9691. In what circumstances is that done?-If a tenant becomes indebted to me and cannot pay me in cash, he offers me one of his cattle and to make sure of it I cut the initials of my name on its horns.
9692. Are you assuming that you are the landlord?-It does not matter whether I am the landlord or not. I may be a merchant, and it is the merchants who do it; the landlord does not require to do it, because the hypothec protects him.
9693. But the merchant takes his chance of the landlord's hypothec interfering with him?-Yes.
9694. If a merchant marks a beast in that way, is it generally exposed at the next periodical sale?-Sometimes it is, but sometimes it is taken away at a price fixed upon at the time. If not, it is sold, and the merchant gets his money.
9695. Do you think the debtor in that case has perfect freedom in fixing the price?-Both parties fix it.
9696. But do you think the debtor is under no constraint?-None. Arbitration would decide it.
9697. Arbitration might decide it, but is arbitration resorted to?- Sometimes. A person understood to be qualified puts a value upon the cattle, or the currency at which such animals are selling at that time is taken.
9698. It has been alleged that when merchants got people deeply in debt they mark their cattle, and they can take them at any price they choose: is that so?-I have never seen a case of that kind. Such a practice may have existed 20 or 30 years ago, but I am entirely ignorant of it. I may further state something which was not exactly implied in your questions, but which in the south is generally misunderstood. As a general rule, the fishermen get one-third of the selling price of the fish. Fish dry in 5-9ths-that is 21/4 cwt. of green fish make 1 cwt. dry, fit for the market,-and it is understood that the curer pays one-third; but when the price may be £20 and upwards, he pays more than one-third of the selling prices. When the price is £14 or £15 he can only afford to pay one-third, the expenses being the same per ton for curing at the high price as at the low price. Suppose he sells his fish at £20 per ton, he pays his fishermen £7; 21/4 times 7 are £15, 15s. The curing of that ton of fish costs him £2, 10s., that is £18, 5s., leaving him £1, 15s. to pay for his salt, to transport them to his store, and ship them on board a vessel, and to pay their freight to Leith. Hence it follows that the fish-curer has very little profit indeed.
9699. Upon what data is that conclusion of yours rounded?-Upon facts which I know with regard to the prices paid by curers.
9700. Do you know the price of the salt and the expenses of curing, through the curers themselves?-The fixed price for curing has always been 50s.