The fisherman's profits in good years are swallowed up by the charges and drawbacks of bad and indifferent years, unless happily there be for him a succession of good years. But, considering how little the average value of the fishing exceeds the actual outlays of the year, it is not surprising that this great fishing should be carried on under a mass of debt, spread over fully two-thirds of the fleet. It is unquestionably a national misfortune that any great enterprise like the Caithness herring-fishing should be conducted under such serious disadvantages, and with such unfortunate results to the large and adventurous class of men who labour in it. These results are mainly owing to the great error of the fishermen in accepting the use of capital on terms unreasonably to their own disadvantage, standing debtor for the whole charges of the fishing, and submitting to the large deduction of 20 per cent. on the value of their fish. But they do it with their eyes open; and it is of contract, partly expressed and partly understood, and regulated by local custom. If it were desirable to regulate the arrangements of the trade by Act of Parliament, and if it were provided (1) that no person could advance money or money's worth to a fisherman, with the view of engaging in or equipping him for the fishing, without thereby constituting himself a partner of the fisherman, to the extent of such advance, proportionately to the value of the boat, drift of nets, etc. possessed by the fisherman and used in the fishing, and becoming liable as such partner for a proportional share of the charges of the fisherman's adventure, and (2) that the custom of fixing the price 'by general terms' be abolished; the trade would, it is thought, soon revert to legitimate methods of dealing. The real capitalist would share the risks and generally engross them; while the labour and zeal of the individual fisherman, who may have only his labour and zeal to give, would find their value in wages or other remuneration. But it is not to be denied that any such legislation would be extremely arbitrary and indefensible in principle. It should here be stated that what the fishermen earn in white-fishing, and in the winter and Lewis herring-fishing, is always paid in cash, irrespective of the debt resting owing in respect of the Caithness herring-fishing. The individual debtor of the herring-fishing is lost in the five, six, or eight joint-adventurers who man the boats in the fishings first mentioned.