The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1901-12-24
.KAMALO'S
BIG PUMP
It Will Go Back to
the Original
Sellers.
From Saturdays daily)

Creditors OF the Kamalo Sugar Com I
pany, whose troubles in the Circuit and |
Supreme Courts of the Territory have |
lasted over a period of two years, agreed |
yesterday to give the directors an op- |
portunity to recover from their financial |
straits. At a meeting of the directors |
and creditors, held yesterday afternoon |
at 4:3O in the office of David Dayton, |
Merchant street, the financial standing |
of the company was succinctly stated by |
J. a. Magoon, attorney for the company,
and the creditors agreed to give them a
chance to get on their feet
| a heavy liability, amounting to little
over $4,000 was lifted from the company
by the action of the creditors in allow
ing the directors to return the Worth
ington pump to the manufacturers. The
agents of the pump company have been
paid $4,000 on the pump and still have
an account $4,000 with interest still due.
The pump people made a proposition TO
the directors to take the pump back, re-
leasing them from any further liability.
/ The directors expressed themselves as
desirous of taking advantage of this
proposition and presented the same to
the creditors, with favorable results
The meeting was attended by the fol-
lowing members of the Kamalo board of
directors: David Dayton, president; II.
r. Hitchcock, treasurer: l.. II. Dee audi
tor; ID. n. Lewis, secretary; j. a. Ma
goon, attorney. The creditors were rep
resented as follows: Japan Immigration
Company, Attorney f. C. Peters Hawai-
ian News Company, j. II. Soper; Will
ders Steamship Company, s. b. Rose;
Hyman Brothers, l. Rubenstein; Hawaii
an Gazette Company, Charles Crane; 7.
II. Davies & Company, Mr.. Wilson; Ha-
waiian Star Company, Frank Hoogs; Hol-
lister Drug Company. Hawaiian Carriage
Company.
Mr.. Magoon stated at the opening of
the meeting that the object of the meet
ing was to consider the financial situa-
ton you all know the suit in the
! courts has been delayed said Magoon,.
ION account of the refusal of Judge
; Humphreys to hear 1t after 1t was sent
= back to him from the Supreme Court.
e The Worthington Pump people are press
= ing for the amount of their claim, ana
( we desire to make some settlement with
them. A proposition has been made that
| we return the pump to them, and they
= WIN give us a receipt In full OF their
i, claim against it. The objection to that
= is that there might be some question a5
.. to the right of the directors to make that
e transfer We want the consent OF the
$ creditors to do that.
r "trhe contract price for the pump was
$4,000. We have paid in the neighbor-
n hood of $4,000, leaving IA balance, with
n interest and other expenses, of about
( $4,000. The pump people have mtimated
h n vi,Iippness To take back the pufp and
V re,inouish ms from all our liabilities The
It directors have considered this a wise
v thing "a do There might not be a chance
for tbem TO sell the pump for the bal
g anco due They hold a mortgage on the
g. nrnn for e. 600 which they can foreclose
and coll II out at a mortgagee's sale
If I'VE are afraid the pump will not bring
v euouph money TO nav the balance due
= and there would stll be something com
n ing TO them, BY their taking the pump
II off our hands as | have stated, it will
release us from any obligation to them
) They also agree to contract with us tc
allow us TO purchase the same pumr
l. within n shor, time upon the payment tC
II them of the amount that is due them
y with good interest. With this liability
on, of the way the company is entirely
- solyent and can then nav its debts DOL