AWARD OF THE FISHERY COMMISSION. "J639 



When you were making up the statement to show the fishing business, 

 you took insurance 107 vessels, $ 535,000, that is $5,000 each vessel ! 

 *A. Yes. 



Q. Yon charge insurance on those vessels at that rate, $21,000 ? A. 

 That is what he probably paid. 



Q. You then charged against the earnings of the vessels the interest 

 on that capital sum, $535,000 at 7 per cent ? A. Yes. 



Q. You then charged taxes on 8160,000* A. One hundred and sixty 

 thousand dollars for seventeen years. 



o. And then you charged depreciation on the vessels, $20,000 ! A. 

 Yes. 



Q. So if you charge depreciation and interest you keep up the capital 

 stock to where it originally was ? A. The depreciation is wear and tear 

 to a large extent, and what are expenses of the vessel sails and rigging, 

 painting and repairing. 



Q. I recall your attention to the fact that I asked you what was the 

 depreciation of a vessel in one year, and you gave $1,200 ? A. Yes. 



Q. I ask you what would be the depreciation yearly for the next five 

 years? A. Probably not more than $800. 



Q. Y~ou gave your estimate yesterday of Mr. Steele's wor:h and the 

 value of his vessels are you inclined to-day to withdraw it ? A. 2so, 

 I hold to it. 



Q. If you take off one-half of the principal the interest would be 

 reduced cue-half? A. The value of the vessels would be $45,000 9 

 vessels averaging $5,000 each; and if the wharf was sold I think that 

 it would bring $8,000, a fair valuation in my opinion. 



Q. Did you not just now state that this wharf was worth $10,000! 

 A. I know I did ; but his wharf is, together with another part, divided 

 in the middle, and this would not make it so valuable as other wharf 

 property. 



Q. You change this valuation, then, from $10,000 to $8,000 ? A. I 

 should think that $8,000 would be a fair valuation, and then I should 

 set down the house at $4,000. 



Q. You are coming down on that valuation very much ? A. I said 

 $5,000, but if it was put up at auction it would not bring that much. 



Q. Does he own any other property besides the 9 vessels, the wharf, 

 and the house ? A. That is all the property it shows on the face. 

 , Q. Does he own stock of any kind? A. I do not know. 



Q. Has he 11.0 capital invested! A. I do not know, but I presume 

 that he owns ten shares in the Gloucester Bank. He is one of the 

 directors, and he must have ten shares to quality himself for being a 

 director. 



Q. I ask you frankly what do you believe ; has he or has he not money 

 invested in other public works in Gloucester ? D. I do not think so. 

 1 hardly think that he has. 



Q. Does he own goods or anything else .' A. He has goods in his 

 store, but our outfitters do not keep a large stock of goods in stock. 



Q. What valuation would you put on this stock ? A. I should think 

 that $1,500 would cover the value of the stock which he keeps on hand. 



Q. Will you include the shares in your estimate ! A. I will do so. 



Q. What would you put it at on the whole ! A. $45,000: 



Q. How do you make that out! A. Five times nine make $45,000. 

 I make it $60,000, and three-quarters of it makes $45,000 as the cash 

 value. 



Q. Then this account which you have made up is not put down at the 

 cash or real value, but at a fancy value ! A. It is put down at the 



