361
PUBLIC RECORD OFFICE
6
سلنس
Reference :-
CO.885/25
PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO
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notes, shares in the Trinidad Shipping & Trading Company, Limited, and the Trinidad Building and Loan Association, and mortgages. None of the Mr. Hoffman has also shares in shares or mortgages have been realized. the Queen's Park Hotel Company, but these do not appear in his books. The business premises did not There was no goodwill and no real estate. belong to Mr. Hoffman.
(d) S. E. Jacobson. This was principally a photographic business. In addition to the stock of photographic materials for sale, the assets com- prised real property, shares of very little value in two limited companies, Soon after the commencement of the mortgages, and unsecured debts. liquidation the agency for the Kodak Company, held by Mr. Jacobson, was taken away, and, in consequence, the goodwill of the business realized practically nothing. The building in which the business was carried on did not belong to Mr. Jacobson.
(e) C. E. Belling. This was a jeweller's shop, carrying on also the business of watch repairing, with assets of very small value, from which only £18 28. 1d. was realized. The whole of this amount was paid out in the expenses of the liquidation, exclusive of the manager's remuneration for his services, which had to be paid for from public funds. The liabilities of Mr. Belling prior to the liquidation could not be met,
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(†) Mrs. J. A. A. Scherer-This estate embraces five properties--land and buildings in Port of Spain-from which rents are being collected. At present they are being kept in tenantable condition.
(g) A. S. Laing & Company (Successors).—This was a pharmacy and aerated water factory, owned by Mr. F. W. Meyer. Besides the stock-in- trade of the pharmacy and the plant and accessories of the aerated water factory, the assets included live and dead stock and unsecured debts. The goodwill and trade-mark of this establishment did not realize much. There was no real estate. The buildings did not belong to the business, but they were held under a lease. Mr. F. W. Meyer owns a cocoa estate, referred to in paragraph 14 infra, which the Governor has not directed the Liquidating Committee to deal with.
(h) Wessels Brothers & von Gontard.-There were two firms doing business under this style one in Port of Spain, and the other at San Fernando as local branches of the parent firm of Wessels, Kulenhampff & Company, of New York. They dealt in foodstuffs, wines, liquors, and dry goods. Their transactions were principally with retail shopkeepers and second-rate dry goods merchants. They bought cocoa and other agricultural produce and shipped more than seventy-five per cent. of their cocoa to the United States of America, and about ten per cent. to England. Besides the stock-in-trade, their assets also comprised real property, chattels réal, mortgages, and unsecured debts. The stock-in-trade was sold wholesale to different parties. There was no goodwill.
(i) Max Reimer-Independently of his cocoa estate Mr. Reimer carried on a business in the purchase of cocoa and other agricultural produce, in which he was largely interested in the importation of cattle from Venezuela He exported hides in large for sale in the local market to butchers. quantities. The assets taken over consisted of a large stock of new empty cocoa bags, mortgages, and unsecured debts for advances made to planters and butchers. There was no goodwill.
4. As regards action taken in connexion with the permanent assets (includ- ing the goodwill and real estate) of the firms in liquidation, the Liquidating Com- mittee have up to now sold only the land and buildings of Messrs. Wessels Brothers and von Gontard, where they carried on their business at San Fernando, and a small cocoa plantation at Siparia also belonging to Messrs. Wessels Brothers & von Gontard. The former was valued by the manager of the business at £729 3s. 4d. Offers for their purchase were invited by advertisement for a fortnight in the two daily local papers, and they realized £750. The latter was valued at £518 48. 4d., and, after following a similar procedure, as in the case of the former, was disposed of at auction for the sum of £360 88. 4d. The sale of these real properties, which received the sanction of His Excellency the Governor, was considered necessary in the interest of the liquidation.
