1819The Gloucester Fishing Company began opertions.Economy and Industry, Maritime & Fishing Industry

Note from a Gloucester Fishing Company trip. Courtesy of Cape Ann Museum Library & Archives, D 24, FF 7
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After the War of 1812, the fishing industry was in decline due to the more profitable commercial shipping interests. The Gloucester Fishing Company was an early innovator that sought to promote efficiencies and maximize profits using corporate practices. Until then, fishing was mostly a family business for sole proprietors. To achieve economies of scale and vertical integration, the Company commissioned six schooners and bought a seventh ranging from 57- to 93 tons to work the Grand Banks salt-cod fishery. The boats were catching fares of salted cod weighing 35,000 to 57,000 pounds after trips that lasted up to three months. But within two years, the company folded when its commissioned vessels were sold to parties that only wanted to buy shares in a fishing vessel and not risk losing everything in the event a boat was severely damaged or lost.

The Fisheries of Gloucester from the First Catch by the English in 1623, to the Centennial Year, 1876. Gloucester, Procter Brothers, 1876. http://archive.org/details/fisheriesofglouc00glourich
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