2638 AWARD OF THE F1SHEEY COMMISSION. 



the assessors' books for a good many years; I cannot tell. I have 

 formed my judgment from what I think they are worth. 



Q. How many vessels is Mr. Steele running ? A. On an average, 

 nine vessels. 



Q. They would range from what price ? A. They would average 

 $5,000 each. 



Q. What is his real estate worth ? A. About $10,000. 



Q. What are the premises where he lives worth, another $10,000? 

 A. I should think his house is worth $5,000 ; perhaps that is a little 

 high. 



Q. Those amounts would reach $60,000; you told me he is put down 

 as being assessed at $20,000 ? A. That may be. 



Q. Why have you stated that you believed him to be assessed at about 

 $20,000 ? A. I have stated his valuation, perhaps, high. 



Q. Do you think there could be that difference between you and the 

 assessors ? A. There might be. 



Q. Do you really think you could be, or the assessors could be, so far 

 in error ? A. I should think George Steele is worth about $35,000. 



Q. You mean after paying all his debts ? A. I don't know what his 

 debts are. 



Q. You mean after pay ing. his debts? A. I mean the face value of 

 his property is $35,000. I don't know what his debts may be. 



Q. How do you reconcile the statements ? A. I probably set a high 

 value on his vessel property and other property. 



Q. You have already put in the vessels at a valuation of $5,000 each 

 under the statement you made under oath yesterday. A. I know he 

 had some very expensive vessels. 



Q. When you were making a statement of Mr. Steele's business, show- 

 ing how much he had lost or gained, you put down the vessels as worth 

 $5,000 each ? A. I did so. That is what I took as an average, because 

 some cost $8,000 and some less. 



Q. And in order to show what he gained or lost, you charged inter- 

 est at 5 per cent, on that amount ? A. Yes. 



Q. Now, you may be all astray about the valuation ? A. No ; I don't 

 say I am all astray. You asked ine for the assessor's valuation, and 

 I could not give it, and I answered from my judgment. 



Q. How do you reconcile the statements ? A. I can reconcile it in 

 this way : If Mr. Steele's property was sold to-day it would not bring 

 more than $35,000 ; that is the face value of it. 



Q. That is, if forced into the market to-day ? A. Yes ; it would not 

 bring more than $35,000. 



Q. Don't you know that if a large quantity of any kind of property, 

 not fishing property alone, is forced into the market the price is sure to 

 fall ? A. You want anything of that kind set at a cash value, don't you ! 



Q. Suppose you force a lot of stock on the market, more chau the pub- 

 lic wd,nt, will it not necessarily run the price down? A. It would run 

 low. 



Q. I am not talking about forced sales, but of the assessed value, ;i> 

 sworn to by the assessors, and as you as a practical mau would value it. 

 How do you reconcile the discrepancy between your statement of yester- 

 day, when you placed each vessel at $5,000, and that statement that you 

 do not believe the face value of Mr. Steele's property, irrespective of what 

 he own?, is worth more than $20,000 or $30,000! A. I took the aver- 

 age of vessels for 19 years. I did not take them at what they are worth 

 to-day. 



Q. I think you did. I think you allowed a large sum for depreciation. 



