Before 1903 we have no data as to the number of whales taken along the coast of Newfoundland and can only say that the value of whale products rose successively from $1,581, in 1898, to $36,428, in 1900, and $125,287 in 1902. Making a rough estimate, based on the value of the whale fishery, one may say that this represents not less than 350 whales, more probably about 500, since prior to 1902 the waste was very great. The first whaling station in which modern methods were adopted was established in 1897 and its success was so great that in 1903 four others had been erected and three more planned, although but three steamers were then employed. R. T. McGrath in the Report of the Newfoundland Department of Fisheries for 1903 gave it as his opinion that no more applications for factories should be granted for some years to come, saying, “Two factories are about to be erected, one at Trinity and one at Bonavista—during the coming year. This will make eight factories in all, viz., Balena, Aquaforte, Snook’s Arm, Chalem Bay, Cape Broyle, Bonavista and Trinity. In my opinion no further applications should be granted for some years. If licenses are given without restriction, it will result in complete depletion of this industry within a short time; whilst if judiciously dealt with, it will be a profitable source of revenue, and a great assistance to the laboring people of the colony for many years to come.” This advice, however, was not heeded, the only restriction placed on whaling being that stations should not be nearer one another than twenty miles and that but one steamer should be employed. These restrictions were practically of no avail, as one steamer was all that could then be employed to advantage and a run of twenty miles is nothing to a 12-knot vessel. So whaling stations rapidly multiplied until by 1905 eighteen were in operation, occupying all the more favorable locations about Newfoundland, Labrador and the Gulf of St. Lawrence, and fifteen steamers were employed. The effects of this over-multiplication were felt at once, and while in 1903 three steamers took 858 whales, or an average of 286 each, in 1905 fifteen steamers took but 892 whales, or an average of only 59 a vessel. In 1903 3 vessels took 858 whales „ 1904 10 „ „ 1,257 „ „ 1905 15 „ „ 892 „ „ 1906 14 „ „ 429 „ „ 1907 14 „ „ 481 „ ————— —————— 3,935 whales Taken between 1898–1902, estimated 350 „ ————— —————— 4,285 whales