FORTIETH ANNUAL REPORT. 



TO THE EIGHT HONOURABLE 

 ROBERT MUNRO, K.C., M.P., 



His Majesty's Secretary for Scotland. 



Fishery Board for Scotland, 

 Edinburgh, 1st May 1922. 



Sir- 

 In terms of the Act 45 and 46 Vict., c. 78, we, the 

 Fishery Board for Scotland, have the honour to present this, our 

 Fortieth Annual Report, being for the year 1921 : — 



CHAPTER I. 



INTRODUCTION. 



We regret to have to record that the year 1921 was again one of 

 acute depression in practically every branch of the fisheries. 



This depression is due to complex causes. In the case of the 

 herring fishery, it will be recalled that in both 1919 and 1920 the 

 Government came to the rescue of the industry by granting financial 

 support in the shape of a guarantee to take over such portion of the 

 season's cure as the curers were unable to dispose of themselves. 

 Last year, however, for the first time since the termination of the 

 war, the industry was thrown back on its own resources, not because 

 the difficulties confronting it had diminished, or were not fully 

 realised by the Government, but mainly on account of the urgent 

 need for national economy. 



The outlook at the beginning of the year was one little calculated 

 to inspire confidence. The Russian market, which formerly used to 

 absorb the greater part of the Scottish herring cure, was still closed ; 

 the purchasing power of Germany and the Baltic States continued to be 

 below the normal standard, and such trade as was possible with these 

 countries was restricted by the depreciated and fluctuating rates of 

 exchange; while not only were large stocks of 1920 herrings on hand 

 in this country, held chiefly on Government account, but other 

 herring-producing countries and Germany itself also held large 

 stocks of old cure, which would all require to be cleared — conditions 

 which naturally affected adversely the demand for the new season's 



