477
at $1,247.50 in January, 1904, and at $1,347.50 in May last.
Since then it has gradually declined reaching $1,145 in September.
It is quoted to day at $1,125 per chest.
6.
I referred the Solicitors' letter for investigation to the Colonial Secretary and Registrar-General who at once called upon the Farmers to furnish a detailed statement of the working of the Farm for the 6 months from 1st March to 31st August last.
An exhaustive examination was made of the facts and figures brought forward in reply to this request and the Farmers and their Manager were subsequently closely questioned on their statement.
The Colonial Secretary and Registrar-General found generally that in this statement the expenditure had been exaggerated and the receipts understated and they finally reported at the end of October that in their judgment the figures submitted by the Farmers after due allowance for certain corrections which they gave reasons for making, did not reveal a greater loss than one averaging $35,000 per mensem.
They added that it was impossible to ascertain what the real losses had been but that they felt no doubt that losses had been incurred.
7.
I considered this report in Executive Council and with the concurrence of the Council decided in view of the impossibility of arriving at an accurate estimate of the actual losses, to reply to the application of the Farmers that no reduction would be granted.
I also decided not in any event to grant a reduction to these people but rather to transfer the Monopoly to another party in order to avoid as far as possible the undesirable precedent of acceding to
477
at $1,247.50 in January, 1904, and at $1,347.50 in May last.
Since then it has gradually declined reaching $1,145 in Sep-
tember. It is quoted to day at $1,125 per chest.
6.
I referred the Solicitors' letter for
investigation to the Colonial Secretary and Registrar-General
who at once called upon the Farmers to furnish a detailed
statement of the working of the Farm for the 6 months from
1st. March to 31st. August last. An exhaustive examination was
made of the facts and figures brought forward in reply to this
request and the Farmers and their Manager were subsequently
closely questioned on their statement.
The Colonial Secretary and Registrar-General
found generally that in this statement the expenditure had
been exaggerated and the receipts understated and they finally
reported at the end of October that in their judgment the
figures submitted by the Farmers after due allowance for
certain corrections which they gave reasons for making, did
not reveal a greater loss than one averaging $35,000 per men-
sem. They added that it was impossible to ascertain what the
real losses had been but that they felt no doubt that losses
had been incurred.
7.
I considered this report in Executive
Council and with the concurrence of the Council decided in
view of the impossibility of arriving at an accurate estimate
of the actual losses, to reply to the application of the
Farmers that no reduction would be granted. I also decided
not in any event to grant a reduction to these people but
rather to transfer the Monopoly to another party in order to
avoid as far as possible the undesirable precedent of acceding
to
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