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In an ingenious essay sent to the Highland Society by MrHeadrick, the commonly received notion of the herrings migrat-ing to the frozen sea in winter, and moving to the Southernwarmer latitudes in summer, (so contrary to the analogy of allother known animal migration), seems successfully combated;and, from facts in point, the migration of herrings is shown tobear some analogy to that of salmon, being, though not fromsalt water to water absolutely fresh, yet from salter water in thedeep sea, to brackish or fresher water in the lochs, whither theyseem also attracted, from the higher temperature of the sliallower
the actual success,—though, if given extravagantly, even though limited to suc-cess, it makes a smaller measure of success suffice to yield a satisfactory profit,and supersedes the necessity of the most vigorous exertion.
Having noticed that bounties have not lowered the price in the home market,he goes on to observe :
* When the undertakers of fisheries, after such liberal bounties have been
* bestowed on them, continue to sell their commodity at the same, or even at a‘ higher price than they were accustomed to do before, it might be expected‘ that their profits would be very great; and it is not improbable that those of‘ some individuals may have been so. In general, however, I have every rea-4 son to believe they have been quite otherwise. The usual effect of suefi
1 bounties is to encourage rash undertakers to adventure in a business which
‘ they do not understand ; and what they lose by their own negligence and ig-
‘ norance, more than compensates all that they can gain by the utmost liberality
4 of Government. In 175D, by the same act which first gave the bounty of
* 30s. the ton for the encouragement of the white herrings fishery, (the * l * * 4 23d4 Geo. II. chup 24.), a joint stock company was erected, with a capital of‘ 500,000/., to which the subscribers (over and above all other encouragements,‘ the tonnage bounty just now mentioned, the exportation bounty of 2s. 8d. the‘ barrel, the delivery of both British and foreign salt, duty free) were, during4 the space of fourteen years, for every 100/. which they subscribed and paid4 in to the stock of the Society, entitled to 3/. a year, to be paid by the Receiver
* General of the Customs, in equal half-yearly payments. Besides this great‘ company, t!»e residence of whose governor and directors were to be in Lon-' don, it was declared lawful to erect different fishing-chambGrs in all the dif-4 ferent outports of the kingdom, provided a sum not less than 10,000/. was4 subscribed into the capital of each, to l>o managed at its own risk, and for its4 own profit and loss. The same annuity, and the same encouragements of all4 kinds, were given to the trade of those inferior chambers, as to that of the4 great company. The subscription of the great company was soon filled up,4 and several different fishing-chambers were erected in the different out-ports4 of the kingdom. In spite of all these encouragements, almost all those dif-4 ferent companies, both great and small, lost either the whole, or the greater4 part of their capitals; scarce a vestige now remains of any of them; and the4 white herring fishery is now entirely, or almost entirely, carried on by private4 adventurers. *
The same fate seems to have attended a joint-stock company for extendingand improving the Scots fisheries, erected about the end of the American tear,and in which a leading part was taken by the patriotic George Dempster, Esq.of Dunnichou. After purchasing lands, building villages at the fishing sta-tions, &c. the company stock, amounting probably to about 150,000/., is, ifnot totally annihilated, at least dead; and, instead of being possessed by indus-hious inhabitants, the fishing villages are filled with idleness and profligacy.In the well founded opinion of the author of the Wealth of Na'ions, joint-stockcompanies are inadequate to the management.of any business, but a mere busi-®**s of routine.