15
Actions against some of the subscribers
actions
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in effect test
have been commenced by the Company and are pending.
After the reentry the Government proceeded to issue Crown
Leases to the subscribers upon payment of the balance or
thre-fourths of premium attributable to their respective
Lots. The greater portion of such premium has been paid and
it seems certain that the whole will be collected by the
Government.
Recently Captain Eda, the late Mr Ede's son, came to the
Colony to endeavour to settle the affairs of the Company. H●
had been in Hong Kong and had been managing the Company in
1926 and 1927. He is acquainted with the Company's accounts
and operations.
The Company's accounts, in recent years, have been audited
by Messrs Lowe, Bingham & Matthews, and they prepared the
latest balance sheet to 31st December, 1929.
The accounts show a sum of $290,446.51 due from the
Company to various creditors, mostly suppliers of labour and
materials, and contractors. Money received from the subscri-
bers has been exhausted. There is a small stock of materials
intended for the completion of a few houses not yet finished
- this is referred to in the "terms" set out below
J
but
other assets, apart from unpaid capital, $18,000., which if
the Company's accounts are accepted the subscribers cannot
in fairness expect to be called up, are negligibls.
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item or
It might be possible to find fault with some
items of the Company's accounts - the possibility has not
been made apparent but the subscribers, or a majority
represented by a committee, are of opinion that the cost of
engaging an auditor to go through the accounts on their
behalf would offset any possible reduction. The Committee
now reporting, having gone into the matter with Captain Ede
and his solicitor, and having obtained particulars and the
Company's balance sheet at 31st December, 1929, before
6.