3.
523
in the way of realising the large stocks which were held here by
the German firms at the commencement of the liquidations. Another
-other point to be remembered is that only the greatest care in
realising the assets to the best advantage vill prevent loss to
thɔ are liters of some of the firms which are being wund up.
5.
The uncertainty as to the future of which the
the Committes complain is unfortunately shared in by the Govern-
-ment and they are at a long to know how this ignorance of the
future can be overcome,
The Committee say that the situation would
be largely remedied by the alearing off of the outstanding
obligations of the firms which aro being wound up. This would
be an exallmt solution but for two unfortunate frots. One is
that some of the fires have not the moons to clear off their
obligations, and the other is that in some cases those obliga-
-tions have not yet been ascertained. It is impossible to pay
debts without assets, and it is impossible to clear off an
obligation which the creditor is unable for the nowent to de-
-fine. Some of the German firms are insolvent and some of the
creditors have yet to ascertain the extent of their losses. It
would be unfair to asarifies the creditors of insolvent firms
to the fetish of a rapid winding up, and it would be unsatis- -factory to require areditors who cannot at present ascertain
their claims to guess at their probable losses if there is my
reasonable prospect of their being able to make a proper estimɛte
later. The situation is probably without precedent in the history
of the world as commerce is of a far less load and simple
character than it was in any previous great wur.
It is perfectly true, as the Committee sugeot
that if the stocks of the Gorman firms could be cleared off the
lo and British firms would be freed from a certain amount of
competition, but it is impossible to disregard the claims of the banks and of British creditors outside the colony for the sɛke of
legal importers, however desirous the Government may be of
assisting