Rationalization of Canada's Pacific halibut fishery

The halibut fishery, historically, has been an important sector of Canada's Pacific coast fishing industry. The migratory halibut stocks have been shared with the United States under a joint management regime, in effect since 1923. In the past a large share of the Canadian catch was taken from waters off the American coast. After imposition of the 200-mile limit Canadian vessels were barred from the American zone. At the same time, changes in natural conditions led to a reduction in the halibut stock size. As a result the Canadian halibut fleet must content itself with a greatly reduced catch. However, conditions for rational management of the fishery have improved as a result of a new joint management agreement with the United States, guaranteeing Canada a fixed formula share of the aggregate catch of the two countries. The paper discusses the options available to Canada to restructure its halibut fishery on a reduced scale, but with better rates of return.