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Rainbow Ranche Collection

Letter from [James Goldie] to J.E. McAllister, February 24. 1928 Goldie, James Feb 24, 1928

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 Okanagan Centre,  B.C. Feb. 24th.28«
J.S.McAllister Isq#
36 Toronto Street,
Toronto, Ont.
Dear Sir:-
I wired you to the affect that my  Statement of Surplus Cash
Estatenant was in error and would be reduced by several thousand.
It was simply a —■ fool error on  my part. I hope that it
.has not put' you or Dormer in wrong with your financial arrangements.
I personally will miss the realisation of the dream*
The error was simply that the advances made by tho Union
were deducted from' their Credit Balance and was not deducted from
the estimated Receipts.  This amount at the time was ft 9.700.
After making such a bloomer I hesitate to make out another
statement without having all accounts in and the books closed.
I have howeirer taken aff a Trial Balance aa at Feb# Slat, and have
male a new guess on the Pral.t still to be accounted for.
The storage -an^  packing of the Salome has been paid for and as far as
I know all the large items o^ expense for the year have been enterd.
The Feb. wages and small accounts are still outstanding.
I am sending you a statement made up is a similar for« as that of Nov.l5th<
While there is a considerable amount of QQBS9 left in these figures
they should be nearer than the first one.
1 have purchased a new Tractor, Ploi^gh and Disk also some
Spray notarial.  These have r.ot been included tn fhe  statement and
havo not been pail for .  By including them in the years business
tho book profit will be reduced but the surplus cash will also come down.
We have been expecting further payments, but it now looks
as if no more woml<3 come in for a few days anyway and we might as well
pay out the Two Thousand that is in the Bank.
The Account Sales for the Delicious, Honaaoh am Salome
should come in within a few days. The Jonathan will not close for a
week or two, and the Newtowns, Romes And Spitzenberg will not close
for another month.   It will also be sometime before we get the
handling Rebate.  This will hold back our final payments until some
time lata in April.
The different points we spoke of have been taken up with
our Auditor.    He advises that Dividends have got to be paid to the
stock holders registerd on our books.  I can see no way of making one
cheque far the payment of Dividends,       . As to issuing more stock
to cover advances to Shareholders.  Any move o^ this Kind would be
treated just the same as payment of dividends*  After having gone
into the question as far as I can go, I se^ no way of beating it
Tfi th—-* mafclna mysel^ liable to prosecut i 3 fell ?e
ah tare livi lends for any cash paj
a rtortion af the Advances to Shareholders from year to year  .  : lis
to■tha vears surplms.
You will see by the Vernon Hews that the Contracts have
be* n signed up fairly.  I have signed for the Ranch for one year.
As", far as 1 can learn it has paid us this last year and we will try
it Vout once more. It is the right idea if the groer could only see it.
JoVitt- Kidston is going to handle his own crop.  The Coldstream is
Also likely to break away.
Yours truly,
dnivv to R.3.Dormer. o
Rainbow Eanche Limited.
Feb. 21st 1923.
Sundery Accounts Payable as at Feb 21st 1928.
Bank Loan paid off
Amount standing to the Credit of the Vernon F. Union
including supplies purchased and all advances
on account of Fruit. ( the Account Sales
received have not been charged. }
$  1,174.22
Accounts PAYABLE as at Feb 21st.
Sundry Accounts  Receivable
Oash  in the Bank
Add  to   this  Estimated   expenses  for Feb.
I  231.64
The Amount   to  be deducted  from Receipts   to
show surlus  Cash for the  year.
ri.r _-„.-..
Fruit Returns.
Account Sales received to date for 17,954 Boxes
Handling Charges deducted  Net
Sstimated value of 23.000 boxes for which no
Account Sales have been received
Less Handling Charges
%  35,071.76
Add to this estimated rebate on Handling Charges
of Three Cents per. Box on 40,900 Boxes
FRUIT RETURNS estimated to Total
Surplus Cash as at this date
Add to this Cash paid out on November I7th 1928
$  52,431.00
|   17,409.24
CASH SURBLU3  estimated  for the  year
%  19,409.24


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