The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1882-12-20
: September Isl, ISIS
! March LIST, 1879
! September LIST, 1879
! March Isl. $50

be written on on reserve account As soon as the
said reserve account be regulated, j. e..
IL IS so'rs that losses GFsisg oct q the olaisas
b.fors September ls ISIS DO NOT reac the feSfTTed
urqoHHf Of S25,0o, NJ. F.s SHARE TIE balance q
tie sad res,r, shall b pad OFT 10 hiH In
ierest in current account shall be RENTED semi
annually 10 Mr.. Z. F. at Bremen, untilthe account
Is closed
III is agreed that the moneys that may be due
E Furstenau Of his share may be paid to him
sooner than above stated, if the partners that re
main IN the firm and enter as new members declare
that they regard all outstanding claims as secured
The following clause of the partnership agree
ment of the present firm bearing date July us;
1851. also relates 10 these points:
All assets and liabilities of the late firm are &c
be assumed by the above named partners on sep;
LIST, ISL with all legal liabilities, advantages and
disadvantages. as they shall be aScertained by the
balance shee; which shall be drawn on August SIS
next Those profits and losses which shall be as
certained until August Slst, a C., are TO be fol
account of the late partners In this connection
il is agreed that Al the stock of merchandise is Il
be assumed at fair valuation, etc and lBl ihai
of the plantation accounts, those of Olowalu, o.
Armstrong i Pratt, and Lilikoi plantation account
of Chr. L Orange, is to be excluded
In considering the powers of the defendants
under these provisions, II must be borne IN minG
that the defendants and their new partners hAv,
fve-sixihs TO the plaintiffs one-sixfh interest il
the assets TO be collected and secured; and IN ih
absence of fraud il Is 20 be assumed that every &C
of heirs relative to those assets would, N thei
to realize the payment Of the whole thereof for tn
benefit of all concerned.
Furthermore, il Is IN proof that the plaintiff i
living N Germany, where he went after the retir
ing contract was made, and has since reside'
there, and has not returned. II any question ARCS
as 10 what TO do TO secure or collect any of tn
capital assets the plaintiff not at hand to con
suit about If. And we hold, after reading all III
provisions bearing on the points, that the plaintiff
intended 10 grant the power TO the defendants ans
Their associates to act in the absence of proof o
fraud or gross negligence, as though his persona
consent were given to all they did.
We also hold that, for the purposes of account
Ing between the parties the defendants had tn
nigh; to mark of debts they deemed lost, an
thereby to withdraw those amounts from the as
gregate capital TO be divided They could lude
better Of this than the plaintiff. BE could not pos
sibly personally know anything about II. II
granted to them his right to act IN the premises
OF course he still retains his share In any claim
50 marked of, and any future unexpected collec
tons VIII be subject TO division with him, unit
final settlement shall be made.
The plaintiff claims that much more of th
assets have been collected than is admitted by n
defendants
1st-The plaintiff claims that certainly when til
changes In the partnership of July DIST ISL, ver
the contract then made, constitute, ASIDE from Ii
plantation accounts therein specially excluded,
sale Of the whole of the capital assets IN which
has a share to the new firm, and thereby that th
whole were substantially collected.
We think this is clearly untenable. The lettIn
in of new partners was agreed TO by the plaintiff
The plaintiff asks an accounting as TO the sum
paid IN by the new partners II any and claims
be allowed for his part of IL This cannot be dom
| Incidentally he has the advantage of the fund
| paid in If any for they make it more sure, thu
| advances will continue to be made If thought bes
in order to Try to secur- the payment of his shal
| in the outstanding assets.
l 2nd--Account " b" as designated IN the opinio
\ of the Vice Chancellor. when the plaintiff retire
stood at $sl. $3.50 The plaintiff claims that it
| collected in full.
Upon this point new evidence was taken befol
Us The plantation upon which this debt reste
was incorporated since the last account rendere
to the plaintiff, and some of the stock was sold f
cash, and the amount paid over TO the defendant
But it was sworn that all sums paid in and reA
ired were credited for the benefit proportional,
Of the plaintiff and we SEE no reason 10 doubt TIL
or that the balance unpaid stands as shown
The retiring contract provides that p" All SUI
pluse> over the advances mace after the 3ls1
August. ISIS, for the purposes of carrying on Il
| Plantations and securing the advances mao
| a before that date, shall be credited as paymen
| "cn account until the whole of the oufstandir
claims are settled, or may be regarded as Pc
- fectly secured
The plaintiff would seem to claim that the d
1 PENDANTS had no right to judge where 10 NAL
such advances, and that when made they were
| the defendants risk This Is not so. The plainfi
also claims that by Incorporating the plantatio
and selling the stock the defendants In eject
the chance in their security. collected the who
5eh;' We do no. think "a. We think the claus
from the contracts vhich We havr ouotel artho
irsd DE ipcorr,oratinr az tha ulanfatinn. for Il
NAME Of irving 10 ss-rure The crtstandinc al
| and thst he evidence thonoh IDeacre and n
| sreci6c shows As we have sid that he rIainti
and de defendants have received an eoual r-ou.o
tioual benefit therefrou.
Ay-Tbe plaiutia claims that the acouut desi
nsted 81 "a ssa - rms. h. CONSIDERED eolIectF
becsnse altbonoh 4 sill stands unuaid IN who
vel The defendEnts have made larrs advances |.