273
PUBLIC RECORD OFFICE
Reference :-
885/25
PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE REPRODUCED PHOTOGRAPHIC-
COPYRIGHT PHOTOGRAPH—-NOT TO
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No. 25.
STRAITS SETTLEMENTS: HONG KONG.
THE SECRETARY OF STATE to THE GOVERNORS.
(Sent 1.40 p.m., 22nd February, 1916.)
TELEGRAM.
[Answered by No. 29.]
My telegram 10th February,* liquidation enemy firms. In view of probable increase available assets through policy referred to in my telegram it seems desir-
able that-
[To Straits Settlements only: Debts of liquidated firms incurred otherwise than in respect of trade carried on in the Colony should be paid where possible, and you may think it desirable to pass legislation enabling this to be done.]
[To Hong Kong only: Power conferred by Section 7 of Ordinance 11 of 1915 should be used freely to enable payment of all debts of liquidated firm, whether incurred by or on behalf of local branch or otherwise.]
All debts should be allowed to rank pari passu unless you think it important to give priority to local debts. Creditors domiciled in neutral territory with claims against head office in enemy territory should not be allowed, however, to claim till they have exhausted remedy in enemy territory. In case of deficit of assets of any branch in the Colony of firm having branch in Hong Kong or Ceylon,] [Straits or Ceylon] arrangements should be made to meet deficits out of any surplus of other branches. You should communicate your views on this subject to Governor of Ceylon and arrange convenient system. Despatcht follows.-BONAR LAW.
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No. 26.
STRAITS SETTLEMENTS.
THE GOVERNOR to THE SECRETARY OF STATE.
(Received 23rd February, 1916.)
[Answered by No. 28.]
(No. 32.) SIR,
Government House, Singapore, 28th January, 1916. I HAVE the honour to submit a report upon the progress made with the liquidation of enemy firms in this Colony under the provisions of the "Alien Enemies Winding-up Ordinance, 1914," as amended by Ordinances Nos. I. and XIX. of 1915. For convenience of reference, copies of these Ordinances are annexed.
2. In no case so far has the immovable property of a firm been sold. The liquidators have realized the stocks and collected the debts due to the firms, and, as far as the assets permit, have paid, or will pay, the creditors of non-enemy character, and will deposit the surplus, if any, in a bank in the manner contemplated by Section 4 (8) of the Municipal Ordinance. In most cases the liquidation has taken some time: this is due to the desire of the liquidators, firstly, to sell the stock-in-trade at ordinary normal rates, thus avoiding forced sales, and, secondly, not to dislocate the bazaar by exerting undue pressure for payment of sums due to the firms.
3. The enemy firms that are being liquidated in Singapore under the Ordinance are eleven in number. In Penang there are five, and there are none in Malacca and Labuan.
4. The following is a brief account of the Singapore firms:-
I. Behn Meyer & Company, Limited.-Date of liquidation, 23rd
December, 1914. Liquidator, Mr. W. H. Macgregor.
The sales are practically finished. Before the end of the month the liquidator will have paid all creditors coming under "class four" (Section 4 (12) of the Ordinance), that is to say, all persons or companies resident or carrying on business in the Colony who are not of enemy
+ No. 27.
* No. 22.
25
character, and is calling for assurances of non-enemy character from certain of the creditors in "class five," that is to say, persons or companies not resident or carrying on business in the Colony. He hopes to close the liquidation in June. The assets enable him to pay the creditors in full. All except one (a rubber estate in the Malay States) of the firm's numerous agencies have been transferred to other firms or persons.
II. Norddeutscher Lloyd.-Date of liquidation, 4th June, 1915.
Liquidator, Mr. W. H. Macgregor.
Creditors of non-enemy character with claims for rebates have been paid ninety per cent. to account, as these claims cannot be accurately checked by the liquidator. All other creditors of non-enemy character have been paid in full. When the accounts have been audited the liquidation will be closed. There are no agencies.
III. Hamburg-Amerika Line.-Date of liquidation, 15th July, 1915.
Liquidator, Mr. W. H. Macgregor.
The claims amount to $144,000, whilst the net assets are only $800. No dividend can be paid. When the accounts have been audited the liquidation will be closed. There are no agencies.
IV. Kumpers & Company.-Date of liquidation, 8th April, 1915.
Liquidator, Mr. P. Cunliffe.
Everything should be sold by the end of February, and the liquidation should be closed by the end of June. Only $876 was due to creditors of non-enemy character, and this has been paid. One of its agencies has been transferred. The others are German, and the sums due to them are being. paid to the Custodian of Enemy Property.
V. Bremen Chaircane Manufacturing Company, Limited.-Date of liquidation, 4th June, 1915. Liquidator, Mr. C. C. Dunman.
In this case the movable assets are exceeded by the liabilities. If the claims of the creditors are to be satisfied in full it will be necessary to sell part of the immovable property of the firm.
VI. Gaupp & Company.-Date of liquidation, 23rd February, 1915.
Liquidator, Mr. C. C. Dunman.
Part of the stock has been sent to Hong Kong for sale. The remainder will be sold at auction during January. There are no agencies.
VII. Wm. Menke & Company.-Date of liquidation, 8th February,
1915. Liquidator, Mr. H. C. Cooke-Yarborough.
The local stocks will be sold by the end of April, and the liquidation should close by the end of August. It is possible that some goods which have been detained at Lisbon and Goa may come forward, in which case the liquidation will be delayed. There are no creditors other than enemy creditors. All the agencies have been transferred.
VIII. Franzen & Company. Date of liquidation, 8th July, 1915.
Liquidator, Mr. H. C. Cooke-Yarborough.
The sales should be finished by the end of May, and the liquidation will probably close in September. All creditors who are not of enemy character have been paid in full. The only agency has lapsed.
IX. Winkelmann & Lubking.-Date of liquidation, 14th September,
1915. Liquidator, Mr. H. B. Ward.
All the assets have been realized. There is a deficit of about $26,000.
A dividend will be declared at an early date, and the liquidation will there- after be closed. There are no agencies.
X. Rautenberg Schmidt & Company. Date of liquidation, 7th
February, 1915. Liquidator, Mr. H. B. Ward.
The Penang branch of this firm is known as Schmidt, Kusterman & Company. The stock still to be sold is valued at $70,000. Goods to the value of $9,000 are on enemy ships at Manuagoa, Sabang, and Lisbon; and, in addition, $55,000 worth of goods which have been ordered have not yet