381
240
3. The history of Neubauer's ownership finding its counterpart in instances with which no doubt the Secretary of State for the Colonies must be acquainted, we venture to express the added opinion that former owners of these properties should not be deprived the opportunity of re-purchasing, which they could not arrange for otherwise than at a local auction.
In most cases they were family estates, whose owners were given every possible opportunity to entangle themselves; and once under obligation to Neubauer which they could not discharge, and not being considered necessary to the enlargement of his activities here, were squeezed into paying usurious rates for finance and interest. In some cases those charges aggregated a sum equivalent to interest at the rate of with the inevit- thirty per cent. per annum on the amount of the loan
able result that the properties passed into the ownership of Neubauer and his friends. 4. An abortive sale in London would be to the detriment of a subsequent sale in Trinidad, and the value we have placed upon the properties would, in that event, more than likely no longer be obtainable.
In conclusion, we would like to add that we consider that by selling the properties individually here they would all be disposed of at valuation prices. The British capitalist would in that way suffer the incentive of local public competition. which would be the safest evidence of sound investment he could possibly obtain. and that, to our way of thinking, is the method which would be productive of most satisfactory results.
We remain, dear Sir, yours faithfully,
J. H. SMITH,
W. ROBERTSON.
G. TOWNSEND FENWICK,
ALEX. FRASER.
ALBERT H. CIPRIANI,
Members. Liquidating Committee.
32379
241
No. 201.
TRINIDAD.
THE SECRETARY OF STATE to THE GOVERNOR. (Confidential.)
SIR,
Downing Street, 13th July, 1917. WITH reference to your Confidential despatch of the 2nd of June,* trans- mitting a copy of a letter from five members of the Liquidating Committee regarding the sale of the enemy-owned cocoa estates, you will already have learnt from my telegram of 10th July that I have decided to accede to the suggestions made in that letter by arranging that the estates belonging to Messrs. Neubauer and Huttenheim should be sold one by one, and not in one lot.
2. I do not, however, think it desirable that either these properties or those belonging to the Trinidad Properties, Limited, should be put up to auction in the Colony. In altering my previous decision regarding Messrs. Neubauer's properties I have been influenced by the considerations put forward in paragraph 3 of the above-mentioned letter, and by the fact that all but two of these properties are subject to mortgages, so that their sale in one lot would involve difficulties in apportioning the amount of the purchase money to each security. These argu- ments do not, however, apply to the estates owned by the Trinidad Properties, Limited, since these were acquired by Messrs. Neubaur and the Dresdner Bank from a single owner and not from a number of separate owners, as in the case of Messrs. Neubauer and Huttenheim's properties, and are not subject to any mortgages. Moreover, it seems likely that if these properties were sold one by one it might be exceedingly difficult to dispose of "Mira Flores" and "Victoria." 3. I shall be glad you will cause the fact of my decision to be communicated to the signatories of the letter.
I have, &c.,
WALTER H. LONG.
PUBLIC RECORD OFFICE
Reference :--
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| PUBLIC RECORD OFFICE, LONDON
No. 200.
TRINIDAD.
THE SECRETARY OF STATE to THE GOVERNOR.
(Confidential.)
[Answered by No. 206.]
SIR,
Downing Street, 11th July, 1917. I HAVE the honour to acknowledge the receipt of your despatch No. 145, of the 25th April,* forwarding a copy of a minute by the Chairman of the Liquidating Committee reporting on the progress made up to the 31st March in liquidating enemy concerns in Trinidad. I observe that similar reports will in future be transmitted quarterly.
2. In paragraph 4 of the minute it is stated that the real properties of S. E. Jacobson and of Schjolseth and Holler have been advertised for sale, and that the house properties of Mrs. J. A. A. Scherer will be advertised shortly. presume that the real property of S. E. Jacobson is the cocoa estate mentioned in paragraphs 10 and 12 of enclosure I in your Confidential despatch of the 19th May, 1916,† and as regards cocoa estates the policy of sale has been definitely agreed upon. Mrs. J. A. A. Scherer's property, however, is house property, and it is presumed that the properties of Messrs. Schjolseth and Holler are other than cocoa estates. In these circumstances the decision to advertise them for sale would appear to be at variance with the previous policy indicated, for example, in paragraph 12 of my predecessor's Confidential despatch of the 25th July. 1918, and in paragraph 14 of your Confidential despatch of the 2nd September, 1916,§ and I shall be glad to be informed of the reasons for this change of attitude.
I have, &c.,
WALTER H. LONG.
* No. 198.
+ No. 174.
‡ No. 176.
§ No. 179.
35881
No. 202.
JAMAICA.
THE GOVERNOR to THE SECRETARY OF STATE. (Received 18th July, 1917.)
(Confidential.)
SIR
King's House, Jamaica, 7th May, 1917.
I HAVE the honour to acknowledge the receipt of your Confidential despatch, dated the 9th February,‡ on the question of the liquidation of enemy firms in this Colony.
2. With reference to the second paragraph of your despatch, I should inform you that all the articles of furniture belonging to the Hamburg-America Company --except one article, which was sold-were taken by the Naval Agent.
I have, &c.,
40096
W. H. MANNING,
Governor
No. 203.
TRINIDAD.
THE SECRETARY OF STATE to THE GOVERNOR. (Sent 7.36 p.m., 17th August, 1917.)
TELEGRAM.
[Answered by No. 204.]
My telegram 16th August. § It will be impossible to sell some of mortgaged
estates unless reserve prices fixed below amounts secured. Will Neubauer's assets
25820
* No. 199.
† 92878.
↑ No. 184.
§ 40096.