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Rainbow Ranche Collection

Letter from George Goldie to James Goldie, March 15, 1910 Goldie, George Mar 15, 1910

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Full Text

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 Star Flour
The Goldie Milling
Ayr, Ontario, can ada.
Uarch 15th,  Mb
Mr. James Soldi*,
Rainbow Ranche,
Okanagan Centre, B* G.
Dear Jim:
A proposition has been made
to us recentlyf on which we will have to give a
decision immediately, and I would ask you to consider it front your own standpoint and let us have
your reply immediately by wire*
A Trust Company in Montreal has recently
obtained options on all of the larger oatmeal mills
in Ontario* Two of these mills have flour mills ->
in connection—Tillsonfs and, Flavelle's, with a
total capacity of about 11C0 barrels. The oatmeal
capacity is 2000 barrels* They want more flour
capacity and have made us a proposition to put
our plants in with them* We have figured this out,
and I have suggested that we jive them an option at
|l50f000 for the three plants*
ks  our books stand the tmree plants are
valued at $8Sf000# This would leave 92,000 of whit
is practically liquid assets* Add to this >150f0C0
sale and $45,000 of rest account and we could liquidate our business on the basis of $887*000* Deduct
from this $2000, the value of warehouses alons the
lines which would be included in the fl50,000 sale,
also strike off |5000 for incidental reductions and
call our sale $280,000* This would be equivalent Jas. Goldie (2),
selling our stock at 155 1/2$, your share being
$28,000 and the girls1 shares about f23,30C*
You understand that this is an outright sale, and that we *;ould be completely out
of business, and those of us engaged at the
present tine in the business would have to look
elsewhere for employment, but I do not think,
that we would find any trouble in earning as
much as we are doing now, and besides that >?e
could be assured of at least 4 1/2$ on our cash
capital. Aside from the above proposition, I
personally have been offered the general managership of the whole concern with J. D. Flavelle as ,
president. The question as to whether this would
be a money making scheme is for me to consider on
the proposition as above, but what you have to
consider is: Are you agreeable to the selling out
of our milling business at $150,000 for the plants?
Please give this your immediate attention and
wire me at once either advising acceptance or
Business has been very quiet, but I look
for it to pick up in the course of two or three
weeks* Our profits are not going to be anywhere
as good as last year*
Yours truly,        , *y
.,,,;   ./■   :       :; i A'-


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