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No. 194.

TRINIDAD.

THE GOVERNOR to THE SECRETARY OF STATE.

(Received 7.45 a.m.,

19th May, 1917.)

TELEGRAM.

[Answered by No. 195.]

YOUR telegram 14th May.* I concur that better prices would be obtained if properties sold in England. Estimated value of Trinidad properties which are unencumbered is £100,000, so that Neubauer's shares should be ample liquidate charge of Dresdner Bank. No mortgages on Neubauer's estates are held by enemies. The special action suggested paragraph No. 2 your despatch 27th March, Con- fidential, † will not, therefore, be applicable to any of those properties if procedure as indicated in your telegram under reply is followed. I am unaware of reasons for change of decision to sell free of encumbrances. Estimated surplus realizable from Neubauer's estate is £20,000. Particulars of estates, with details of charges and draft conditions of sale and legislation will be sent as soon as possible. Reimer's estate fetched (?)£9,437, and Collignon's £9,166, free of mortgages.— CHANCELLOR.

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in satisfaction of the debt, and Trinidad Properties; Limited, was formed with the intention that it should take over and hold the above properties, but, as above stated, the carrying through of this latter arrangement was interrupted by the outbreak of war.

With regard to Mr. Neubauer's interest, the London branch of the Bank has made advances to that gentleman, for which he agreed that his interest in the properties should stand as security, and the amount now due for principal and interest in respect of these advances is approximately £29,000. It follows, there- fore, that the London branch has a predominant interest in the properties, and, in our opinion, their realization at the present time will result in serious loss to the branch in respect of the indebtedness to it, which is, in fact, now represented by the estates in question.

As managers of the London branch of the Dresdner Bank and as directors of Trinidad Properties, Limited, we beg to record our protest against any such dealing with, and disposal of, the properties as is proposed, and to reserve all rights of the bank and the company with regard to any proceeding which may be taken with a view to give effect thereto.

We are addressing a similar communication to the Colonial Secretary, Trinidad.

We have, &c.,

A. ELLERT.

P. LINDENBERG.

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PUBLIC RECORD OFFICE

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C.O.

Reference :-

885/25

PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO

25928

No. 195.

TRINIDAD.

THE SECRETARY OF STATE to THE GOVERNOR.

(Sent 11.55 a.m., 23rd May, 1917.)

TELEGRAM.

Reason for decision to sell subject to YOUR telegram of 19th May.‡ mortgages is that I anticipate better prices will be realized since amount of money to be found immediately by purchasers will be less. Do you agree? Is there any objection to proposal?-LONG.

27697

SIR,

No. 196.

TRINIDAD.

MANAGERS OF THE DRESDNER BANK to COLONIAL OFFICE. (Received 30th May, 1917.)

[Copy to Board of Trade and Official Supervisor of the Dresdner Bank, 21st June, 1917. L.F.] [Answered by No. 198.]

65, Old Broad Street, London, E.C., 25th May, 1917. We understand that it is contemplated that the Government of Trinidad, with the approval of the Secretary of State, shall take steps for the vesting and realization of the cocoa estates in Trinidad which formerly belonged to Wilson's (Glasgow and Trinidad), Limited. These properties at the outbreak of war were to be acquired by Trinidad Properties, Limited, but the arrangements to this end were interrupted by the outbreak of hostilities.

The properties in question represented a security to the London branch of the Dresdner Bank for advances amounting to over £100,000 made by it to Wilson's (Glasgow and Trinidad), Limited, the London branch having a subsidiary arrange ment with Mr. Friedrich August Neubauer, of Hamburg, under which the latter provided one-half of the amount advanced. Upon the winding-up of Wilson's (Glasgow and Trinidad), Limited, the London branch, with Mr. Neubauer's approval, came to a compromise with the Liquidator, and took over the security

‡ No. 194.

* No. 192.

† 12968.

No. 197.

TRINIDAD.

COLONIAL OFFICE to THE CROWN AGENTS.

[Copy to Board of Trade and Official Supervisor of the Dresdner Bank, 7th June, 1917. L.F.] GENTLEMEN,

Downing Street, 6th June, 1917.

I AM directed by Mr. Secretary Long to inform you that it has now been decided to arrange for the sale in this country of certain enemy-owned cocoa estates and other property in Trinidad, which formed the subject of a conference at this Office on the 8th of March at which Sir William Mercer was present.

2. These properties belong in part to Messrs. Neubauer & Huttenheim, and in part to the Trinidad Properties, Limited, a company registered in the United Kingdom and owned by the Dresdner Bank and Mr. Neubauer, an enemy subject, in equal shares.

*

3. I am to enclose a copy of a despatch from the Governor, dated the 23rd of January, giving particulars of the cocoa estates belonging to the Trinidad Properties, Limited, and a copy of a despatch, dated the 13th of January, giving particulars regarding the estates and certain other property of Messrs. Neubauer & Huttenheim. I am also to enclose a statement‡ drawn up by the Chairman of the Liquidating Committee in the Colony, giving (inter alia) particulars and estimated values of all the cocoa estates mentioned, as well as of certain town properties belonging to the Trinidad Properties, Limited, which it is proposed to include in the sale.

4. It will be observed that the properties belonging to Messrs. Neubauer & Huttenheim are, for the most part, mortgaged. It is understood that these mortgages are all in favour of British subjects, and it is proposed at present that the sales should be made subject to the mortgages. Mr. Long is, however, in correspondence with the Governor on this subject, and it may ultimately be decided to pass special legislation by means of which the estates can be sold free of mortgage and the claims of the mortgagees transferred out of the purchase money. Should this course be decided on you will be immediately informed of the fact.

5. Mr. Long realizes that the particulars given in the enclosures to this letter are not sufficient to enable you to make satisfactory arrangements for the sale. and the Governor has been asked by telegraph to send the fullest particulars without delay, with drafts of conditions of sale and of the legislation which will be necessary to enable the sales to be satisfactorily carried out.

* No. 188.

+ No. 185.

Enclosure in No. 180.