BOWRON BROS. EXPORT TRADING COMPANY.

Dominion, Volume 3, Issue 916, 8 September 1910, Page 7

BOWRON BROS. EXPORT TRADING COMPANY.

r:/^^FIIR^ Sir,- : . "We ■.llave, : compiled,-the foregoing •..-. ■:.-;■ :;accc-ants irdnvtho: bookstof ■ Bowron,' Bros. P-'V. ■'.-. ■'■.">d;V Co -> ; .;ltd,'£ft : .Sb '■' runs the;certificate'• ,: of Messrs.-•BissV.Modlm,:-and. OJivier- in <;.. ; : :;-,your.'issue/this/nibrniig.:::- It; is iregreV •"'■■'•' * j a^le ,Jlfessrs -''- '.Hermann!:'' a : nd .Maude v.;,-.;.. do: not;publish the/'foregoing ■-: so -thatone ..can: compare thcui'-witb. the ! t,.f;V\- prolit"and loss and'-• trading-accounts',is-, : ;SU ed J with/., tab. .-prospectus; - ■"•Tho-.'proJit' iH;.{--anil■-;loss;, accduntsV'printed,; in 'tho ' 'priis- ;.': J sbow. ,:tho . gross: profits: from : all ;s«-:; ; 6ources : for,.the' twenty-six {,nion'th's v to-be; ;".' ; .:v ,Aiuljß74, and, tli6 .expenses/ including bad ; .K'° e b«j/'i6M»9M,:V.tlio''iiei:"profits being thus •V:>v r i:jV«tmgnts;*waU,:'etc:'-'^The:-now , 'iuttit6rb ;?;;• S bow/ say.- that /'in: the was ?■.■;.- iiicludul of £7730, which'was :/\:.K. incurred ;'prior:tb' August 1907,"- and:if, V v tai ( S:'is'left'out;:th'e;net profits as above £■>..: ■:; would.-. be- '-£5i,450,-. : of Awhich :'.£49,112 : "was , '■';•■■■. ■;',made[./from:./-"leather ::":.;v:'grihdery,': : and'fellihohgering."yTbis-;-is '.' -.;; ,i equal -•' to " ,-£22.667;■' per : annum.'-. net.- profit, from thrao.''trading',:depaitinfliit3. ; > : ;BuiK-',• ■v • /^ n I ■' ' s ' '■ tH?ro' flo' reference ': in'■';the, -.'ceftifi-' i i '\-v^---eat»:'to:,'the : 'Svbblvseo'tioa-;6f!:thß-\busiiieM?' -/:.; -"-■ They prospectus/states-there is- "a'large-v;:;,.export-irade, chiefly, of leather,-pelts'; and :///,//wool.":/'-' la.i'the;.omission"'■'of- thei'word /.'/:, ://\ wool";;froni /.the/new^'certificate'.'merely' ~.--, /an"; oversight,'and : : are' -these/geutleuien. '!'■■', '/ i.preparedv.-'t6/-':d^lafis r :.thatAth6'.-To»w'::--or" ;:://fegainsf oil 'wool: .trading have been/ taken ;'s-• :\-:'>mto.:acbouiit 7 in- arriving'. at;the .net 1 'proj/,/;v./'fits'- how/- certified by /them'?-«' ..They Estate' ''' ,- :;that" they .have ,excluded "income" and .ex-' ;='W ;^-''P^dit'urß'!, -and '--••;;-'-other/'sources.'*,,.?.;.What/are .the. "other. //-"i ; 6<)urcesj"-ahd:;frhy';':do/::Messrs. Herhiah'h ' | ..;.,\,V-;i'aad ; !,Mande. ; nbt'>pul)lisli-. the': profit '"and 1.-.' ■;.: loss accounts'-drawn 'up by.' Messrs/,'-Biss, !•>: :, ; ,- Modlin.-'and; .Ollivier, so'-.that. we-can -see >;;■■ ; ■'- in.;what),: respect, if: any; they'differ /.frow .-: '' /the.■.'- .prospectus-•;"accounts?:,.v.-Assuming t,.' :;.towever, "'.that riet.; profits '..'of... ,£22,667 ;;/;/.:y,early/'.have 'been' made'-irom '/'the: tan-' ':.'■■ v '. nery, grindery,, -wool,' i and" pelt; indus-. ."/■//-tries"; (these //are/the/words/ used 'by ( .:-.'?:Messrs\.Thornhill,[>Cooper, and ( Mbdlihi //-//who -valued: the/gobdwill.of the, business),: V;-'':.: ; is':it not ;iemaiiable that ..the goodwill' -';■;:'■ v' .should be-valued afe 0n1y..',£27,000 ?■'.:■: ////:./" -.-'lf. :ttie: profits and ; loss ,acepunt in "the V;': y r prospectus: agree:' with': tho ■ accounts pre-■ :'! ; ;- Messrs: Biss, Mqdlin,. and;olli- ■■'.- ''vfer, i and' there, has merely.- been -'a _re- ; V ~ -.: grouping, of .the ; .figures.' by-: these . i■:"i-V..: men, theri' ; we arrive at the following, re-'■;:Bnlts'-for,-."the :.tiyenty-six. months:— -:-',■.,'•;' ■ : i'■• Expenses'- and- .bad - :debts.':;.r;.:.'.;.X„'» 54,914 : "'• liess bad debt, incurred /before Au--0 ':' .''.- ,gu6t, : -1907. .;.M.,.....;..!.,i....;......,....u„..;.;/V7,730. ?,: ■'■■'■ ■ W'-' ■'"'■ . : '-a: ; '"- '■(■ T'/^'v : & ■ ■ -;.-:.^7.i84 i--" :--"': •-;-': .:'' : '/Gross. \: "Ex--,-:',- Net'-'' :'■■-. '•■' '; , ->', y :'■:.-■'::, profits. ;.penses.- : profits.' 'i ■■■'-~ -Prom trading .'.....'.: '78,094' : 28,982 ': 49,112 ■'.'-.•' from investments,,in- - ./., ■ \ ■■;-•■ ;.. , ..-.' terest,,- .primage, '■'-.".■•■'•■';: :\" : •■■■.-.'•'•■'■-■.'.".'■' > .' .-bills.- 0f... lading,. -''•:■",' ', etc.-........:... ;23,580 ... 18,202: "5,378 /:, .Totaisv .......U;. £101,674 £47,184 : : £54,490 :• ."•■' If •. th'e-.abpye.is the' way - 'in which ■-.-. -Messrs.,:Biss, vModlin,' and Ollivier • havo -■•.; .'..- 'dividcd'.:the, biponses, -'will ■ they please .r. -. giveus. .details of -the i£28,082 and the I cannot-understand ho;v i 318,- ■ ~, 202 out of the..£23,580 income -from investments,, interest, rents,-etc.,- could- be ; -swallowed up in ordinary expenses. Have ~ ~, not some;trading expenses or losses ten included mthis amount by: mistake?—l ; om.etc.,; /■-; .•-;. ■".'■; INVBSTOE.'-," .;". -September 6, 1910, .-. ;-':;:::/. ;