5. The policy pursued in the winding up of the enemy businesses with the view of realizing as much as possible by the-disposal of the stock-in-trade, either wholesale or in small lots, as the particular circumstances required, at practically
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current market prices, except to a certain extent with respect to the firms of A. S. Laing & Company and S. E. Jacobson, which were partially realized as going concerns, precluded the realization of anything for goodwill. Moreover, except the business of Messrs. Wessels Brothers and von Gontard at San Fernando, referred to in paragraph 4, all the others were carried on in hired buildings which the Liquidating Committee considered should be vacated as soon as possible. Had the businesses been sold as going concerns it is quite probable that much less than has been obtained for the stock-in-trade and the unsecured debts would have been realized. In the cases specifically mentioned-A. S. Laing & Company and S. E. Jacobson in which something was eventually got for goodwill, offers for the purchase of these two firms as going concerns were solicited by advertisement at the commencement of the liquidations, but those received were too low for acceptance. There are many houses here doing business of the same description as that of the other firms, and the probability was that would-be purchasers would seek to buy, at a low figure, only the stock-in-trade.
6. With reference to the claims of creditors of the liquidated firms, those of non-enemy creditors have already been paid in full irrespective of those of enemy creditors.
7. Except to the extent that the local branch firms of Messrs. Wessels Brothers & von Gontard transacted business for the parent firm of Messrs. Wessels, Kulen- kampff & Company, of New York, the liquidated businesses were independent establishments, and not branches or agencies of firms domiciled elsewhere. Some of them, however, notably Messrs. P. H. Scheerer & Company, in the capacity of agents, represented enemy insurance and steamship companies, and received goods on consignment from enemy firms. They also imported goods from Germany.
8. On the question of the exercise of influence of German commercial firms in the Colony with the object of diverting cocoa to Hamburg, as far as the liquidated firms are concerned there is evidence of cocoa shipments to Hamburg by Messrs. P. H. Scheerer & Company and Max Reimer. The former shipped cocoa largely to Messrs. Horne & Samsche and Habicht Braun & Company, of Hamburg, and J. Gott & Schutte & Company, of Bremen, and much of that firm's cocoa shipped to Europe is classified under "Havre options." Mr. Reimer made small shipments direct to Hamburg, his large shipments to Europe being also Havre options," which means, I understand, that the cocoa went to Havre. With the available information it is not possible to ascertain what percentage of the "Havre options" shipments was diverted to Hamburg.
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9. In this connexion it should be observed that Messrs. Neubauer & Com- pany, German bankers, who are to a very appreciable extent interested in the cocoa industry of this Colony, both as mortgagees and proprietors of cocoa estates, have been known to exercise their influence for the purpose of diverting cocoa to Hamburg. Their affairs have, however, not been handed over to the Liquidating Committee. Their cocoa estates are being carried on under a licence from the Governor.
10. With regard to the cocoa estates owned by Germans and the compulsory sale of those estates to British purchasers with a view to diverting cocoa from Hamburg to London, I beg to state that the Liquidating Committee have at present under their control only the cocoa estate of Mr. Max Reimer, and one, recently transferred to the Committee, belonging to Mr. S. E. Jacobson. The estate of Mr. P. F. Collignon, as already reported, has been taken over by the mortgagees, who are still in possession.
11. Mr. Reimer's estate is mortgaged for $10,000, which is long overdue, and the mortgagee's representative has applied for payment, but the available balance of Mr. Reimer's realized assets, including the proceeds of his crops, is not sufficient to pay the debt. A compulsory sale of this estate in the manner indicated in the Secretary of State's despatch, can, therefore, be effected by action on the part of the mortgagee. In paragraph 7 I have shown the destination of cocoa shipped by Mr. Reimer to Europe.
12. The cocoa estate recently conveyed to the Liquidating Committee belonging
to Mr. S. E. Jacobeon is being valued with the object of effecting its sale.
13. The mortgagees in possession of Mr. Collignon's cocoa estate are free to put up the property for sale under the statutory power of sale contained in the
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