H.—ls.

Fisheries. The report of the Chief Inspector of Fisheries, which is appended hereto, deals exhaustively with the operations of this Division during the year. The sale of rock-oysters last season resulted in a net profit of £839 6s. lOd. after taking all charges into consideration. This was £553 less than the net profit obtained during the previous season when sales were a good deal higher. Oysters, being more or less of a luxury line, are affected to a large extent by the restricted purchasing-power of the public at the present time. The following statement showing the number of sacks picked from the beds since 1911 and the gross proceeds from sales each year, is of interest:—

Whaling. As anticipated in the annual report for last year, the surplus stocks of whale-oil produced from previous intensive exploitation of the whaling-grounds were such that no whaling operations were last season carried out in the Dependency. It is, however, apparent that operations will be resumed during the coming season, as one of the largest whale-factories is coming south and it is probable that there will be others. The International Whaling Convention was signed at Geneva on the 24th September, 1931, on behalf of twenty-six countries, New Zealand being one of the signatories. The convention provides that it shall come into operation on the ninetieth day following the receipt by the Secretary-General of the League of Nations of ratifications or accessions on behalf of not less than eight members or non-member States, including the Kingdom of Norway and the United Kingdom of Great Britain and Northern Ireland. A number of instruments of ratification or accession have been deposited, but I have not so far received advice that there have been sufficient deposited to enable the convention to come into operation on the appointed day. In the meantime, however, the pleasing advice has been received that an agreement has been reached by practically all the companies operating in the Antarctic to restrict whaling operations there during the forthcoming season. The restriction is to be effected by fixing in respect of each company a quota corresponding to the mean between its production in 1930-31 and the loading-capacity of its floating factory or the productive capacity of its land station less 38 per cent. Whaling is" not to commence before the 20th October. In order to encourage the fullest possible utilization of carcasses, quotas have been calculated on the basis of both barrels and whales, each blue whale being estimated to yield 110 barrels of oil. The catch of the companies which have entered into this agreement is to be restricted to 1,931,734 barrels ; and it is estimated that, including the catch of one company which, from latest advices, had not so entered, the total yield of oil will not exceed 2,000,000 barrels, or about 50 per cent, of present capacity. Any oil caught by a company in excess of its quota will be sold for the benefit of all the parties to the agreement, which also provides that until the Ist May, ]933, no company shall sell or rent out, for the purpose of whaling, land stations, floating factories, or catchers to non-signatories, unless the latter accept the restrictions imposed. It can be readily seen that these restrictions will be all to the good in that, while assisting the industry, they will go a long way towards conserving the species ; and when the convention is brought into force it should go a long way towards remedying the damage which has been inflicted in the past. As a result of the economic depression and the fall in the market price of oil, the two whaling firms operating in New Zealand have not been able to quit all of their last season's production, and their operations this season are being very much restricted. B. W. Millier, Acting-Secretary.

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| N Zot 0f | «-Sales. J Yea, [*££«* | GE0SsSales . £ s. d. £ g. d 1911 •• •• 4,782 3,013 6 8 1922.. .. 7,323 7,702 10 6 1912 •• •• ! 7,728 5,212 0 0 1923.. .. 6,800 7,355 17 6 1913 .. [ 9,069 6,157 14 0 1924.. .. 6,84] 8,395 9 3 1914 8,361 5,770 3 0 1925 .. .. 8,297 10,205 5 0 1915 •• 9,634 6,714 18 6 1926 .. .. 6,771 8 344 10 0 1916 ■• 8,172 5,692 11 6 1927.. .. 6,021 I 7,314 11 0 1917 •• • • 10,357 6,890 3 0 1928 .. .. 5,547 6 931 4 6 1918 .. .. 10,422 7,516 13 6 1929 .. .. 6 219 7 698 0 9 1919 .. I 7,256 5,363 8 3 1930 .. .. 5,216 6,'431 13 8 1920 .. .. 6,979 6,296 8 6 1931 .. .. 4,360 5 430 8 5 1921 .. .. 7,219 7,763 7 4