
The fish were concealed in the bottom of the fish tank, beneath a flap operated by a spring pulley. When the shot was fired, a string was pulled releasing the catch.
The noise of the shot drowned out the sound of the movement of the flap. The fish were kept alive in the "empty" tank by a sufficient quantity of water under the roller blind-like arrangement.
This effect is very impressive for an audience, especially since the appearance takes place without covering the tank with a cloth.
Another grand illusion has been explained, courtesy of the Great Mysto!