Before going on to find that fishing licences of the taxpayer were capital property, so that an amount received by the taxpayer from the federal government for their cancellation by the federal government gave rise to a capital gain, Webb J. stated (at para. 26):
"Since any person who has a licence under the Fishery (General) Regulations has a right 'to apply for and resist an arbitrary denial of, renewal or re-issuance of his licence', this right would ... be property for purposes of the Act."