The output of the large fisheries is practically controlled by the great merchants of neighboring cities who know the methods and intricacies peculiar to the localities. For instance, the pearls of Ceylon go to Madras, and Bombay handles the bulk of those from the Arabian coast and the Red Sea. Lower California pearls are marketed chiefly at La Paz. Those from Venezuela are shipped principally to Paris and definite figures cannot be obtained. A few are brought to the United States direct from Venezuela, chiefly by Syrians who barter for them with the independent divers. These traders have no knowledge of market rates for assorted goods but sell them in mixed lots for as much as they can get. The price of pearls of the first grade, in Ceylon in 1904, weighing four grains and upwards each, was about $5.00 per grain. At Macassar, prices for the irregular shaped pearls of the Dutch Indies ranged from twenty-five cents to $1.25 per grain base according to quality. At the Ceylon fisheries, two-thirds of the oysters taken have been the government's share. These were auctioned off daily. The prices varied considerably, not only from fishing to fishing, but daily during the season. If the oysters sold one day, yielded well, prices went up and vice versa. In 1860, at the beginning of the Tinnevelly fishery, they realized Rs 15. ($7.50) per thousand and rose later to Rs 40. ($20.00). In 1861 on the contrary they sold in the early part of the season for $35.00 to $40.00 and fell to $20.00, at one time touching $8.50. In 1871, the Tuticorin catch brought a little over $40.00 per thousand average. The average price paid in 1858 at the Ceylon fisheries was a little less than ten dollars, and as the pearl yield was good, the speculators made enormous profits. In consequence, the average of 1859 went up to $22.50, the oysters bringing at one time during the season as much as $42.00; 1860 realized an average of $66.00, the highest price paid during the season being $90.00. The fishery of 1863 though it realized more for the government on account of the large catch, brought an average of $33.50 per thousand only. In 1874 the oysters brought about $40.00 per thousand. Of late years the average has been less, ranging from $12.00 to $14.00 though at times double that price has been paid. The pearls found in the oysters came quickly into the hands of Hindu merchants who assorted them and shipped a large part to Europe at prices much less than those which rule in the United States, though they usually made a good profit over cost. With the leasing of the Ceylon fisheries much of this speculative business will undoubtedly be eliminated and the pearls marketed at more regular prices.