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Rainbow Ranche Collection

Letter from Unknown to J.E. [John Edgar] McAllister and R.S. [Robert Stanhope] Dormer, February 16,1932 [unknown] Feb 16, 1932

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 o
Feb.   16th.   195;
63    king  street,     Toronto.
ir l;r.  fcfcAllister  tm
I have   your latter regarding  "Family
Corporation"
The  proposition is  all   ri«ht   to  work under aftar we get
rid of the .     ,      .  vanaaa  to shareholders.      I have had no
reply frt*?a anr  fcuditor& Ins psastians in ny letter to theui Jan.isth.
to   the anownt  tl e  w^uld  be si lowed to  writs of',  and as  to
the amount *hioh could not be sHacked. Oim of their men should
be in  the 7all#f  i I a  few days and from hi should get some
sdvics. i  it at  the  present  time,your scheme would not
correct  the tiffiattljfcy af  the Surplus  as  it now stands  on  the  books.
I  think th - sdta a laive  of  this  kind at   this   time  they. v/oul
be as hard as  i >ls on  the  jusMl'ttan af"a&vaiiaaa  to share holders?
1   fully exnant  tha*   they will  waka      .     i;f  taxes  on all
Advances  since   .. -season.       If  this   is  done   then  there  is   ,as   1
understand!" very little they can attack, except when the DompSny
Is finally wound np. In 19ZB the Surplus shown on the books was
about.  ISO.QOG. his  to.  the amount  I  believes   -.■• |   they cannot
attack,   but  It   so /■ d  remain aaeliability which  would have  to  be  faced
a^ any time  in the future  #hen the  Sompeny is liquidated.
By  *vin^iri^ up tha m$  Company #»fl  apanii under a
Private   Eta. aitfc  the  oh^ren  divide?  as  follow,   25j£  ta   former,
E5/.  to  Km.  Goldie and  60J§  ro Jasw Idle,   would  clean up the question
of Surplus  and  Advances  tes  :.   i raholdars and  put us  in the  position
where  as   would  pay only once  on  the  profits   of   the  Ranch.
If th I or  c,  eipany  sou]     mat  he  orooerl.y arranged to  protect
your Interest,   then  I   think   that   we  would have   lo  wind up the  present
Company,take out a nan  charter ac  a  Public   To.  and at   the sam#  time
fcher j A r-txvata    ;oppanv as sbowa.   Aa-Ao  PrlvateTwould  thei
laass operate  the orchard.
xiv.      .   it ion wa must ftaal4a now it,   !o  ,/e want to gat rid of
the  .v50,":f; trplus  or leave  it  to our heirs or rsuocessors   to handle.
I   v.4,^-   th&t   yon  wonl !  look into   this  problem and   write me
a^ain  witli   yanr advice  as   soon as  jWflfciftLsu
sincerely,
To
J.S.McAllister
8«8*0ai*»*r.

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