TheFishermen's Union Trading Company(F.U.T.C.), a limited liability company, was founded in 1911 to be the commercial arm of theFishermen's Protective Union(FPU).[1]Its mandate, as set out byWilliam Coaker,founder of the FPU, was to be the agent for cooperative purchasing of supplies byfishermenalong the coast ofNewfoundlandand to also serve as a cooperative marketing agent of their fish catches.
Purpose
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 ortruck systemexisting 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 atSt. John'sand the steamshipKintail.The steamship was renamed theCan’t Lose.[1]Upon the building of a new settlement calledPort Unioncomplete with wharves and housing facilities the headquarters were moved there in 1918.
By 1928, with afleetof thirtyschoonersand threesteamersit 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 ofsalt codfromNewfoundland,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- ^abcdEncyclopedia of Newfoundland and Labrador,Volume two, page 187