Commercial Fishing Vessels And Gear Classic Reprint

Author : United States Bureau Of Fisheries
Publisher : Forgotten Books
ISBN 13 : 9780656213665
Total Pages : 26 pages
Book Rating : 4.2/5 (136 download)

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Download or read book Fisheries Loan Fund written by United States Bureau Of Fisheries and published by Forgotten Books. This book was released on 2018-05-23 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Fisheries Loan Fund: Fiscal Year 1957 For many years commercial fishermen of the United States have been generally under-capitalized and have traditionally depended upon financing from private sources. When fishing was profitable, or at least no more unprofitable than other industries competing for funds, credit was usually available to vessel owners, from banks, fish processing firms or supply houses. This satisfactorily sustained the fishery until such factors as increased operating costs, decreased prices, and increased imports of fishery products caused unprofitable operations. When this occurred, processors and suppliers found it increasingly difficult to finance their own Operation, and banks would no longer make loans on fishing vessels except in exceptional cases. Maintenance of fishing vessels and gear suffered, vessel owners were unable to meet mortgage payments, and supplies were more difficult to obtain on credit. Since 1950, many segments of the fishery industry have become so depressed that mortgages on vessels were foreclosed. This was especially true of the New England groundfish and Pacific coast tuna fisheries. Even the Small Business Administration refused to make loans to vessel owners, because of lack of reasonable assurance of ability to repay the loan from earnings. The industry became convinced that relief from financial problems claimed to be caused by increased fishery product imports could not be obtained through tariff escape clause actions after the New England groundfish industry had failed to obtain a quota in three separate actions. In most foreign countries such as Canada, Japan, Norway, and Denmark, where fish production is important, Government credit had been provided for the fishing industry. The method of handling this credit varies, with several being used in the same country at times. In Sweden, for example, loans are made by the Fishery Agency. In other countries, such as Canada and France, Fishery Banks have been established with Government funds, and special Fishermen's Loan Boards, and Credit Societies or Cooperatives have been established to provide credit for fishermen. The money may come-from both revolving funds and direct appropria tions. Loans are sometimes combined with grants or subsidies for certain pur poses. As an example, in Belgium, grants are made to pay part of the interest on loans. In other countries, such as Canada and West Germany, part of the construc tion or operating cost of a fishing vessel is paid by the Government. Loans from fishery banks or private lending sources are guaranteed by the Government in Belgium and other countries. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.