credit n Cp OED ~ sb 14: ~ system (1880).
   Comb credit system: arrangement by which a fisherman is supplied by a merchant with provisions, gear, etc, against the season's catch: TRUCK¹ (SYSTEM).
   1846 TOCQUE 137 The merchants seeing the great improbability of receiving any immediate returns for their goods [because of the 1817 disasters], circumscribed the accustomed credit system, 1863 PEDLEY 204-5 It is difficult to trace to its origin what is well known in the colony by the name of the credit system ... In fitting out his servants in the fishing ships ... what was so furnished to them was charged by the merchant on credit, to be repaid in fish when the voyage was over. 1906 LUMSDEN 71-2 They are not, however, as provident and independent as one might wish, and if we are correct in this estimate we are sure that the greatest cause is the 'credit system,' by which a large portion of the population have been all their lives in debt, with no better prospect for the future. 1933 Nfld Royal Commission Report 102 Emerging from the old feudal practice under which the merchant, who was at once a store-keeper and an exporter of fish, employed a number of fishermen to catch fish for him and provided them in return with sufficient necessaries to maintain themselves and their families throughout the year, the fishery in all its branches ... has been conducted during the last century on what is known as the credit system. [1959] 1966 FARIS 20 Several factors led to the inception and development of this 'credit system.' In the first place, the uncertainty of the fishery—the hope of a good season encouraged the fishermen to borrow. In the second place, there were numerous small settlements with only one merchant, which eliminated the need for cash as the fishermen could only trade at the local store.
   credit time: period of preparation for the summer fishery.
   1977 RUSSELL 32 'Twas then Liz reminded him of his two swileskins. True, one of 'em had some shotholes in it, but the other was perfect and between 'em they ought to fetch enough molasses to tide 'em over till credit time.

Go Back