IX.-THE FIRST FIVE YEARS OF THE EMDEN JOINT-STOCK

HERRING-FISHERY ASSOCIATION.

By Senator DANTZIGER, of Emden.

The close of last year completed the fifth year of an enterprise which had been started by prominent citizens of Emden in conjunction with the German Fishery Association, for the purpose of cultivating the herring fisheries which had been carried on in Emden from time immemorial and of combining with these other fisheries on the high seas.

An attempt had been made as early as 1857 to start a joint-stock company for fishing herring and codfish with twenty-five vessels, but the buildings of the maritime association, "Harmony," were destroyed by fire that same year, and nothing more was done than to frame a constitution. This proved a blessing in disguise, for scarcely ten years later a new kind of herring-vessels, the so-called "logger," were introduced in Holland. This brought about other improvements in the hering-fisheries, so that the vessels with which the city had intended to carry on the fisheries would certainly have proved useless. Since the introduction of the "logger," in 1867, the Dutch sea-fisheries have improved considerably. The former system of premiums has been abol ished, and, according to the official annual reports, the Dutch are proud of their "free fisheries," which enjoy the favor of the capitalists.

If we go back in the interesting history of the Emden herring-fisheries as far as the beginning of this century, we find that during the first decade they were suffering from those circumstances which at that time depressed commerce and navigation generally. The "buisen"-this was the name of the old-fashioned herring-vessels-do not seem to have gone out every year; the following result is, however, reported:

In 1801, 43 "buisen" caught 3,528 barrels of herring and codfish. During the second half of this decade the fisheries seem to have recovered very rapidly, and the following results are reported:

The "buisen " were accompanied by two clippers, of which one had to take the first haul to Hamburg, while the other had to go to Emden. This was necessary, as the connections of Emden with the interior were

* Herr Senator Dantziger in Emden: Die fünf ersten Betriebsjahre der Emder Herings fischerei-Actien-gesellschaft, in Circular No. 4. Berlin, Mai, 1877, des Deutschen Fiscaerei-Vereins. Translated by H. Jacobson.

very imperfect, and remained so for a long time till the West Hanover railroad was opened in 1856. In the year 1819 a tax of 72 cents was laid on every 100 pounds of foreign herring, in order to encourage the domestic fisheries. It is possible that the results did not satisfy the Hanover government, or perhaps English influence was at work, or the premium of $216 each for 54 vessels, amounting to a total of $11,664, became burdensome to the Hanover state treasury. At any rate, the Emden people were informed that in future they could only expect an annual premium of $144 per vessel. Emden remonstrated against this measure, saying that her fishermen could no longer compete with Holland, where an annual premium of $210 was given per vessel. It was finally resolved that the Emden people must be satisfied with a total premium of $6,480. As this sum, at the rate of $216 per vessel, would only furnish premiums for about 30 vessels, one of the fishing associations, with 24 "buisen," emigrated to Enkhuizen, in Holland, in order to get the Dutch premium, while 28 "buisen" and 2 clippers remained in Emden in order to enjoy the former premium in full. In 1856, the number of "buisen" had dwindled down to six. The number of clippers was at first two, afterward three, and in 1828 even four, but after 1834 only one. The best results were obtained :

1841.-13 "buisen," with an average of 282 barrels herring and cod per vessel.

1837.-15 "buisen," with an average of 256 barrels herring and cod per vessel.

1844.-12 "buisen," with an average of 353 barrels herring and cod per vessel.

1834.-16 "buisen," with an average of 245 barrels herring and cod per vessel.

And the poorest :

1852.-10"buisen," with an average of 714 barrels herring and cod

per vessels.

1846.-11 "buisen," with an average of 82 barrels herring and cod per vessel.

1845.-12 "buisen," with an average of 97 barrels herring and cod per vessel.

1822.-27 "buisen," with an average of 108 barrels herring and cod per vessel.

1824.-25 "buisen," with an average of 1091⁄2 barrels herring and cod per vessel.

1848.9"buisen," with an average of 116 barrels herring and cod per

vessel.

During the years 1833-1839, 1840-1842, 1844, 1851, and 1854 the aver age annual result per vessel was 200 barrels. The direct profit which the great fishers derived from the fisheries may have been small; but these fisheries always gave employment to a large number of men, boys, women, and girls; and as Emden at that time was far from the great

highways of commerce, it may be supposed that those traders who had taken contracts for furnishing fish must have made out pretty well, so that every one in Emden has favorable recollections of the herring-fisheries.

