While today part of Canada's Atlantic provinces, Newfoundland was an independent dominion from 1907 to 1949, though from 1932 it fell under the rule of a joint Newfoundland-British commission after defaulting on its debts, which lasted until unification with Canada in 1949 after a 1948 referendum narrowly chose confederation with Canada in favor of independent responsible government. Had this referendum gone the other way, how would Newfoundland have functioned as an independent country until the present day? Presumably it would have joined NATO and would remain part of the British Commonwealth system, but where I'm less certain and more curious to learn about is how this would affect the various Atlantic fishery disputes which OTL existed between Canada and various European countries as the Atlantic cod population declined; presumably Newfoundland, with its economy almost entirely reliant on the fisheries, would have taken an assertive position much like Iceland did against Britain in the Cod Wars.