As already mentioned, we are engaged in the deep-sea cod fishing, and, like others, send vessels to fish at Faroe, Rockall, and Iceland. The crews are engaged on shares, and the fish are salted on board, and afterwards landed at the curing stations in a wet state. When ready for market, they are sold at the best price that can be obtained, and, after deducting expenses and other charges according to agreement, the proceeds are divided equally- one-half to the owners, and the other to the crew. Fishings of all kinds succeed best when the men are paid by shares. When they are secured on monthly wages, there is no inducement for exertion. The fishing season being short, the utmost activity is necessary; and when the weather is favourable, the men are often obliged to work day and night.

Shetland fishermen are not altogether dependent for their livelihood on the produce of the fishings. In most cases they have farms that can keep their families six to eight months, and with good crops many of them have no occasion to buy meal the year round. They cannot afford to use fresh beef, but, as a rule, most families can kill a pig; and on the whole, in ordinary seasons, I believe they have a much greater abundance of the necessaries of life than a great many people of their class in the kingdom. They are, without doubt, more independent and less under control than mechanics and others (who are obliged to work under a master a stated number of hours every day), and consequently are more happy and contented. We have no international societies in Shetland. Some of the dwelling-houses are not what they should be, but a great improvement has taken place in this respect since the timber-duty was repealed; and, for my own part, I would ten times rather live a year in a Shetland cottage, surrounded by pure air, than week in one of the slums of London or Glasgow.

Preparations for the ling fishing commence early in spring. The men form themselves into crews, and appoint the most experienced man as skipper. If they have no boat of their own, one must be hired, or a new one built; but the lines in most cases belong to themselves, and they always find curers ready to supply them with what they want, on condition that they receive their fish.

No curer would be safe to make these advances, without the men engaging to deliver their fish-a new boat alone costing about £20 without lines, The price of the summer fish is seldom fixed until the end of the season, when the fish are sold for the south-country markets.

Fishermen are quite safe with this arrangement. They know the competition between curers all over the islands is so keen, that they are secure to get the highest possible price that the markets can afford. Any curer that can offer a little advantage to the fishermen over the others is certain to get more boats the following year; and this is carried so far, that men with limited capital, in their endeavours to obtain a large share of the trade by giving credit and gratuities, in one way and another leave nothing to themselves, and in the end come to grief. I have known crews to be engaged at fixed prices before the commencement of the fishing but as markets improved towards the end of the season, we were obliged to throw the agreement aside and pay the same as others, in order not to lose the men's services the following year. When the fishing season is over and the fish prepared for market, south-country dealers contract for it at prices free on board; and with them again there is competition, so that curers seldom fail to get the full value of the article.

People in the south, who have to pay perhaps 4s. to 7s. 6d. for a fresh cod or ling, are surprised to hear that the poor Shetland fishermen only get 6d. to 9d.; and we have had a great deal of clever writing on this subject lately, without much common sense. The shipping price of ling in the past season has been £23,-rather higher than usual,-and fishermen have been paid 8s. per cwt. wet, or about 9d. per fish. Although it has been rather a good year for curers, the following statement will show that fortunes are not rapidly accumulated in the trade:-

21/4 cwt. wet fish, cured ready for market, weigh only 1 cwt.-21/4 cwt. @ 8s. £0 18 0 Add cost of salt, hire of vats, tubs, tarpaulins, and other curing materials; also wages to men and boys splitting, washing, and drying; and expense of flitting from beaches-weighing and storing usually reckoned. . . 0 3 0 £1 1 0

21s. per cwt., or £21 per ton, leaving 40s. to the curer, out of which he has to pay store rent, weighing, shipping, skippers' fees, gratuities to fishermen, and to meet loss by small and damaged fish, and of interest-the sales being made at three months in October, and the men settled with in November; and further, when the risk of sales is also taken into account, the sum left to remunerate the curer for his season's work is not very large.

One great drawback on a Shetland business is fishermen's bad debts, and our chief study is to limit the supplies when we know the men to be improvident; but it is quite impossible to keep men clear when the fishing proves unsuccessful. There is no difficulty, however, when dealing with careful men.

At various stations round the islands near the fishing grounds, where there are natural beaches, the men have small huts to live in during the fishing season, and the crews assemble there about the middle of May to commence operations. The merchants or fish-curers have the necessary curing materials on the spot, and factors, splitters, and beach boys attending to receive and cure the fish; and, while the fishing is carried on, the men go to their respective homes every Saturday, taking with them small and unmerchantable fish for the use of their families-returning to the stations, with provisions for the week, every Monday. They generally make two or three trips during the week, according to the state of the weather, and weigh and deliver over the catch when they land. Their families get supplies from the factor's shop as required; but the men have opportunities weekly of seeing their accounts and can limit these supplies if they choose.