Fishermen's Union Trading Company (Greenspond, N.L.)

The Fishermen's Union Trading Co. Ltd. (FUTC) was established in Newfoundland in 1911 by W. F. Coaker as the trading arm of the Fishermen's Protective Union (FPU), organized in 1908. A limited liability company, it was intended as a cooperative venture for its union member shareholders. One of its first projects was to establish a series of cash stores for its members. The Union cash stores were intended to make fishermen independent of the local merchants and the credit (truck) system) by providing families with low prices for consumer goods and payment for fish in cash.

Within two years the FUTC had 31 stores in outport communities. In 1913 the FUTC opened 13 new stores, including Greenspond. The Greenspond store was purchased from James Ryan of Bonavista who had a fishery supply and general store at the site (ca. 1895-1913). Although some of the smaller stores were closed in 1914, Greenspond remained open due to its large customer base. The company's fortunes improved following the war.

Coaker's popularity, and that of the Union generally, diminished in the 1920s and 1930s. Coaker resigned the presidency of the FPU in 1923 but continued to head the FUTC. The FUTC abandoned its cash-only policy and adopted a credit system, which it had so vehemently opposed in its earlier years. The FPU was finally dissolved in the late 1950s. The FUTC went into receivership in 1977, and the remaining stores, including the Greenspond operation, were sold. Having operated continuously for 64 years, the FUTC store was one of the longest running businesses in Greenspond's history.

Created - May 16, 2013

• Engels