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I ? I amount to make up itB original capital, that the balance on hand would be deemed eurplue or undivided profit!. It hae been held proper for directors of corporations ¥toen appraising property of the company for the purposes of making dividends, to appraise the original investment in £ the plant at its cost price, after making a fair allowance \ for depreciation in value by reason of wear and tear, and other causes. Clark and Marshall on Corporations, Sec. 520, sub. II vT « | In the case of the Land Company, in order to avoid a charge of fraud, would it , therefore, not be fair and just to appraise the property at its original cost priced fhs adoption of this valuation as a basis for estimating the capit­al, particularly when such lands were selling at a higher valuation in the market, would be held, I apprehend, to be fair and equitable . It is ray conclusion, therefore, as to the Las Vegas Company, if a fair appraisement is made of the real property now in the hands of the corporation, on the basis of the cost price to the company of such land|, and a sufficient sum set apart in addition thereto to make up the original paid-up capital of the company, and an allowance made for debts, etc. on the ordinary bases used, in determining the profits of a company, (7)