This paper shows that common property problems associated with open access salmon ranching in the absence of a commercial fishery result in inefficiency characterized by overstocking. The presence of an open access fishery presents additional common property problems which will inhibit the development of fish ranching. At prices where salmon ranching does occur, the open access commercial fishery will tend to overexploit the natural fish stock to a greater extent than if there were no salmon ranching. It is shown that there exists a range of prices where both fish stocks can coexist with open access. However, there is a limit price above which the natural stock will be driven to extinction through overfishing stimulated by stock from salmon ranchers. The range of prices under which both species can coexist can be increased through either restrictions of fishery effort or reducing the catchability of aquacultured stock. Cooperative management of both aquaculture and commercial fishing results in profits from both activities and will not cause extinction of the natural fish stock.