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Hon. Attorney General,
Jebsen only started exporting in April 1913. He
bought the goodwill of A. Goeke & Co. Mr. Van der Stan, former-
ly in Goeke & Co. and now employed by the liquidators in Jebsen
& Co. informed me that Goeke had done well to sell a failing business. In former years they had looked for a 4% or 5% net profit, but of recent years 2%, 14% or even 1% was quite an
ordinary net profit. Any exporting firm (except perhaps those which carried out large contracts to order) would say that owing
to continual eutting of prices the barest profit was made. It
was a highly speculative business, particularly in the case of
aniseed oils and in a less degree in bristles where prices
were very sensitive and the market extremely fluctuating.
The approximate figures for nine months April to
December 1913 for Jebsen & Co. were:-
Outlay on goods (including freight, insur-
ance, loss on exchange, return com- mission)
.difiemt dedi
.be
$570,000
Charges (salaries, rent, telegrams, etc.)
30,000 $600,000
Prices realised
$376,000
Value of unsold goods (at market rate on
December 31st)
208,000
Net loss
16,000
$600,000
It is clearly impossible to draw any conclusion
from a single balance shest particularly from such a balance
sheet as this, where 40% of stocks are unsold and are written
down to their market value on a particular day (December 31st).
In a fluctuating market these stocks may very well recover dur-
ing the following year with the result that an apparent loss in
1913 becomes an apparent profit in 1914. In the present case
the loss was actually due to a fall in the price of aniseed oil.
I understand a much greater fall has occurred recently and that
in consequence a very considerable debit balance will appear in
the