The Hawaiian gazette., 1901-05-28
SALE IS
ORDERED
Pain to Buy Maun-
aIei Sugar Co.'S
Property.

r McCants Stewart. the receiver IN
the case OF Gear Lansing ct al vs.. the
Maunalei Sugar Company Limited
yesterday filed supplementary report
IN the premises. giving fuller particu-
lars than in his former report OF the
condition of the Maunalei cane crop,
it's prospects I'm the market the diff
culties of its disposal, etc. and report
in also further receipts and eXpendi-
lures. The receipts mentioned make a
total of S1Si, received from the Inter
Island Telegraph Company, Limited in
payment of rent due as rental from a
cottage the said sum being placed on
deposit in the Bank of Hawaii to the
credit OF the receiver; expenditures are
enumerated for desk room, inspection
of steam launch and typewriting, in
the sum of $50, the same baving been
withdrawn from said account, leaving
a balance of $626: further expense is
shown by voucher bill for printing to
the extent of s112.5O.
In his report the receiver explains
the difficulty of disposing of the cane
crop; the same has been irrigated only
by the rains, and has not been cultivat-
ed for six months, therefore it is re-
garded by purchasers as an inferior
crop; there is no mill on said planta
ton, and by reason of the scarcity of
labor, transportation is expensive and
difficult; several sugar companies have
been interviewed with a view to the
use of their mills in grinding said cane,
payment for use of mill to be made in
cane or sugar but all refuse, because
they have all the cane they can grind
in their own crops, and the market Is
at present very stringent, so that the
purchase of cane is not a particularly
> desirable investment; cash compensa-
ton for grinding said crop was refused
by one mill. In the matter of transpor
tation, Wilder's Steamship Company
have been consulted, and their rental
of boats for transportation of cane is
500 per day per boat; the harbor at
Maunalei is rough, and by reason of
this, previous experience has shown
that method of transportation to be
expensive, much time being lost, and
no profits being derived.
These particulars and many more,
Mr. Stewart reports that he explained
at meeting of the creditors called for
the purpose. and also that delinquent
stock assessments could not be collect
ed.
In view of these facts he further
urges the sale to w. II. Pain, recon-
mended in his former report his offer
being to pay $4,000 cash, to assume
$4,000 indebtedness due the Risdon
Iron Works, and to get rent released in
the sum of $l5,OOO a total compensation
of $4,000.
AS to the adequacy of this compensa-
ton. the receiver says that one Edgar
Halstead Jr., visited said plantation on
May 18th, and after surveying the
premises. said that the value Of the
entire property would be fixed by him |
at $4,000 or whereabouts. The offer of
w. H. Pain, at $4,000, is the nearest |
to the value that the receiver has been
able to obtain, though he has diligently |
sought better terms.
Mr.. Stewart also recommends again |
payment of his own fee in the sum of
$4,000, that of his attorney, F. w.
Hankey. in the sum Of 81, 900, for gen.
eral agent $780, and for agent at
Maunalei. $500.
Vouchers are filed with the receivers
report for expenditures as itemized.
SALE AUTHORIZED.
Upon hearing the petition the First
Judge yesterday afternoon issued an
order authorizing the sale by said re-
ceiver Of said property to w. H. Pain
for the sum and considerations offered
in the following terms:
THAT T. McCants Stewart. the re-
ceiver herein. be and he is hereby au-
thorized and empowered to sell to W. II
II. Pain of Honolulu for the sum of
$4,000 cash, the lease and the goods
chattels and effects and all other as
sets. except uncollected capital and :
cash now in the hands of said receiver,
as set forth In the inventory filed by {
said receiver; provided, however, that
said w. H. Pain SHALL as a condition !
precedent obtain for the said Maunalei
Sugar Company. Limited release OF ]
and from all claims for rent now due, {
amounting to the sum of $15, 900, or I
hereafter to become due under said I
lease; and shall assume and discharge !
all liability of the said company to the I
Risdon Iron and Locomotive Works,
to the sum OF little over
$4,000; and said receiver is hereby au-
Ihorized and empowered to execute and 5
acknowledge a bill of sale conveying u
said assets and property to said w. H. !
Pain. v
Second. That upon said receiver FL Il
ng with the clerk of the court the re- o
'eipt of said Maunalei Sugar Company, j.
Limited, by its treasurer. acknowledge v
ns the payment to II of the said sum OF o
10000 less said receivers fees, togeth-
Il 200, less said receivers fees and ex- C
lenses, and his attorneys fees, togeth- &
n with the cash balance In bank and c
t plantation store, that the above -en-
tiled action be and is hereby dismiss
ID, said receiver discharged and his
bond cancelled and said receiver dis W
missed from all liability herein" ~
BEWARE OF A COUGH. !.