1^6 



generally received in any market in the United States for the article' of 

 " Magdalene herrings." 



Herrings fatten as the season advances ; hence those taken occasion- 

 ally by vessels employed in the cod-fisbery on the coast of Labrador 

 are as unlike those just mentioned as possible. It is to be regretted thai 

 so few fat and well-flavored herrings are procured for const»mption > at 

 home, inasmuch as a more abundant supply of the gibbed fish, caoght 

 in the Bay of Fundy and more distant regions in autumn, would doubt- 

 less lead to the disuse of the inferior kinds of dried" fish, and render 

 poorer and badly cured herrings entirely unsaleable. 



In America this fishery has' ever occupied a subordinate place. But 

 some of the cities of Europe owe much of their present commerce and 

 importance to the wealth acquired in its prosecBtion. To persons who 

 are familiar with the character and rank of the mass of herring-catchers 

 of our day, an account of the mania on this subject in England two cen- 

 turies ago seems almost incredible.* Without space for details, or 

 even to relate incidents to show how vast were the projects, and how 

 magnificently rich were the joint stock associations, which were formed 

 by noblemen and princes of the blood — to catch heiiings — -I can only 

 remark that the " operators" in timber lands and corner lots of cities 



* Fishing manias in Great Britain haTe been frequent. We w3l fo-fefly noticB seTeral of 

 them. To commence no earlier, there was one in 1677, when the Duke of York, and other 

 personages of rank, were incorporated into a tody entitled the " Company of the Royal Fishery 

 of England." This company seems to have exhausted its capital in fitting out "bmses" or 

 vessels built in Holland, and manned with Dutch herring-catchers, and to bats' been ruined 

 by the capture of a large part of their vessels in a war with France. 



A secoiid was in 1720, when two thojisand of the principal gentleioen of Scotland formed a 

 company for the prosecution of the herring fishery. This was a time noted fer speculations ; 

 and the Scotch Company — a mere bubble — soon burst, leaving the shareholders to mouro 

 over their folly. 



A third occurred in 1750, when a company was incorporated with a capital of £500,000, 

 of which the Prince of Wales was president. Or governor. His assoeiates were among the 

 first men in the kingdom. General James Oglethoi^pe, the founder of the State of Georgia, 

 was a prominent member, and, on delivering the Prince the act of incorporation, made a 

 speech, which was published. The public excitement was intense ; the stock was subscribed 

 for immediately ; vessels were built and equipped with the utmost rapidity, and artifieea Were 

 resorted to in order to ascertain the Dutch method of curing the herring But the project 

 failed — as the Earl of Winchelsea and some other peers predicted it would^ — at the outset. 

 The suspension of this company was very injurious to the British herring-fishery generally for 

 a considerable period. 



Men have been ruined in onr own times for indulging in the same visionaiy schemes. 



In 1803, some English theorists. of rank and influence leeonimended a national fishery on a 

 vast scale. The plan was plausible, but too complicated. These gentlemen proposed " thaS 

 there should be a grand national corporation, under the immediate protection and superin- 

 tendence of Parliament," with a capital stock of — -, which was to be raised in shares by 

 the seaport towns and corporations, proportioned to the advantages of locality and the amounS 

 of their trade and toimage, and an annual dividend of 5 per cent, was to be guarantied on the 

 capital. ' Cbnvenienccs for shipping, storehouses, sheds,' &c.,were to be 'constructed in 

 places contiguous to the best fishing-grounds.' ' A free use of salt' was to be granted to 'the 

 managers without any interference of the revenue ofiicerB,' ' The fish taken and cured,' were 

 ' to be exempt from all duties whatever,' and, ' on the other hand, no bounties' were * to bo 

 given,' ' Fishermen, disabled by accident, age, or infirmity, and the widows and.phiidren of 

 fishe^rmen,' were 'to be provided for.' Finally, 'the corporation* was ' to be authorized to 

 propose rules for the regulation and disripline of the fishery.' " 



As late as the year 1825 we have similar projects, (though of pilvate companies;) since, 

 among the immense joint-stock concerns which burst during the commercial revulsion of 

 that period, we find three fishing companies whose aggregate capital (nominally) araooatid W 

 the enormous sum of £1,600,000, or nearly eight miUious of dollars. 



