The available statistical data are analyzed to appraise the success of Canada's Pacific salmon fleet rationalization program, in terms of the extent to which it has prevented fishing costs from rising in pace with the value of the catch. It is found that while the fleet's revenues increased at about the same rate before and after the scheme was introduced in 1969, the real capital employed increased more slowly under the controls than earlier. The program has, nevertheless, failed in its purpose of preventing further expansion of redundant capital in the fleet. The reasons for this failure, and for certain apparent shifts in the structure of the fleet, are discussed. Key words: Pacific salmon fishery, capitalization, economic rationalization, resource rent