9440. When you sell a quarter lb. of tea, or a lispund of meal, or a bit of cotton over the counter in a ready money transaction, is the same price charged as if it were entering the book?-Exactly the same, in all cases.
9441. Does it not follow from that that your profit upon the transactions which enter the book and are settled for at the end of the year is much less than what you make upon the cash transactions?-If we were to make no bad debts, it would not be much less. It would be much the same.
9442. Would it not be less in this way, that you might turn your money over twice before these accounts were settled, and you would either have the interest for the year or you might make another profit?-True; but the rate of interest is so exceedingly small at present, that the money is worth scarcely anything at all.
9443. I suppose it is a consideration in that matter that if you lose the interest upon the money that is invested in goods, you gain by the interest upon the money that is not paid to the men until the end of the season?-There is not much gain there, because we have often to pay the fishermen their money some months before we receive it.
9444. When are your fish sales made?-Towards the end of September or beginning of October, and they are generally made on a three months bill.
9445. That is on a bill payable in January, and the [Page 228] men are settled with in December?-In the end of November or 1st of December.
9446. So that the men are paid a month before you receive the proceeds of your fish sales?-Yes, a month or two.
9447. In that way, therefore you do not stand upon an equality with the men in the matter of interest, but on all these credit sales of goods you are losing interest?-Looking at it in that way, that would be so.
9448. I should have thought it not unreasonable that you should have a discount for these cash payments: why have you not?-I believe the reason is, that there is a great difficulty in having two prices for your goods-I mean honestly.
9449. You think the people would complain?-Not only would the people complain, but I am afraid your own conscience would cry out sometimes.