But what is the present condition of the industry, and what is its future likely to be? The prosperity of the inshore fisherman, as well as that of his offshore rival, is vitally important to the welfare of this country; there should be room and opportunity enough for both. The inshore fisherman, protected by legislation and secured by well-organized co-operation, can increase very considerably the amount of our available home-grown food supply. The superior power and equipment of the big steam trawlers and drifters, properly utilized and encouraged, should be one of the most valuable industrial assets of the State. We are not a great food-producing nation; on the contrary, in the years before the war, we actually imported more than 40 per cent of our total food requirements. We are surrounded by seas that teem with every form of edible fish. British enterprise has built up a fishing industry which is the greatest and most efficient in the world. In 1914, our fishing boats were practically equal in numbers and equipment to those of all the other countries in North-West Europe put together. Nearly 70 per cent of the fishing boats in the North Sea were British. The total produce of our sea fisheries has nearly doubled since the beginning of the century. The annual catch in the last few years before the war averaged over a million tons. It was worth about fifteen million pounds when landed, and may be valued at nearly fifty million pounds by the time it reached the consumers. Of all this splendid food that is obtained at our very doors by our own people, less than half is retained for consumption in this country. Out of 600,000 tons of herrings landed annually in this country before the war, over 500,000 were exported, chiefly to European countries. Herrings have a high food value, and contain a large amount of easily digested fat, and if all the herrings landed in this country were consumed at home, it would only allow two herrings a week to each adult individual in all the population. An increased home consumption of fish, would effect a corresponding saving in imported meat. Owing to this remarkably small home demand for fish, the fisherman has had to depend upon foreign markets, chiefly Germany, Poland, Russia and the Levant. The present adverse rate of exchange with these countries, and the increased cost of fishing operations, make it impossible for the foreign importer to take our fish, except on terms which our fishermen cannot consider. These markets are therefore closed, and unless other outlets are found for its produce, the industry will be threatened with ruin. In 1920, the Government guaranteed the cure of herrings up to 880,000 barrels; unfortunately, they were only able to dispose of them in European markets at a great loss. The Government, therefore, have decided this year (1921) to withdraw their guarantee.