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Rainbow Ranche Collection

Letter from Jim [James] Goldie to J.E. [John Edgar] McAllister, April 20, 1932 Goldie, James Apr 20, 1932

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April  20th.  1932.
J.E.McAllister Esq.
$1 UHHH King it*
Toronto,    Ont.
Dear Mr.  ItcAllister:-
I  came in late tonight  to find your letter of  the  15 th inst.
S>ome  time ago  1 advised you that  the  Income Tax people had asked
for the  balances of shareholders'   accounts. This  is  likely what  they
are now assessing Donald for. They assessed me for the same thing   ,
and I  think  that  1 sent the correspondence  to  you.       I paid them what,
they asked. 3fhen it came to filling in their{form T-5  )  Return of
Dividends for 1931.   I showed  that we had paid Dividends  to
D.G.lie All is tar      $5000.       J.R.  Goldie    $2500.  and to shareholders
residing outside of Canada    $2500.
My line of argument did not seem to have any weight with the Tax
office]?    but It seems sound  to me.       low that  the Dividend has been repr
reported as paid you might have better luck. If you are forced  to
pay the assessment  which they have made on the book balance,   the Divided
of 15000.   in the year 1031  would not of course be reported.
As  to  the finance of the Ranch,      Today our Demand Loan amounts
to 116000.     with s  credit  balance of f 1566.03    or $14,333.97 owing to
th©  Bank. It still have  to  receive Account Sales  for about
17000 boxes of apnles. fa have  received some advances on these,
but it may be some time yet before the final returns are made.
If these returns are not  too had  we should be able  to get by with the
Bank,   but no doubt  the  rate of  interest will  be  baised.
I have not got my detail report made out yet,   but  I am sending
you the Auditors  Balance Sheet. I  will of course write you more
fully in regard  to  this,   but  you will  see  that our expenses  were cut
considerable  from the year before.    This year the expense  will be
watched as never before but I have doubts of being able to  cut down
much without hurting our permanent asset.
The Season is late and fairly wet.    The soil  conditions are good.
The buds are  just about ot break,  and within a   few days  we will be
able  to guess on the coming crop. A big crop is  expected in the
Valley but as last  year should have been our big year we cannot  expect
a very large  crop this  season.
I have been unable to get  further advice in regard to  reorganise tit
ion. I  do not see  that we can do anything else but simply wind up
the present Company and get rid of the old surplus.      low that  the
Family corporation jij^s|SjC|[p||/ia out of the question there is nothing to
be gained except getting rid of the Surplus.    Should  we reorganize as
a  Private or Public   Company and for how much capital?
I  would suggest  that  we at once  wind-up and  take out a new charter
as a  public  company of  the same capital as  before,  providing  that we
can still  get  rid of  the  150,000.odd surplus.
Yours Sincerely


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