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Rainbow Ranche Collection

Letter from James Goldie to J.E. McAllister and R.S. Dormer, April 27, 1933 Goldie, James Apr 27, 1933

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 0 0
April 27th.1933.
Dear 36rs :-
uditors  statement arrive-^  s^. I  ago,   but  it
was  only yesterday that   1  uncovered  the  enclosed letter,   it had  been
pi aired  in siie one o^  the copies.
I am also enclosing the Balance ;.lheet and will forward
our own i   I  statement  later. You will  "plnd  that   the figures
quoted  in sty letter of March  the 12th.  agree  with  the  Balance Sheet
but   r been change  slightly.
PI yy "--  of  Inventory fififi value of fruit on consignment has
heey  raised 14,317.70  instead  o^ my original   piees of  ( El,375.
an increase  of   A3,512.70   .
lry figures   include  the  Orchard supplies   | 112.80 ancJ   prepaid   Insurance
of   % 130.63  in  the  inventory. The  Balancelfdoes not.  -***-***~
The production pooling costs have not been checked, .but  the  totals
a^ree   with our   ^i^ures.
I ha !  ani  still   have no reason to change my guess  of Mar.
the 12th.   except   that   I i^ht  it   low,ani  it  would bo  poor business
to  carry  over  a   profit  into   the next  year.
the  Jonathan account sales  are  in,and   turns out   within a
few dollars  of ray guess  of March 12th. In arriving at   the
Inventory value used in  the Auditors  statement  the  average price $f
used  was  85  cents  r^r Packed box an'  35  cents  t or an unpacked box.
The Jonathan account  sales  is  §  750.  less  than  these  figures   would
work out  at.
Tha  question of  charging  the  different items   to  capital
to  which   I  revere*  to   In my last  letter wao   put up  to !-clachlan,and
at  the  tine he ooo no advantage in  loing so.    The change  MO not made,
but  now ofter  roodlng  the letter from  the Auditors  office  it  would
seen  that   it   would  have  been Rood  business   to moke   the  change  so as  to
increase  ttie Surplus account. I ftsi taking the question top with
to ask you to return you copy.
adltoro letter m&& his  remarks  on  the  Balance Sheet
again  bring fche question of  reorganisation,  and  is gaing  to  force
us   to   take  some  action sooner or later. thy ha  should  jump on
it  now  I  do  no4- y    The  Advances  to shareholders has  always  been
questioned hut   it has never bean put up in this  way. One  reason
for stO  elOttyo   wanting ft   OltjP Auditor was   to  guard  against   just   such
things oo   this.
You should have a copy of the pU9« Companies Act. You
will notice t;ot Section 145 oloarly states that no loans shell be
made  to  si ere ire.
Ine o""  the  Auditors  staff is   in   ft , an:   I   ■ ry  to
get some advice end  ewftbiatlon from him t 0
(   c    i
April   S?tfe.   103".
X   wtll   also hove   to  got   lOgol   advice  as   to  wither      I    ran la-gall y paOS
a special herniation without ho1 din": a  formal me  tin.;  with no re  than
two HMHsltOrs present.
Hnior   leottoa t§«  of the Act a public   ^crrpany can be converted
into a  PlPivote   *:ornpany v/ithout^rjuph trouble! A  :"rivate   ;:ornpany
woul * likely get  awej  *-ith  tha"^fquestion of the advances  to  "ha  reholders
hut   the  sot   , 41^1 not   he  changed. The  Private  no.
has nnry &< .       .g*s   7^:   the  PtjitiU i   ftp*  but shades could not he sold,
to  the  public. $tt| ,an*'aT,e  in   rmklng  this  change   would
be the elittin    I otiojo 141  on    oven  -A A     hie elir^fcn&ied  Hmmpo
oeems   to  bi hi about  the legality of nuking advances  to share-
holders *
The  { . Ls  a  cop '..-- ,-ooroi- OMiH  the
\uditor an I  tho  j. no one Tav office at ?enoouvei   in  I !   to  raorganizati.x.
To  il'A     Xiu IP   i mnso Tax Deceaiber  9,  1951.
y    :"'
We above  Dompany proposes  reorganisation
isOlde)    Section 19 of the  income Tav  Act  end   ffe hove  boon
r e quo s ted  i 0   11 -   hah a I *   I i obtain a   mil I n g SI   10   it .e the r
in that,  event  the Sherehc I  will  be  taxed  Individually
on f#thei   thair   equities  in  the  surjius  of  tho   :o:r.pany or upon
the amounts  drawn by themselves as edveneOs*
Signed.     Kelliwell,  ^'aclaohlan |   ?o.
To Helliwel- ,   haolrrchlan 1  Oo. I eccaber 11th. 1531.
5E5   "Jcyjrour 3t.
Vancouver, 3.0.
