k. Crisis in the fishery

In 1901-1902, Saint-Pierre’s population expanded to about 6500 inhabitants and its fishery employed over 4000 seasonal workers, but a number of events were about to shake the foundation of Saint-Pierre’s economy. Starting in 1892, France imposed custom tariffs that made purchasing any materials from Canada, Newfoundland or the USA cost prohibitive. The local fishing industry had to import everything from France at grossly inflated prices; this situation lasted until 1912, long enough to be a factor in a serious economic downturn. By the early 1900s, the worst fishing campaigns in decades, combined with tragic losses at sea and the modernisation, mechanisation and growing independence of the French fishing fleet all contributed to the rapid reduction of the local fleet and the departure of over 2000 inhabitants to France and Canada. By 1904, another symbolic blow came into being, as France abandoned the French Shore in exchange for territorial gains in its African colonies. This was the price of the Entente Cordiale.