the reef fish stocks and, hence, a decline in catch. Preliminary data

on reef fish landings for 1976 through 1979 show a significant decline

in catch well below the MSY estimate obtained from equation (82). Catch

of red snapper and grouper was reported to be 8.8 million pounds in

1977. Since that time, landings have increased slightly to approxi-

mately 10.3 million pounds in 1979. These data lend considerable

support to the implication of overfishing in the commercial reef fishery

as well as the maximum sustainable yield estimate of 13.7 million pounds

obtained from equation (82).

 The optimum yield for the reef fishery as set by the GMFMC was

defined to be equal to the estimated MYS of approximately 38.6 million

pounds (GMFMC, 1979). Optimum yield is defined to be that yield of fish

which provides the greatest overall social and economic benefits while

ensuring conservation of the resource stock. The council in setting

optimum yield (OY) at MSY did not suggest separate optimum yields for

the recreational and commercial fishery. The inference is that the

optimum yields from each of these two segments are consistent with the

above catch levels of approximately 16.0 million pounds for the commer-

cial reef fishery and about 23.0 million pounds for the recreational

fishery.

 If MEY is considered optimum, the optimum yield for the commercial

fishery obtained from this study would be estimated at approximately

11.5 million pounds. This level of production is significantly lower

than the 16.0 million pounds suggested by the GMFMC. Even if optimum

yield was set equal to the MSY estimate of 13.7 million pounds obtained

from equation (82), the desired catch levels would remain considerably

lower than those anticipated by management authorities.