AWARD OF THE FISHERY COMMISSION. 2667 



Q. The vessels being designed solely for the fishing business, would 

 not sell as would other vessels ? A. No. 



Q. But suppose Mr. Steele was living and wanted to close up his 

 business, but was in no hurry and could take his own time about/ it, and 

 could sell them for cash or at credit, and could take them to any port 

 where there seemed to be a demand he might, by taking plenty of time, 

 exercise skill and judgment, and selling on credits, realize $5,000 each, 

 for the vessels ? A. Yes. 



Q. In other words, is there any necessary connection between what 

 nine fishing vessels would bring sold for cash on reasonable notice, not 

 forced, and the value which ought to be taken when settling between 

 himself and his vessels as to the result of their voyages ? A. I think 

 there is. 



Q. Do you wish to alter your estimate that in making up those ac- 

 counts Mr. Steele's vessels should be entered at $5,000 each ? A. No. 



Q. You were asked a number of questions in regard to Mr. Steele's 

 taxable property. His taxable property you first estimated at $20,000. 

 You afterwards thought it would be $25,000, and you said you thought 

 he would be worth $35,000. When you made your first estimate you 

 were asked what the firm was worth. Did you think at the time of in- 

 cluding any personal property Mr. Steele might have, and real estate, 

 disconnected with the business? A. I did not. 



Q. Do you wish to change your statement? Are you inclined to put 

 his property at more than $35,000 ? A. I think that is really the cash 

 value. 



Q. At the same time, you would not alter the mode of making up the 

 accounts ? A. I think the vessels are worth $5,000 in his business. 



Q. Those vessels, no doubt, all stand in his name, but do you know 

 whether he owns the whole of all of them? A. I don't know. I pre- 

 sume he does not. 



Q. Why so ? He is a rich man. A. Nearly every owner in filouces- 

 ter has more or less shares of his vessels owned by his skippers. 



Q. Is it for the interest of the vessel owner that his skipper shou d 

 be interested in the ship ? A. It is generally supposed so. 



Q. What portion does a skipper generally own in a vessel in cases 

 where he is not a capitalist? A. The owner generally gives him one- 

 fourth. 



Q. And he pays for it as be can ? A. Yes. 



Q. Do you know whether that is a matter of personal trade, or is the 

 captain's name entered at the custom-house ? A. There is a bond some- 

 times. 



Q. A bond between them? A. Yes. Sometimes a bill of sale is given 

 and a mortgage taken back. 



Q. On page 387 of your evidence there is the following : 



Q. You have proved him from theory to be bankrupt beyond all redemption, when in 

 fact he is a capitalist worth $45,000, which exhibits the difference between the practi- 

 cal statement and the theory A. Yes; but he had capital when he went into the 

 business. 



Q. Did you mean to say that $45,000 was his capital ? A. I think I 

 hardly answered it in that way ; I might have said it, if it is so recorded. 

 Q. The evidence also reads : 



Q. Do you state that ho brought it in with him? A. One-half of it was made in 

 the sail-making business. 



Q. Then one-half of the capital he now has was made in the sail- 

 making business ? A. I should think so. 



