 His party was badly defeated in 1909 and Bond proved an ineffective opposition leader.Bond formed a coalition with the new Fishermen's Protective Union ( FPU ), led by William Coaker (1871–1938).Founded in 1908, the FPU worked to increase the incomes of fishermen by breaking the merchants' monopoly on the purchase and export of fish and the retailing of supplies, and tried to revitalize the fishery through state intervention.