to $5,000 a pair, and, about 

 littering time in 1912, one pair was sold for $20,000. This, however, 

 was for a pair of excellent proved breeders, which, a few weeks later, 

 j)roduced five whelps which were sold for $20,000 in August, 1912. By 

 September 1, when the deliveries of stock began, the price was $8,000 

 a pair for pups and a month later, $11,000. By December, 1912, 

 $12,000 and $13,000 was the ruling price, witli few sales. Old proved 

 breeders of good quality were valued during the last months of 1912 at 

 from $18,000 to $35,000 a pair. 