Hi pffffflfoasf ?enehe Ltd ^
fith  vef>?,rpnco  to  your letter o*"   the  9th inat.,
re Shafreholdft:       I   mces,  I       i     edvlee fcfcet 3«e« Ho. 19
o^   tha   &otf   OO  HMRdMtj   States   f
w  r:n fi-^ ^inUna; up,   the   distribution in
"any fom of the property pf  the   Company shall
*  <? earned   to   he  the payment iivl$0fid  t#
:fthe  extent   that   tho   ronpaay ha a   5» ran    ur»  is*
lftritouted incDoo eemod in tho 1^30 period and
"subsequent  periods*   t?
Afi ior^in^l y,  on the winding up of the above
Ml ~<any the ^urplu*,  as  fetf the  hoe  »,   *//ould
appear to  be exempt  up to and  including 1920.
ftth  re*5ard   to  the  ToorehoV'ero   Advanoee9   i
understand  that   the major* portion,   if not   the  wlvh j   >f
these,   were advances  prior to  1925and,as  such,   t.
Office  woul-  be prepared  to  recomrr-ond   to • the ■■lo-missioner
that  sane    be  considered  in the li^ht of Bn ordinary
Accounts Receivabletend not taxable on tho winding up.
Signed,       Inspector of  income  Tax. 0
(    »    }
April   -7tl:.  __$\i  11
To  « £ha ranche   .ir-.ite'. Jan.  4th,193£.
i nho
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We  en^loie herovit*    copy of a  letter
receive'  Prom the Inspector o    in Tax.
The onlv question whether
Ion1   declared   luring fch« sal period  end.e.i
fml&f%WMf E9tX931 nay b- p_fon the  surplus
ear no-*?  subsequent   to   the  1329  taxation period.
have   been verbaly iii^oroad that   this   etll   not   be
li   :. a.  • onder   fha  ruling now  in  norce,   so   that
a?s tie a  t^y-'Sf   >ou] 1  be c» lleetd  fro    tv>e
I;.   shareholders  on/,  the  basis  of a  dividend
of about      :i;.. KX)*Q   M       It  a us,  however,
!   the  reorganization of  the ■ :iy way safely be
fv to@j*  tn^a* i I}*• g   fore^oing,
Siflffted —~  ; |   aclachlan I   8a#
Jf a* ran^a "ants  can still   be made a the   » ines  Of  the
above corr; i   .   thin!   that    re  ot   ! 1 5  p? to  wind up the
present and  reorganise Wider o  private company charter.
Our pros feer has  very  wide  povraos b\\^ rl ;ht   be of value some
titto  in  tl ft* .'v'ith  the raor.^anination It   #oul *  be lost ,
hut  it   Is  her4   IO    : I      it   the  present  tine how we   ffOttld aver  he able
to make use  of  it. it   is  important  to   got rM  of  these
Advances  I i Sers and  S&rnXiia,  atr  reorganisation seens  t
the only say to  !o it.       .        me objection     ■ taking aotlooi at tl
1   is   the   expenoe.      \ new bal an:" lid have   t - «de an-  a  nee
oharter   ii d* I   ./ill   to LO  vir    fll tU&itor  the
peeeibilit}        ot   this tine convertin$ into a fti
i': [ 101  '      I 'irv%
i   he a      yjs o ' <tion"
11  5   ' acil   I    an   ipeak  of« It 7<ioh^   he   that   it   would
o quickly In order  to  protect   ouswfeives.
i   foul "   li we  authority  t%        you ta;<e action one  way or an-
Other. li -;ive  this   your consi ieration end  advise me as
soon as   ooi
In 1
>r on I   will   write  yon sore  in total 1   in  regap-   to  the
Balap^o   Ihoot   an1   : I       I   %r>erat ivns.
3 r 1   •. i f  we r i     '   s   fe i rl y  go0*1  o ro p.  The
bl'-; S  be on in about  ten days  aro1'until   then   Ml    ounot  he
I  o P  It. 0
(      4      )
Apr.   87th.   1933*
The  water conditions  are very  ^ood.       the   orchard   sub soil
is   in  better shape  than hr some  years.       The lakes  in  the hills
ate full   and  a   hi.  run off is  expected.
lO  have  bud It a   room  in   the  tractor house end   I  have moved
mf of flee up freai  the house  so  that now 1  am on the  job continuously, This move  should give us  better efficiency both as   to
the   |ang   in     Sjreelf. It  has   coat   about   *20Q.   for the  equipmentf
ine i u' i s - [      P:.! s p ro >f sa f o *
ting  i nrs kgMients have not  been node   c,ar the  year.
aa?   some  omt a a  well as   we have  been guessing  1   think
by,   but  it  will mean cutting pf expenses considerable,
.at   oou^lo  of  years  experience   wg  know more about  what
a   chance  in leaving undone.
mdln 0 a  cova7 of a   detail   Inventorv which covers
To lars  s i ne e re 1 y
James Soldfe
To    J.?.* We Al listen
Ft, .*>     Ponoor
If
we
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