The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1901-05-25
SALE IS
ORDERED
Pain to Buy Maun-
aIei Sugar Cos
Property.
RECEIVER GETS
$4,000 FEE
McCants Stewart Ordered to Make
Sale for $4,000 Cost and
$4,000 Liabilities.

the case of Gear Lansing ct al VS.. the
Maunalei Sugar Company, Limited,
yesterday filed a supplementary report
in the premises, giving fuller particu-
lars than in his former report of the
/ condition of the Maunalei cane crop,
cultias of it's disposal, etc, and report
in also further receipts and expendi-
lures. The receipts mentioned make a
total of $751; received from sthe Inter
payment of rent due as rental from
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 500, the same baying been
withdrawn from said account, leaving
a balance of $685. further expense is
| shown by voucher bill for printing to
the extent of $112,5O.
i 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 cultlVat-
ed for six months, therefore 1t 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 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, Wilders Steamship Company
have been consulted, and their rental
of boats for transportation Of cane Is
500 per day per boat; the harbor al
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 a meeting of the creditors called fol-
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. H. Pain, recon-
Ifnended 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 $4,000, a total compensation
of $4,000
AS to the adequacy of this compensa-
ton the receiver says that one Edgar
HaIstead, 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 900 or Whereabouts. The offer OF
W. II. Pain, at $4,000, is the nearest
to the value that the receiver has beer
able to obtain, though he has diligently
sought better terms.
Mr.. Stewart also recommends agar
payment of his own fee in the sum OF
$4,000, that of his attorney, F. w
Hankey, in the sum of $1,000, for gen
leral agent $3.50, and for agent a
Maunalei, $500.
Vouchers are filed with the receiver:
report for expenditures as itemized,
SALE AUTHORIZED
Upon hearing the petition the FRS
Judge yesterday afternoon issued al
order authorizing the sale by said re
ceiver of said property to w. H. Pail
for the sum and considerations offere'
in the following terms:
THAT r. McCants Stewart, the re
ceiver herein, be and he is hereby au
thorized and empowered to sell to w
! H. Pain of Honolulu for the sum o
So 900 cash, the lease and the goods
chattels and effects and all other as
sets, except uncollected capital an
- cash now in the hands of said receiver
as set forth in the inventory filed b
said receiver; provided, however. tina
said w. H. Pain shall, as a conditio
precedent obtain for the said Maunalt
Sugar Company, Limited, release
and from all claims for rent now du'
amounting to the sum of S15,O00, {
lie hereafter to become due under sal
"a lease; and shall assume and dischars
all liability of the said company to tn
= Risdon Iron and Locomotive Work
es amounting to the sum of little owe
u ST. 900; and said receiver is hereby al
st thorized and empowered to execute an
\. acknowledge a bill of sale conveyin
said assets and property 10 SAID W.
Pain.
Second That upon said receiver II
ing with the clerk of the court the II
ceipt of said Maunalei Sugar Compan,
Limited, by its treasurer, acknoWleds
ing the payment to it of the said sum
$4,000 less said receivers fees, togetf
81 200, less said receivers fees and e.
penses, and his attorneys fees, togetl
az, with the ga sh balance in hank ar
at plantation store, that the above-el
: titled action be and is hereby dismis
: ed, said receiver discharged and h
bond cancelled and said receiver di
missed from all liability herein