776 REPORT OF COMMISSIONER OF FISH AND FISHERIES. 



may have committed mistakes but have never been guilty of any 

 wrong or dishonest act. The whole cost of administration has been so 

 cheap, that every joint-stock company should take an esample from it. 

 The members of the board of directors receive no percentage. The 

 report for 187G will show, in conclusion, that the property, according to 

 its book-value, represents about 75 per cent, of tbe whole joint-stock 

 capital. But the actual value is even higher ; thus the real estate is 

 only reckoned at $19,062.50, and the eleven vessels at $58,702.50, while 

 the latter have been issued at a value of $70,975, With the exception of 

 lack of funds, the condition of the association is a healthy one through- 

 out. The city of Emden and many patriotic Germaus throughout the 

 empire hope that his excellency the minister. Dr. Friedenthal, who looks 

 on the enterprise with favor and who is fully competent to understand 

 all its needs, will be able to find a way by which its future existence and 

 prosperity can be secured. 



