9965. And in that case the merchant gets his upon the goods, but the fisherman gets no interest on [Page 241] the money which he lies out of until settlement?-Of course not.
9966. Therefore the merchant has the benefit both of the interest on the fishermen's capital in his hand, and, in addition to that, the profit upon the goods furnished to the fishermen?-Yes.
9967. And besides that, he is safe not to lose upon the transactions of the year, not having the price fixed until his sales are realized?-Yes. The only chance by which a merchant sometimes loses is, that he advances a man further than the man's earnings can meet.
9968. But he can do that or not, as he pleases?-Of course; but there are sometimes cases where the fisherman requires a certain amount of supplies. He cannot do without them, and if the fishing is short then he is not able to meet them.
9969. Does it not strike you as being rather a one-sided transaction, the fisherman gets no interest on his capital, which is in the merchant's hands in the shape of the price of his fish?-It is not very long there.
9970. It is there for four or five months, and in the meantime the merchant is making a profit on the goods?-If the merchant could turn over the fish when he gets them he might be able to pay the men at once, but there is generally a long time between the time when the fisherman delivers his fish and when they are brought to market and the money paid. The fish take a long time to cure, and the summer is often done before much of the fish can be sent to market. Then the merchant generally sells at two or three months' credit to the buyer, and it is that time before he can realize his money.
9971. Do you know whether the merchants in Unst are in the habit of dealing much in stock?-I don't know; there is generally a sale once a year for the cattle, and any one who wishes to go to the sale is at liberty to go. If any one wishes to dispose of his stock privately to any one else, he is quite at liberty to do so.
9972. Who are the largest purchasers at the sales?-I cannot say, for I have not been always there.
9973. Who conducts them?-An auctioneer from Lerwick, Mr. Henry.
9974. Do you think a ready-money system would be any improvement as regards the fishermen?-I think it would. In fact a ready-money system in anything would be an improvement over barter: at least it ought to be, but whether it would or not I cannot say.