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the 1914 account. The liquidator is not selling the goods and the loss may quite possibly be a purely imaginary one so soon
as the market recovers. (Mr. Van der Stan pointed out that the
loss shown in the books on December 31st 1914 would be $70,000 and that it would pay them to lose interest for 8 years in the
hope of a recovery rather than sell today).
However in regard to prices realised for goods actual-
ly sold, it appears clear from the books that in the most
favourable cases the gross profit never exceeded 5% on the out-
lay; and it will be seen that the charges (salaries, rent, etc)
just swallow this up. In the majority of cases in 1914 the
gross profit (that is to say the balance between sale price and
purchase price including freight, insurance, return commission,
loss on exchange (if any)) appears to be a bare 1%, leaving a
considerable net loss when charges are deducted.
I can only repeat that it appears to be the common
practice to run the export business on the smallest margin;
where goods are bought to order which appears to be the excep-
tion & net profit of 1% is considered reasonable business; the
whole trade is highly speculative and a long series of losses
may be compensated by a sudden rise in price. It is a common
practice to sell goods "on consignment" which apparently means
shipping to buyers (in Europe and elsewhere) on their guarantee
to pay the bare cost and trusting to any further profit the
buyers may make to cover charges and leave a net profit. Such
transactions naturally take time to complete with the result
that a deal which may ultimately prove very profitable may
appear in one particular balance sheet as a net loss. There are
several such cases in Jebsen's balance sheet for 1913, and a
large number in 1914 where the difficulty of ever recovering
profits made by buyers in Germany is apparent.
I cannot find out at what price Jebsen's bought out
Goske. There is an item in the Profit and Loss Account for 1913
"Goodwill of A. Goeke & Co. $11,000" and which is presumably a
first