The first important step was a declaration by the king of his intentions. On 12th July he wrote to the Privy Council of Scotland, laying before them his scheme for a great fishery association. With the advice of his Privy Council in England, he said, he had maturely considered that “als weill in thankfulnesse to Almighty God as for the benefite of all our loving subjects we ought no longer to neglect that great blessing offered unto us in the great abundance of fishe upon all the coasts of these Yllands. To the end we may at lenth injoy with more honnour these rights whiche properlie belong to our imperiall crowne and ar vsurped by strangers, We have considered of a way whiche in tyme by God’s favour may produce this good effect and also increasse our navigatioun and trade. And becaus this worke concerneth equallie all our three Kingdomes and must thairfoir be vndertakin and ordered by commoun counsell and assistance,” he had taken the opportunity of a meeting of the Scottish Parliament to send his “instructions” on the subject by his Secretary for Scotland, Sir William Alexander.[408] In his instructions the king, after a preamble reciting the abundance of fish on our coasts, the benefit which was reaped by strangers, “to the great disparagement and prejudice” of his loving subjects, declared his “firm resolution” to set up a “commoun fishing to be a nurserie of seamen and to increase the shipping and trade in all parts of his dominions,” and added--what must have been unwelcome news to the Scottish burghs and people--that as it was to be a “common benefit” to all the three kingdoms, so it could not be “dividedly enjoyed” by any one nation in particular. The Council were enjoined to take the matter into serious consideration, and to give their advice and assistance in bringing it to a successful issue; and as it was necessary to raise a “great stock” from adventurers, who would not be drawn into the scheme except by hope of great and immediate gains, an estimate of the outlays and profits was submitted to the Council, showing that 200 busses would earn a clear profit of £165,414 in a single year, after paying all costs.[409]