of the Fishery Board for Scotland. 



35 



inception of which was described in the last report, provided for the 

 purchase of the vessels on the instalment system, the purchase price 

 being regarded as a loan repayable by 24 half-yearly instalments, 

 plus interest at the rate of 5 per cent, per annum on the amount of 

 principal outstanding, and each loan being secured by a first mortgage 

 over the vessel. 



The total number of vessels allocated to the Board for the purposes 

 of the scheme was 83, but for various reasons a number were either 

 not accepted or were returned to the Admiralty, and the number 

 actually taken over by the Board was 75, of which 41 were steel and 

 the remainder wood. 



The basic prices fixed for these vessels were as follow : — £6500 

 for new and £6000 for re-conditioned steel vessels, plus £500 in each 

 case if equipped for trawling, and £5000 for new and £4500 for re- 

 conditioned wooden vessels. 



The number of vessels which had been disposed of up to the end 

 of 1920 was 49, of which 3 had been sold outright, and, including the 

 amount received for the latter, a sum of £35,768 had been received 

 by way of initial cash contributions. 



In view of the depressed condition of the fishing industry during 

 the year, it is not surprising that a number of purchasers were 

 unable to meet the instalments of principal and interest which 

 fell due on December last. Seventeen, however were paid in full, 6 

 made partial payments, and 16 were unable to make any payments. 

 The total sum repaid amounted to £6458, of which £3919 represented 

 principal and £2539 interest. 



It is regrettable that in so many cases the enterprise dis- 

 played by the purchasers in acquiring vessels under the scheme 

 should have met with so poor a return, but the conditions obtaining 

 since the scheme was inaugurated could hardly have been less pro- 

 pitious, and the Board feel confident that when the present period of 

 depression has passed and fishing operations are again remunerative, 

 the arrears will be wiped out. 



Loans to Fishermen for the Purchase of Motor Fishing Boats 

 and the Installation of Motor Engines into Existing 

 Sailing Boats. 



In our last annual report an account was given of the progress 

 which had been made in connection with a scheme of loans to ex- 

 service fishermen for the purchase of motor fishing boats. It will be 

 remembered that the Board had been successful in obtaining an 

 advance from the Development Fund for the purpose, but that the 

 stipulations laid down by the Development Commissioners as a 

 condition of the advance had in practice proved too rigid, and that 

 representations had been made with a view to their relaxation. 



These representations were successful, and under the revised 

 scheme the Board were empowered to grant loans 



1. to enable fishermen to acquire new motor boats built accord- 

 ing to approved specifications arranged between them and 

 boat builders ; 



