A demersal fish survey in the vicinity of South Georgia, CCAMLR Subarea 48.3, is described. Details are given of positions of hauls, catch rates and size composition of catches. The standing stock of one of the most important commercial species in the area, Champsocephalus gunnari, is shown to have undergone a major decline by comparison with results from the 1989/90 season. Other species do not show a similar dramatic reduction. No commercial fishing on Champsocephalus gunnari has been reported from the area. It is suggested that this decline may be due to either a massed migration or high mortality.