. Commercial fisheries review. Fisheries; Fish trade. rhree mainstays of fishing industry: skilled hands and nylon net. Average age of fish- ermen continues to rise as too few youths choose the sea. Nylon makes possible large nets and large catches. (Photo: Rex Gary Schmidt) However, the percentage of capital the ap- plicant must put up that is his own money does not influence the bank's decision. The length of mortgage varies from 3 to 5 years on a secondhand boat to 7 years on a new one to 10 years on a subsidy vessel. Keith Offers Advice For would-be fishing boat owners, Keith of- fers othe
. Commercial fisheries review. Fisheries; Fish trade. rhree mainstays of fishing industry: skilled hands and nylon net. Average age of fish- ermen continues to rise as too few youths choose the sea. Nylon makes possible large nets and large catches. (Photo: Rex Gary Schmidt) However, the percentage of capital the ap- plicant must put up that is his own money does not influence the bank's decision. The length of mortgage varies from 3 to 5 years on a secondhand boat to 7 years on a new one to 10 years on a subsidy vessel. Keith Offers Advice For would-be fishing boat owners, Keith of- fers other useful tips. "Go to a good, repu- table bank for your loan and be sure you go with a concrete, worked-out plan to show them. Very few banks do as much boat mortgaging as we do; they're not familiar with the fish- ing industry and they won't even listen to you if you don't have a firm program to show ; He also advises anyone planning to acquire a boat, to incorporate before he does so. If you own it as an individual," he explains, and something goes wrong, you can lose your car and everything else you ; It is also advisable to apply for a mortgage before starting to build. Government mort- gage insurance should be applied for while boat is still in planning stage. It costs 1% of mortgage and diminishes proportionately as mortgage is paid. Ordinarily, the bank does not loan money to fishermen for working capital. But Keith says this isn't a severe handicap because cre- dit for equipment and supplies usually is read- ily available. Keith's most valuable advice to young men going into commercial fishing is: "Be adap- table. Don't make up your mind you're going to do just one kind of fishing and have your boat built for that. I know of one new boat that can lobster, crab, seine, bottom trawl and midwater trawl, and she is easy to con- vert from one kind of fishing to another. That means she is one hundred per cent ; This same boat, Kei
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