OCTOBER 12, 1954
THE FISHERMAN
Page 3
WANTED!
Heavy Sockeye Pack Needed More Two Track Minds According to U.S. Periodical
• The following interesting article was prepared for publication by the education committee of the Gulf and Fraser Fishermen's Credit Union.
SAM'S father had warned him, as any good parent should, of the temptations which lurk around the waterfront of a big seaport; but warnings are only against bad things — and this was not bad. In fact, Sam had never seen anything in his young life that looked so good. "She's beautiful," he thought, "a dream." The old story of love at first sight.
When he first saw her she was lying in some shallow water down near Stanley Park. "What a picture! What curves!" A little unconventional maybe, but just as Sam had seen her in his dreams a thousand times. Boy! how he'd like to take her out fishing and call her his own. But — remembering his father's warning — he must rind out more about her before getting in too deep.
How to do that — Sam seemed to remember that in stories and movies the phone number was the first move. "I must get it." Quivering with excitement he strode towards her. Yes, there was the phcne numbr on the "For Sale" sign tacked to her mast.
The rest was easy. She turned out to be everything Sam had hoped for. He'd change her name, of course. Financing was no problem. He had some cash, and the Gulf and Fraser Fishermen's Credit Union was fixing him up for the balance. "Good old standby, the Credit Union," thought Sam, as he sat in the Credit Union office. "Always there when you need it." Sam had never needed a loan or owned a boat before, but his dad and uncle had financed their fishing boats the Credit Union way. Like them, Sam wanted to remain a free fisherman — no article in the contract telling him where to sell his fish for the next five years. "Pretty nice office, too," he thought, looking around. 'Must do lots of business — not as much perhaps as the banks on the other corners of Main and Hastings. Sam's eyes wandered through the window, across the street to the beer parlor. "They must do lots of business, too," he figured, "judging by the stream of cash customers."
Sam wouldn't know, of course,
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I Special article next week on I
1 International Credit Union Day !
| Thursday, October 21
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but it was over that beer parlor in a dark, dingy, little rooom that GAFF was born. Some of its founders hadn't been too optimistic at the time, but they were ready to give it a try. True, the University Field Workers who were present assured them that it would work, but how could they know much about it? Even they admitted this was their first guinea pig.
It grew all right, but slowly. Those were depression days, and members couldn't afford seven cent street car fares. So to save shoe leather the office was set up in a decrepit-looking shack built of beach-combed lumber on the bank of the Fraser's North Arm. Ten cents a month must be deposited — that was the rule, and it was a tough one at that time. Some members found it- hard to avoid delinquency.
Then a couple of years later qame the great day. The treasurer was able to announce that assets had grown to a thousand dollars.
Another problem arose: To pay a dividend, a credit union has to loan its money at interest. No one was borrowing to make the dividends possible. Something had to be done. Finally, one of the directors astonished the credit committee by announcing that he wanted a loan. After a lot of discussion he told the meeting, "Hell, I don't need to borrow, but some one's got to start the ball rolling, and I want to do it."
"O.K." said the chairman, getting ready to take the responsibility he'd been sweating about for months. "Make out you application and we'll SANCTIFY it." (Fred was stronger on work than words, which is better than being the other way round). So Gulf and Fraser's first loan was NOT sanctioned, but sanctified.
The ball got rolling O.K. — a snowball. As fast as the money came in, it was put out to work. Money was loaned for boats and every conceivable purpose, in amounts from five dollars to 20 thousand. Only one of the latter,
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<* Q 0 PAcific 3855 56 E. Hastings Res. FR. 7689 Vancouver, B.C.
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but many loans were large enough to make one more fisherman independent.
Back in those dime-saving depression days, the problem was to get people to borrow. Nowadays the situation ha$ reversed: in this prosperity fishermen apparently have little money to save. Everyone wants to borrow.
Although Gulf and Fraser has grown to be an eight-hundred-thousand-dollar giant, many of its members, particularly those who never knew the early struggles, are thinking of their Credit Union in terms of loans rather than savings. Both are necessary. We must develop a two-track mind in every member if fishermen are to catch up with and balance their needs.
Sam and other borrowers must continue depositing after their loans are repaid, so that others can use the "good old standby."
