The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1888-05-10
SANDWICH ISLANDS HISTORY.
How an American Commercial Firm
Suffered at the Hands OF the Ia-
waiian Government
[Continued from yesterday


company or Ladd & Co. for cancelling
the lease. Messrs. Laid & Co., in carry
ing out their covenants in the 100-years
lease had devoted time and money
largely in the most perfect good faith.
They had actually secured, as stated
above, valid contract with rich and
highly honorable European syndicate,
the head of which was the King OF Bel
GUM. That syndicate had progressed
so far as to arrange for an immediate
shipment to Hawaii of the first INSTALL
ment of agricultural colonists and ma
chinery. They had the fullest conf
denCe that their associates, Laid & Co.,
were an American firm of high integrity
and of sound commercial character. In
the management of their extended bust
ness in Hawaii, Messrs. Ladd q Co. had
naturally large outstanding accounts for
and against their firm, as is usual among
business houses. They were indebted
to the Government for various purchases
of wharf sites and other interests, and
also for considerable sum of borrowed
money. They were expecting, through
advices from Brinsmade, to receive ere
many months, large cash remittances.
Some of the money borrowed by them
of the Government was to enable them
to give effect to the 100-years' lease.
They had abundant assets, if not forced
on the market. The Koloa plantation
alone was subsequently appraised by a
sworn Government Appraiser, Mr.. De
Fiennes, who valued it at 1882, 500-a
sum far beyond all the liabilities of
Laid & Co.
Suddenly and most unexpectedly the
Hawaiian Government demanded of
Laid & Go. the immediate repayment of
loans made. Other accounts and claims
obtained or due to the Government were
presented and payment demanded.
Suits were brought by the Government
in the Hawriian Courts, judgments OBJ
tanned and sales of property forced at
auction. The Government Sheriff was
directed to sell that splendid Koloa prop
erty; he was desired to "bid it in for the
Government at about S., 000," nOtWith-
standing the valuation of the property at
1922, 800 by the official appraiser not
long before. OF course no one would
desire to antagonize' that competitor.
The private property of the firm and
their household effects were seized and
sold by the Sheriff at auction; and even
the family Bible of Mr.. Laid was sold
under the hammer.
A newspaper published in Honolulu
contained accounts of the suits, judg-
ments, auction sales and practical
bankruptcy of the old house of Ladd &
Co. That Hawaiian newspaper with it's
disastrous story happened to reach Bel
GUM and fall into the hands of the Bel
gian syndicate. The news of the bank
ruptcy of Ladd & Co. reached the
Belgian company on the morning of the
very day they had appointed to pay MIR.
Brinsmade a large sum in cash on &C
count of the 100000 due to him. Mr..
Brinsmade called on the syndicate at
the hour and place appointed to receive
his money. Instead of money these
gentlemen Indignantly put up to his face
that Hawaiian newspaper with its blight
ing information. Brinsmade read. the
news. He told the syndicate he had no
idea of the cause of such proceedings
that he left his firm in good standing.
that it was all mystery. In fact he
was aStOunded, and knew not what to
say or do. OF course he could not i'm
agine, at that distance, why the Govern
ment for whom he had labored so zeal
ously should show such gratitude. But
the Belgian syndicate wanted no bank
rupt connection. They pointed out to
Mr.. Brinsmade the official character of
the news, and then declined all further
dealings with their ruined associates and
their 100-years' lease. Thus ended the
Belgian contract; also, the firm of Will
lam Laid & Co. of Hawaii
Unfortunate Mr.. Brinsmade. He was
six months from the nearest commune
cation with home. He had accom-
pllSneu the OBJECT Tor Wnlcn he was sent
to Europe by his partner. and under the
approval of the Hawaiian King. He |
lad secured from France the recogni-
ion of Hawaiian independence, which |
lad greatly exhiliarated the King, Min
sters and Chiefs, and so had procured |
or him "their everlasting gratitude
In his whole-hearted generosity he |
abored to do good to the Hawaiian Gov
eminent and people as much as for his
own firm. He spent his money in their
behalf, which it does not appear was
ever reimbursed to him Now, when in |
sight of the joyful fruition of his long
abor, in a moment he finds himself |
thrown out of the society of Belgian gen