CO885-(25-26) — Page 393

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No. 189.

TRINIDAD.

THE GOVERNOR to THE SECRETARY OF STATE.

(Received 2.55 a.m., 31st March, 1917.)

TELEGRAM.

[Answered by No. 191.]

YOUR telegram 29th March. Should advise acceptance of such an offer for the estates only, as it is doubtful whether fair prices could be obtained under present conditions. Recommend that mortgages and other debts should be sold individually in Trinidad. In my Confidential despatch 1st March† have explained that prior to outbreak of war Neubauer and Dresdner Bank formed Trinidad Properties, Limited, to take over Wilson estates. All necessary parties except Neubauer signed transfer to that company, and apparently position is that all beneficiary interest is in company and only bare legal estate in Neubauer.--

CHANCELLOR,

17080

No. 190.

TRINIDAD

THE GOVERNOR to THE SECRETARY OF STATE.

(Paraphrase.)

(Received 3.45 a.m., 31st March, 1917.)

TELEGRAM.

[Answered by No. 191.]

My telegram of 30th March. Cocoa Planters' Association and local merchants are opposed, and it is desirable that support should be given to the Association, many members of which have estates mortgaged to Neubauer, and are apprehensive that local capitalist may, with the object of controlling the Association, acquire all mortgages by offer made either here or in England through agent. In order to prevent this the sale of mortgages individually in Trinidad is recom- mended in order that mortgagors may have an opportunity either to arrange for transfer or to purchase.-CHANCELLOR.

17080

No. 191.

TRINIDAD.

THE SECRETARY OF STATE to THE GOVERNOR. (Sent 2.50 p.m., 7th April, 1917.) TELEGRAM.

YOUR telegrams of 30th March, 31st March,§ I concur in your proposal that mortgages and other debts should be sold individually in Trinidad. Question of sale of estates is receiving consideration.-LONG.

No. 192.

TRINIDAD.

THE SECRETARY OF STATE to THE GOVERNOR.

(Sent 4.45 p.m., 14th May, 1917.)

TELEGRAM.

[Answered by No. 194.]

YOUR Confidential despatch of 1st March.* Am advised that, if direction

is given under section 6, sub-section 1, of Ordinance 37, 1914, Neubauer's legal estate will vest in Liquidating Committee, and can be conveyed by them; see Regula- tions 6 and 8 in Schedule, Ordinance 6, 1915. If, however, your advisers feel doubtful as to this, Order could be applied for under section 6, Ordinance 19, 1916, vesting legal estate in Custodian and directing him to join in conveyance. I have ascertained London Branch, Dresdner Bank, claims that one-half proceeds realization will be payable to it, and that it has a charge of £28,000 on half payable to Neubauer.

Affairs of bank are under management of His Majesty's Government, and anything recovered by it will be used in reduction of balance of debt owing by it to Bank of England.

In these circumstances it is desirable that properties should realize largest prices possible, and as, presumably, Neubauer's share will not suffice to pay £28,000, same applies to Neubauer's estates.

It is possible that properties may realize higher prices if sold here than by local sale. Do you consider that sale here will realize substantially higher price? If so, I propose to cancel decision in my Confidential despatch of 27th March† and arrange sale by auction here, with exception of mortgages referred to in my telegram of 7th April, and you should inform me by telegraph and send imme- diately fullest particulars of all estates concerned, with details of charges. Particulars should include boundaries and, if possible, plans. Also send draft of conditions of sale and legislation mentioned in paragraph 2 of my Confidential despatch of 27th March. Conditions of sale should, of course, deal with difficulty properties, in another lot, subject to reserve price in each case. If reserve not as to Neubauer's bare legal estate in Trinidad Properties Company's estates.

I propose that all properties should in first instance be put up in one lot, subject to reserve price, and that if reserve not reached Neubauer's properties should then be put up in one lot and Trinidad Properties Company's estates, including town reached in either case, properties in that lot will be sold separately Sales will be completed in Trinidad. With regard to mortgages on Neubauer's properties, I am informed that some of these belong to non-enemy subjects. If so it probably will be best to convey such properties subject to mortgages, special action suggested paragraph 2 my despatch of 27th March only being used where mortgagee is an enemy. I adhere to decision referred to in my telegram 7th April as to sale of mortgages and debts owned by Neubauer.

All necessary action should be taken with least possible delay. Conditions of sale, advertisements, etc., will be printed here.

LONG.

Report by telegram prices fetched by Reimer's and Collignon's estates.——

* No. 188.

+ 12968.

† No 191.

* No.187.

+ No. 188.

No. 189.

Nos. 189 and 190,

PUBLIC RECORD OFFICE

C.O

Reference :-

885/25

PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC-

COPYRIGHT PHOTOGRAPH-NOT TO

Hugo Hoffmann

Schjolseth & Holler

25820

231

No. 193.

TRINIDAD.

THE GOVERNOR to THE SECRETARY OF STATE.

(No. 145.) SIR,

(Received 18th May, 1917.)

[Answered by No. 200.]

Government House. 25th April, 1917. WITH reference to previous correspondence on the subject of the liquidation of enemy businesses and estates in this Colony, I have the honour to forward, for your information, the enclosed copy of a minute by the Chairman of the Liquidating Committee reporting on the progress made up to the 31st March last in liquidating these concerns. Similar reports will in future be transmitted to you in respect of each succeeding quarter.

I have, &c.,

J. R. CHANCELLOR,

Enclosure in No. 193.

REPORT BY THE CHAIRMAN OF THE LIQuidating CoMMITTEE.

HONOURABLE ACTING COLONial Secretary,

I HAVE the honour to report on the progress of the liquidation of the enemy businesses and estates up to the 31st March last. In future I shall submit a quarterly

report.

2. Attached is a statement, prepared from the reports of the Receivers and Managers, showing the realized and unrealized assets. The latter consist of mortgages, book debts, real property (including Mrs. J. A. A. Scherer's houses, the value of which is not given in the attached statement) and shares.

3. In order to show the extent of the work remaining to be done to complete the liquidation of the businesses, the unrealized debts may be analysed numerically under the following heads :-

I'. H. Scheerer & Company

Wessels (Port of Spain)

Wessels (San Fernando)

Max Reimer

S. E. Jacobson

Promissory

Open

Mortgages. Judgments. notee.

accounts.

16

6

16

114

2

--

1

1

1

29

9

4. The real properties of S. E. Jacobson and Schjolseth & Holler, which are

of small realizable value, have been advertised for sale. The house properties of Mr. Scherer will be soon advertised for sale.

5. The shares of Mr. Hoffmann are in the Trinidad Shipping and Trading Company, Limited, and the Building and Loan Association. Their realization

will present no difficulty.

6. Other unrealized assets, not mentioned in the enclosed statement, are the cocoa estates and securities of Messrs. Neubauer and Huttenheim, the sale of which is under consideration.

7.

The only business that will take some time to be completely wound up, owing to the large number of outstanding accounts and mortgages not yet due, is that of Messrs. P. H. Scheerer & Company. The Liquidating Committee are, how- ever, endeavouring to speed up its liquidation.

8. It will be observed that £108,192 has been realized, and that, excluding the Neubauer and Mrs. Scherer properties, there is unrealized £56,000.

18th April, 1917.

D. SLYNE,

Receiver-General,

Chairman of the Liquidating Committee.