How much are savings needed? Well! Thirteen years and six months after those pioneers paid in their hard depression-earned 50-cent initiation fees, Sam picked up the two thousand five hundred dollars to buy his dream boat, and Gulf and Fraser Fishermen's Credit Union had loaned its TWO MILLIONTH dollar!
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With Puget Sound sockeyes still I going into cans at presstime, and a1 pack in excess of 400,000 cases of American fish already in warehouse, the marketing of these beautiful red fish, mostly machine-packed in halves, was a matter of prime interest as this was written.
The pack was big, and it was needed.
Brokers and sales managers pointed to the fact that even the big production of Puget sockeyes did not compensate for the fall-down in Alaska sockeye, and that the supply of this species available for marketing in the United States this year actually will be smaller than last. Instead of being considered a
• Material in the two articles on this half of the page were contained in the October issue of the U.S. trade magazine Pacific Fisherman.
market problem, the pack of Puget Sound sockeyes should be counted a blessing for the seller, because that was all that saved the situa tion from developing into a red salmon famine.
Pricing of sockeyes machine-packed in halves at presstime was a firm $16.50, with the few hand-packed goods available held a dollar higher.
Despite the pressure of the run, the great majority of the sockeyes are believed to have gone into
How Japanese Canners Sold '54 Salmon Catch
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With a pack of about 260,000 cases to dispose of — full cases of 96 halves — the Japanese salmon canners followed a varied marketing pattern during the late summer period.
Nichiro, with two floating canneries, had about 155,000 cases a I the time our Tokyo correspondent reported at just about the end of the operating season. The pack was composed of about equal quantities of sockeye, pinks and chums.
Our correspondent reports: "Making the year's first deal, Nichiro contracted to ship England 5,700 cases of 96 halves at $29, and 6,000 cases of pinks at $20. The pink price was $2 cheaper than the prevailing figure last May. The deal is said to be a direct transaction between Hiratsuka, Nichiro's chief, then in London, and British importers. It was made when there was little information as regards Ihe would-turn-brisk market in Japanese dealers' circles. Thereafter, through trading firms, Nieh-iro has been selling sockeye at $30 and pinks at $21-$21.50.
"To the end of July, Taiyo had packed 50,000 cases, 34,000 sockeye, 10,000 pinks, 3,400 chums, etc. All except chums were for export. Sockeye sold at $29 for the first 10,000 cases. Then a lot of 20,000 cases was sold at $30 and 5,000 cases of the best price of $31.50. Meanwhile, pinks were sold at $20, while cohoe and springs were sold at $25-$27. This packer handles
more than half of its export sales through its own foreign trade department, the rest being through Daiichi Bussan K.K.
"Nippon Suisan had packed 36,-000 cases, mostly sockeye, and had satisfactorily disposed of 25,000 cases of sockeye at $30, and was still holding 15,000 cases at time of writing for $30.50. It was selling pinks at $19.50.
"Nippon Reizo K.K. is packing a great deal of salmon, although this company is not engaged in catching. (Rcizo means refrigeration). Packing depends upon the material shipped frozen from the high seas to the plant. At time of writing about 20,000 cases, half each sockeye and pink, had been packed.
"All quotations are F.O.B., Japan."
halves. Talis were packed at the peak of the run, and the pricing of these is a matter of interest.
With AlasVi. sockeye moving fairly at the $28 price, sellers of Puget Sound sockeyes felt that their goods should command $28 on the basis of comparable quality — and there's a lot of merit to the contention. These Puget Sound sockeyes were fine, big fish, which makes for a nice pack; and the color and oil was'fine.
One of the most interesting and significant developments which has occurred in salmon marketing in a long time was the contracting of the majority of the Alaska sockeye freezer packs by two distributors of nationally-known brands — one of them a newcomer to salmon selling. The primary market generally accepted this development with approval as providing assured outlet for a very large part of the freezer pack withoiit forcing it into the market.
Sales agents and managers generally have distributed their available pinks" on an allocation basis at $20. Some packers are electing to hold a part of their pack for later sale in the hope of getting $21.
Chum sales have been active at $15. and some operators at press-time reported that, despite the large pack of this variety, their inventories stood at a lower level than on even date in 1953. The five-buck spread between pinks and prime chums, with the pack of the former item at lower-low, looked mighty good to a broad base of buyers.
Coho halves appear definitely short. The growing insistence of the demand for medium socqeye in 4-lb. tins has kept the quantity of halves small. They're scarce.
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