It will, therefore, be easily understood that ever since the old herringfisheries had come to an end in 1857, wishes were from time to time expressed to have them flourish again. People were undecided, however, whether they should follow the advice of the motto over the chief entrance to the Emden city hall, Concordia res parvæ crescunt, or whether they were to take comfort from another motto, In spe et silentio fortitudo nostra, which is placed in a somewhat out-of-the-way corner near the staircase, and is not seen by every visitor of the three hundred year old building, which is an eloquent witness of Emden's former splendor. In 1871 it was at last resolved to examine the flourishing Dutch sea-fisheries. The favorable reports which had come from there were all corroborated by this examination. The German Fishery Association gave encouragement by promising to support a new joint-stock company by its influence. In the course of this winter the German joint-stock company bought of the firm of Kruthoffer & Co., in Vlaardingen, six "loggers," with everything belonging to them, and the crews which had already enlisted on these "loggers" remained faithful to the new enterprise in spite of some very violent attacks in the Dutch papers.

In May, 1872, these vessels came to Emden, whence during the following month they started out on a herring-fishery amid the cheers of the population. The head of the above-mentioned firm had been induced to become the technical leader of the enterprise. It had been his wish that a joint-stock company might be started with a capital of $216,000, be to become one of the shareholders and take one-tenth of the shares. The first payment of 40 per cent. would have sufficed to commence the fisheries with the above-mentioned six vessels. As, according to the experience of Dutch fishers, a capital of $10,800 was required for every "logger," it was his idea to make a payment of 10 to 15 per cent. every year and build 2 to 3 "loggers," till the whole capital had been paid in and a fleet of 20 vessels had at the same time been secured.

It seemed almost impossible for a city of moderate means, which had just escaped from the yoke of a second-rate state (Hanover), and had entered the Prussian monarchy with the best intentions and great expectations, to raise the necessary capital. The hope that help might come from other parts of Germany soon proved delusive, for the failures of some former large fishery enterprises were yet too fresh in the memory of the public. It availed nothing to show that these failures did not prove anything in the present case, because those former enterprises had never been engaged in the herring-fisheries, and an examination of the Dutch fisheries had proved conclusively that it was just the herringfisheries which, by the introduction of many improvements, had laid the foundation of profitable fishing enterprises in Holland, and that her

ring-fisheries should be the main object to which the new Emden enterprise was to be directed. The sentiments which unfortunately prevailed on the Berlin Exchange are illustrated by an answer, which a year laterwhen a second issue of shares was to be made and when the Emden company could show a good beginning-was given to an Emden delegate by the representative of a wealthy Berlin firm. Nothing would induce this man to advance some money, neither the general usefulness and importance of the enterprise nor the well-founded hope that, after a short period of struggling, ample profits might be looked for, as this domestic enterprise enjoyed the advantage of a tax of 72 cents per ton, therefore a percentage of 6-8, which foreigners did not have, nor the fact that times in Emden were not worse than in Holland. His answer was simply this: "As soon as you can prove to me that you have made a profit of 10 per cent., you can get as much money as you want."

We succeeded, however, in selling $72,000 worth of shares at par, and make the next year a second issue of another $72,000 worth, of which shares to the amount of $30,960 were sold. These sums were not sufficient to gradually enlarge the enterprise, and this was the hope which was continually held out to the director, who had no fixed salary, but only 20 per cent. of the net profits, and who, if no hopes had been held out to him, might have resigned his place very soon. All this, of course, proved a continual source of trouble.

The results of the first two years, however, were very satisfactory, although we had to confine ourselves to the herring-fisheries, and had to be satisfied with rented buildings which lay inconveniently scattered. The first business year, comprising eight months, yielded a dividend of $1.98 per share, the payment on each share having been $50.40. All the regulations were strictly observed, and the reserve-fund was not forgotten. During the second business year, comprising twelve full months, of which, however, only nine, from June to November, had been devoted to the herring-fisheries, the number of vessels was increased to nine, and the shareholders received a dividend of $2.16 per share.

In order to fulfill the promises made to the director, three new "log. gers" had to be built (these were the first built in Germany), and it had become necessary to contract a lean. Even these first two years having yielded small profits, there were reasonable hopes of obtaining better results in the future, as the buildings which had been constructed with a special view of facilitating the business had meanwhile been finished. A favorable location close to the harbor had been bought from the city for a cheap price; a track had been laid from the harbor to the railroad depot, passing between the two main store-houses; six convenient piers had been constructed. Each of the two store-houses, measuring 90 feet in length, has a good cellar, one for salt, the other for storing, packing, and sorting herrings. Above these cellars, on a level with the cars, there are two rooms, inclosed on three sides but open on the side facing the track. These rooms are connected by a small draw. →