Journal of the Society of Arts

Fane, C. (1893). Newfoundland. Journal of the Society of Arts, XLI(2,107), 477 – 488. Retrieved from

When you click the above link, it may ask you to log in to UVic. Once you’ve done so you should be able to access the paper for free. If you have difficulty accessing the paper, a lower-quality, open access version is available at

The paper is 12 pages long, but you ONLY need to read from ‘The fishery is of four kinds’ on page 479 (the first line of a paragraph in the right-hand column) to ‘by the people of England’, on page 484 (the last line of the first paragraph). This makes the total reading less than five pages long.

  1. (3marks) what is the 3 main points of the article.
  2. (3marks)What is the main economic story?
  3. [Research] In the late 1880s, the French and British were competing with each other for the sale of cod in European markets. Newfoundland (controlled by the British) passed a Bait Act in 1887/1888 that prohibited the selling of bait to the French. The objective of the Bait Act was to reduce the threat of French competition with British Newfoundlanders in the market for cod. There were a number of problems with this Act, and it was finally suspended in 1893. In 1890, it was suggested that a tax on bait, or the charging of money for bait licenses, would be a better way of reducing competition than prohibiting the sale of bait to the French entirely. As an anonymous author of a newspaper article put it: “It is almost certain that the increased cost, brought about by our taxes, and by our higher charges for bait, will reduce French profits far more than the feeble and ineffectual attempts at absolute prohibition ever did .”

For this question, you are to answer whether in your judgment as an economist the above statement is True or False, and why you believe that. As part of your explanation, you must provide at least one piece of evidence taken from the articles on the Bait Act in the ECON 321 Course Pack (Chapter 1, Section III, from pages 28 to 39). This evidence may take the form of fact(s) or a relevant quote, and it must be cited in proper APA format.

a. (2 marks) Is the statement in the quotation True, Partly True, or False?

b. (5 marks) Explain the reasoning behind your answer to part a. This should be concise, but show you understand the facts and economics of the situation.

c. (3 marks) Provide at least one piece of evidence from the material on the Bait Act in the ECON 321 Course Pack to support your answer to part b. This evidence may take the form of facts or brief quotes.

d. (2 marks) C

Sample Solution