AWARD OF THE FISHERY COMMISSION. 2281 



Q. At the end of nine years bow did the vessel stand ? A. She stands 

 at $429,140, nine years of ape, without depreciation, interest on money, 

 and taxes. She stands that much debtor, and represents so much cap. 

 ital as she is worth. The value in her policy of insurance is $4,100. 

 This vessel has always run to the Georges, and has been in the bay in 

 the summer. I have another vessel here that was built in the year be- 

 fore 1867. It cost $0,540 for the hull. The figures are carried hero just 

 in the same way, deducting the earnings each year and adding the run- 

 ning expenses. The balance, deducting the cost of running her, makes 

 her stand last January at $13,402, without interest or taxes. 



Q. What would the interest be ? A. I have not figured it. I suppose 

 it would be six per cent. 



By Mr. Davies : 

 Q. How many years does the statement run over ? A. Ten years. 



By Sir Alexander Gait : 



Q. Do we understand that there is no interest on the investment in- 

 cluded in this account ? A. There is no interest in the account. 



By Hon. Mr. Kellogg : 



Q. The first account is in the mackerel business alone, an individual 

 vessel, and this one is in the combined business ' A. They are part of 

 the season for codfish and part for mackerel. 



By Sir Alexander Gait : 



Q. Have they both been employed in the same business f A. The 

 one on the left (referring to account) has been employed more largely iu 

 latter years on the Grand Bank with trawls, which made her more ex- 

 pensive. Those three vessels were built after the war, when the cost 

 of vessels, of the raw material used, and running them for a few years, 

 was higher- than previous to the war. As far as my business is con- 

 cerned, I owned six, seven, or eight vessels when the war broke out, 

 which were low-priced vessels, and cost less previous to the war, and I 

 ran those vessels through those years, in which we were successful, and 

 they offset some of the doings of the high-priced vessels. So if we had 

 had nothing but those three vessels, I don't know where 1 would have 

 been probably not here to testify. Those vessels will stand as well as 

 the average of vessels about that time, and have done as well. 



By Mr. Foster : 



Q. What is the fair rate of interest on absolutely good security and 

 the average taxes at Gloucester ? A. The rate of interest has been 

 about 7 per cent, bankable from 1802 to this year. It was 7^ most of 

 the time ; it would average about 7. Now it is per cent. 



Q. If you were making up an account to see how you stood, at what 

 rate would you charge interest ? A. I would make it up at 7 per cent. 



Q. Now as the taxes ? A. The taxes have been about 2 per cent. 

 They are $1.80 this year. 



Q. How is the property valued ? A. At a little over three- fourths of 

 its value. 



Q. Three-fourths of the auction value ! A. Three-fourths of what 

 we consider the value. 



Q. Take any of the years, and state at about what amount those par- 

 ticular vessels would be taxed ? A. They would average from the time 

 they were new till the present time $0,000 tax valuation. The first tax 

 valuation of the Hattie S. Clark was $8,500. 



