, 1882-09-23

could not at the time have continued work
ing. Wemean of course those bills for canes
delivered TO the factory in 1873, III the
month Of August VI believe, which could
hot be paid for then.
The canes to the Factory are delivered
for cash payment, but, as it would be a
too great loss of time to each party to
make up accounts for every day, the pay
ments, as it is now, are made weekly, but
the canes are delivered with the under
standing that ne credit is to be given.
The relation between the Factory and
cane-deliyerers in this respect is just the
same, as when a man would buy a thing
from another for cash and have it sent to
him with the understanding that the pay
mcnt is to be made on receipt of the thing,
only atiRt erclation between the Factory
and the canc-deliycrcrS the nature Of the
transaction does not allow Of an immediate
making up Of the account. In 1878 the
relation between the Factory and canc-dc-
l~iyererS was in principle the same rs now
in this respect, only that the payments
We're to be made tortnightly instead of
weekly. Now in 1873, on ono pay day
it unfortunately happened that the Fac
tory was not capable of paying amy Of the
cane.deliyercIs it was no transient en-
barrasSment which would be rcmcdied
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arrangements to be made by the company,
no, it was a final stop. Now in phi
yate business one who had sold and deliver.
ed for cash, and OH calling could get neither
payment HOr return Of the article
delivered, would consider himself at least
hardly treated and, tue other party would
certainly be called upon to Justify and eX-
cuse himself as to how he cou.d thus
diSappoint the other party in the ~transac-
ton, in short would have TO sheW that
unforeseen misfortune had made him
unable to keep his promise. With re-
gard to the Factory company an eXccp-
ton from this rule was made, partly
because the disappointed men were stun
ned at what had happened, but mainly
because no one doubted the sincerity Of
the Company and that the want Of money
for payment of the canes was only attri-
buta bic to unIucky and entirely meXpect-
cd circumstances. We are not aware how
large the amount was which was thus left
unpaid, but believe it to have been between
10000 and 10000 dollars. Now it would
evidently have been at the least very incOn-
Ncnicnt for the Company to continue
operations with this amount ali0at against
it and it was attended even with difficulty
to obtain money necessary TO continue the
working oftbe Factory; therefore the great
cr part 0fthesC cane deliyererS were prevail.
ed upon to take preferential shares in the
Company in lieu OF their claims. AT that
time this operation was OF no small impor-
lance to the Company. We are fully
aware that those who agreed to take the
preferential shares in lieu OF payment are
rot legally entitled against tie Company
to any money before a dividend he declar-
ed, but on the other hand it Will bo
seen from the above that the amount of
these shares ought to be considered by the
Company as a debt of honour to be repaid
at the earliest opportunity. This point of
view will also commend itself, when we re
fleet that a part of these cane-dcliyerers de-
Clined to take shares in lieuOftheir accounts
for canes these will therefore legally stand
nearer to getting their money than those
who took shares, but the Company cannot
very well pay these parties and leave the
others unpaid.
We have heard that some Ofthese old cane
accounts have been paid already. If this
be so, then those who took shares instead
of their claims ought certainly to be re-
warded for the good will they at the time
have shown the Company.
There is another point in relation to the
Factory & the shareholders here, which we
want to bring forward viz, the publiShingof
the COmpany's accounts out here. In this
respect the constitution of the company
provides III 5 Q "AH ordinary General Meeting
shall be cOnreNed in Copenhagen IN the month
of N0rember crerg gear, after notice IA days
previously, published three times in the
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