ERECTION OF THE BRITISH HERRING FISHERY.

The next commercial improvement of which we shall take notice, was the bill for the encouragement of the British white herring and cod fisheries. This was likewise the result of mature deliberation, importing, that a bounty of thirty shillings per ton should be granted, and paid out of the customs, to all new vessels from twenty to fourscore tons burden, which should be built for that purpose, and actually employed in the fishery; that a society should be incorporated, under the name of the Free British Fishery, by a charter, not exclusive, with power to raise a capital not exceeding five hundred thousand pounds; and that three pounds ten shillings per centum per annum, should be granted and paid out of the customs to the proprietors for fourteen years, for so much of the capital as should be actually employed in the said fisheries. Corresponding chambers were proposed to be erected in remote parts of North Britain, for taking in subscriptions, and prosecuting the trade, under the directions of the company at London; and the nation in general seemed eager to dispute this branch of commerce with the subjects of Holland, whom they considered as ungrateful interlopers. In the house of peers, however, the bill met with a formidable opposition from the earl of Winchelsea and lord Sandys, who justly observed, that it was a crude indigested scheme, which in the execution would never answer the expectations of the people; that in contending with the Dutch, who are the patterns of unwearied industry and the most rigid economy, nothing could be more absurd than a joint-stock company, which is always clogged with extraordinary expense; and the resolution of fitting out vessels at the port of London, where all sorts of materials, labour, and seamen, are so much dearer than in any other part of the united kingdom, exclusive of the great distance and dangerous voyage between the metropolis and the sound of Brassa in Shetland, the rendezvous at which all the herring-busses were to assemble in the beginning of the fishing season. They likewise took notice of the heavy duty on salt, used in curing the fish for sale, and the beef for provisions to the mariners; a circumstance of itself sufficient to discourage adventurers from embarking in a commerce which, at best, yields but very slender profits to the trade in particular, how important soever it might prove to the community in general. These objections were answered by the duke of Argyle and the earl of Granville, who seemed to think that this branch of trade could not be fairly set on foot, without such a considerable sum of money as no single individual would care to advance; that a joint-stock company would be able to prosecute the fishery at a smaller expense than that which particular traders must necessarily incur; that the present spirit of the nation, which was eagerly bent upon trying the experiment, ought not to be balked by delay, lest it should evaporate; and that though the plan was not unexceptionable, the defects of it might in the sequel be remedied by the legislature. In a word, the bill was adopted by the majority, with a small amendment in the title, which produced some disquiets in the lower house; but this dispute was compromised, and it was enacted into a law towards the close of the session. Nothing could be more agreeable to the public than the sanction of the legislature to this favourite plan, which was ardently promoted, and patronised by men of the greatest eminence for wealth and popularity. The company chose for their governor the prince of Wales, who received this proof of their attachment and respect with particular marks of satisfaction; the president and vice-president were both aldermen of London; and the council was composed of thirty gentlemen, the majority of whom were members of parliament. Great pains were taken, and some artifice was used, to learn the Dutch method of curing the fish. People crowded with their subscriptions; a number of hands were employed in building and equipping the busses or vessels used in the fishery; and the most favourable consequences were expected from the general vigour and alacrity which animated these preparations. But the success did not gratify the sanguine hopes of the projectors and adventurers. The objections made in the house of lords soon appeared to have been well founded; these co-operating with mismanagement in the directors, the spirit of the company began to flag, the natural consequences of commercial disappointment; and now the British fishery seems to languish under the neglect of the legislature.