The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1882-12-20
3auaiialr Gazette,
WEDNESDAY, DECEMBER 20, 1854.
suprsms Court Of the Hawaiian Isiands--
In Banco---October Term. 1SS2-



E. Furs.enau vs.. II. Hackfeld ct al. Opinion of
the Court, by Austin, ].
This case comes before us on appeal from the
decision in Equity by the Vice Chancellor, Mr..
Justice McC1lly, agains; the plaintiff and appel
accounting between partners. and claim that by
such an accounting balance of about thirty
thousand dollars would be found due &c the plain
tiff from the defendants, for which q decree was
asked No relief Was granted.
Upon the appeal new evidence Was taken. and
we are now to examine the issues anew.
The plaintiff and defendants entered into part
nership at Honolulu the first day of September,
ISL, as General SHIPPING and Commission Mer-
chants, Agents and Importers. and continued the
partnership until the Slst day of August lS7 when
The same was dissolved by mutual consent, and
the plaintiff retired from the firm, having executed
q retiring agreement bearing date on that day
whereby the business was TO be continued by the
defendants The interest of the plaintiff in the
business assets Of the hrn was one-sixth, and OF
the DESCENDANTS fve-si1ths-
By the terms of the retiring agreement 1t was
provided among other things, that the books
should be closed on August 81, ISIS; that All oct
standing debts, such as book accounts bills re
ceivahle. mortgages and all other valuable matters
20 be carefully examined; and after scTlfiig ~
ins>cs fk1f soy b cTected rade, are to be
carried forward balances 50 that al any future
time flsr s-av ~ stated and there be doubt
whether the claims have their origin before az
ter August 81, ISIS. part of this, the sum Of
Sas.ooO. is to be written of on Reserve Ac-
count, IN order to cover losses which may occur,
and not foreseen."
after all accounts are regulated in above man
ner and the balances carried forward, the result
obtained shall be regarded as the capital of the
late partners on August 81, ISIS, IN which Mf, T.
has one-sirth share.
This provision of the contract was carried out,
and the onesIIth share of the plaintiff IN the cap
| ital was thereby ascertained, and agreed to be
$6SSl4 20 The main part Of this capital consisted
owners
Payments were made To the plaintiff from time
| 10 time on his share, and current accounts were
rendered to him by the defendants; and upto and
including March Is 1850, the date of the las; ac'
count rendered, the share of the plaintiff in tbs
| capital had been reduced, mainly by cash nay
meuts, to the sum of s-s0-ssS g.. No account was
thereafter rendered to the plaintiff exeep; this
l action
| In the accounts as so presented to the plaintiff
Little II any of the assets constituting the capita
had been written of as losses. But IN the eyidencS
and exhibits now before the Court the defendants
claim that large Losses of portions of those asset
have occurred much greater than the reserve fune
| of $2Sop, which the plaintiff Is proportional,
Obliged TO bear, and that 50 small part of th'
balance of those assets has been paid. and TIT
residue thereof remains so uncertain and insecure
that a matter of fact the plaintiff has beef
| already largely overpaid his fair proportion o.
| assets realized and made secure, and that there
fore there Is nothing now due HIM either OF pm
i cipal or interest; and the defendants claim tina
4 they have the right to determine, under the con
| tract, whether accounts unpaid are secure, Sns
| that their determination shall be binding n tn
plaintiff for the purpose of an accounting between
him and them.
The clauses of the contract which bear upoi
these points are as follows:
The partners remaining in the frIn assume Nh
Furstenau's share and dispose of il as they VA
| d0rrs sftoa IL amongst themselves, oHiu. Mr..
1 FurstenAu makes over all and every claim 10 tn
assets and liabilities of the finn TO the resuminl
partners
" The partners remaining in the finn bind them
selves TO Mr.. Z. T. TO collect wind up secure a
far as possible, with greatest care and consclen
tousness. the outstanding accounts ascertained OF
August Slst 1875, such as book debts, bills, mori
cages and other claims of the finn in order TO b
enabled as soon as possible. 10 pay Mr.. E. F. hi
share in the property Of the late firm.
l Until the whole of the outstanding debts ant
claims are collected or completely secured, Al
partners interested before September Isl, ISIS
remain responsible for the due payment and com
plete securenent of same, pro Fagd. Of their share
Until the complete winding up and secureInen
Of The outstanding claims, of whatsoever kind,
current account is 10 be KEEP; with Mr.. E F. fror
September lst, ISIS, in which he is TO be credite
with interest At SIX per cent per annun. until II
settlement of the said outstanding claims III
payment of his share in the capital shall be mad
| 80 NJ = as Tnilnxre