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Rainbow Ranche Collection

Letter from J.E. McAllister to James Goldie, October 12, 1912 McAllister, J.E. Oct 12, 1912

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 o o
15   KING   STREET   WEST
TORONTO
October 12th, 1912,
James Goldie Esq,
Okanagan Centre, B.C.
Dear Mr* Goldie,-*
After writing you on the morning of the 9th I received your letter of
3rd with enclosures from the Royal Bank.    On the 10th I had an interview with
Mr. John Aird, Assistant General Manager of the Canadian Bank of Commerce, the
General Manager being away, as a result of which I telegraphed you as per enclosed
confirmation.
Mr. Aird read me the resolution which was passed "by the Directors of
the Bank of Commerce on September 26th, authorizing to Rainbow Ranche a credit
of |10,000. upon the personal guarantee of Goldie, Dormer, and McAllister, for
their proportion corresponding to the ownership in the property, also that the
title deeds to the property "be lodged with the Bank as additional security.
I read to Mir. Aird portions of your letters to me and Mr.Corbettfs
letter to you.   He immediately telegraphed to the Superintendent of the Bank
of Commerce at Vancouver, telling him to instruct the Manager at Vernon to
grant you the credit at once, pending the arrangement between you and the Vernon
Manager of the necessary resolutions which will permit you, as Manager of Rainbow
Ranche, to draw upon this credit.
You must remember that the statements I receive are so few and far
between that I am not posted in regard to Rainbow finances, but I note from the
letter of the Manager of the Royal Bank, that you are now in debt to them for
f6,600.    I would suggest that you issue to the Bank of Commerce one note for
f5,000. and then as you require money, issue farther notes for $1,000* each.
I presume we will be realizing almost immediately from our apple crop, so that
we should be able to reduce our present indebtedness and not incur more until
next year.
In placing this business with the Bank of Commerce, Mr. Corbett will
probably endeavor to charge the interest on your notes in advance.    This you
should not permit, but arrange that we be charged with our interest monthly,
when the Bank statement is made up.    I would like if you could also arrange
that the Bank forward me, at 15 King Street West, Toronto, a copy of its monthly statement to you.
I hope you will be able to arrange this matter quickly and forward to
me the necessary papers for signature, as I have in the meantime personally guaranteed the account.   As noted in my telegram I object very strongly to the
responsibility for the entire indebtedness baing taken by eadH of us individually.
This completely destroys the limited liability feature,which was one of the main
reasons for putting the Ranch into a shartered Company.
In meantime I am holding the Royal Bank notes which you forwarded to me,
and await a letter fregt you containing details of how you have been able to arrange
the matter.
Yours veiy truly,
jem/i

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