or about 11 per cent.* Merchants say that the cost of curing is actually greater than 2s. 6d. per cwt., and that their profit has to cover not only the risk of bad debts and insurance, but likewise a loss upon boat hires and sales, which never remunerate. Fishermen, on the other hand, assert that curing never costs so much as 2s. 6d. per cwt.; and they appeal, in support of this, not only to their experience in curing their own fish, but to the higher rates paid by Messrs. Smith & Tulloch in Sandwick parish The reply, as regards these merchants, is that they sell to retail merchants direct, and thus save profit of the middlemen or wholesale purchasers; but there is evidently a feeling of irritation among other fishcurers, because they have broken in upon the practice of paying a uniform price throughout the islands. A similar question with regard to the cost of curing has been raised in the Faroe fishing. [L.F.U. Garriock, 12,581; W. Irvine, 3742; J.L. Pole, 9423; J. Bruce, jun., 13,332; J. Flawes, 4919; A.J. Grierson, 15,105; L. Williamson, 9085; A. Sandison, 10,154; L. Williamson, 9097; T. Williamson, 9515, 9536; L. Mail, 662; R. Halcrow, 4694; G. Blance; 5561; A. Sandison, 7062; J. Nicholson, 8721; J. Flawes, 4990; J.S. Houston, 9673; W. Irvine, 3623; W. Pole, 5882 sqq.; J.S. Houston, 9698; A. Sandison, 10,125; W. Robertson, 13, 646; L.F.U. Garriock, 12,565.] Some men complain because they do not know what they are to get for their fish and that they 'work away as if they were blind;' but it is said on in a few cases where a price has been fixed at the beginning of the season and the price that has risen, the men have grumbled, and the curer has been obliged to pay the higher current price in order to retain the future services of the men. There is not, however, sufficient evidence to justify the conclusion that Shetland fishermen would, as a body, resent a merchant's adherence to a bargain which on other occasions must turn out to be a favourable one for themselves and a losing one for him. If there is any advantage in the present system, it is, as the Rev. Mr. Fraser points out, on the side of the fisherman, who is less able than the merchant to foresee the probable course of the market, and who, if the suggested change were adopted, would have to take, in the run of cases, such a price as the merchant might judge safe for himself. [James Hay, 5375; A.J. Grierson, 15,081; P. Garriock, 15,228; J. S. Houston, 9862; A. Sandison, 10,009; Rev. J. Fraser, 8071, but see P. Blanch, 8546.] *CURERS' PROFITS.