The Fishermen's Union Trading Company (F.U.T.C.), a limited liability company, was founded in 1911 to be the commercial arm of the Fishermen's Protective Union (FPU).[1] Its mandate, as set out by William Coaker, founder of the FPU, was to be the agent for cooperative purchasing of supplies by fishermen along the coast of Newfoundland and to also serve as a cooperative marketing agent of their fish catches.
As part of the greater movement by Coaker to organize the fishermen along the coast by the formation of the FPU, it was necessary to establish a trading company to combat the credit or truck system existing at that time. Fishermen were encouraged to purchase shares which were then used to buy goods and sold back to the fishermen at cost.[1] In eight years with 4,421 shareholders and over 40 stores, the annual trade of fish and supplies was in excess of $3 million.
Expansionedit
In 1913 the company purchased the Crosbie premises at St. John's and the steamship Kintail. The steamship was renamed the Can’t Lose.[1] Upon the building of a new settlement called Port Union complete with wharves and housing facilities the headquarters were moved there in 1918.
By 1928, with a fleet of thirty schooners and three steamers it was recognized as one of the largest mercantile companies in Newfoundland and by 1937 it was identified as the largest.
Decline and closureedit
Although the company was the third largest exporter of salt cod from Newfoundland, it had limited capital to respond to changes in the industry. With the decline of the salt cod industry in Newfoundland in the 60s and early 70s the company suffered decline. In May 1977,it went into receivership on default of a $440,000 bank loan.[1]
Fishermen's Union Trading Company Limited (Greenspond) fonds, 1914-1922
Map of Fishermen's Union Trading Company (FUTC) Stores
April 14, 2024
fishermen, union, trading, fishermen, union, trading, company, limited, liability, company, founded, 1911, commercial, fishermen, protective, union, mandate, william, coaker, founder, agent, cooperative, purchasing, supplies, fishermen, along, coast, newfoundl. The Fishermen s Union Trading Company F U T C a limited liability company was founded in 1911 to be the commercial arm of the Fishermen s Protective Union FPU 1 Its mandate as set out by William Coaker founder of the FPU was to be the agent for cooperative purchasing of supplies by fishermen along the coast of Newfoundland and to also serve as a cooperative marketing agent of their fish catches Contents 1 Purpose 2 Expansion 3 Decline and closure 4 References 5 External linksPurpose editAs part of the greater movement by Coaker to organize the fishermen along the coast by the formation of the FPU it was necessary to establish a trading company to combat the credit or truck system existing at that time Fishermen were encouraged to purchase shares which were then used to buy goods and sold back to the fishermen at cost 1 In eight years with 4 421 shareholders and over 40 stores the annual trade of fish and supplies was in excess of 3 million Expansion editIn 1913 the company purchased the Crosbie premises at St John s and the steamship Kintail The steamship was renamed the Can t Lose 1 Upon the building of a new settlement called Port Union complete with wharves and housing facilities the headquarters were moved there in 1918 By 1928 with a fleet of thirty schooners and three steamers it was recognized as one of the largest mercantile companies in Newfoundland and by 1937 it was identified as the largest Decline and closure editAlthough the company was the third largest exporter of salt cod from Newfoundland it had limited capital to respond to changes in the industry With the decline of the salt cod industry in Newfoundland in the 60s and early 70s the company suffered decline In May 1977 it went into receivership on default of a 440 000 bank loan 1 References edit a b c d Encyclopedia of Newfoundland and Labrador Volume two page 187External links editFishermen s Union Trading Company Limited Greenspond fonds 1914 1922 Map of Fishermen s Union Trading Company FUTC Stores Retrieved from https en wikipedia org w index php title Fishermen 27s Union Trading Co amp oldid 1165984175, wikipedia, wiki, book, books, library,
