The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-11-19
THAYER To ASK
FOR RECEIVER
Hawaiian Realty and Maturity
Co. Found in Rotten
Condition.

Wade Warren Thayer, the special at
torney to whom the Attorney General
referred the badly muddled affairs of
the Hawaiian Realty and Maturity Co.,
will today bring a bill in equity in
the Circuit Court for the appointment
of receiver for the concern.
Registrar Henry Hapai has reported
on his examination of the books of
the Hawaiian Realty and Maturity Co,
Ltd, to Attorney General C. r. Hemen-
way.
He says his examination was per-
sonal one. The cash book prior to July
/, 1905, and the journal were missing.
1t was therefore impossible for him to
check the original ledger. That book
appeared to have been unintelligibly kept
and Mr.. Hapai was of the opinion
''that certain entries were improperly
made and cash receipts unaccounted
for.'' To arrive at the status of the
company as of certain day, he used
the membership ledger to ascertain the
total deposits and Withdrawals. He
selected October 81, 1907, and found
the following:
Cash balance in First National Bank,
$151.67.
Mortgages outstanding, $1861.37.
Real estate as per conveyances by
Annie Holt Kentwell and husband to-
the corporation, $36,94O; less sale of
Makaha interest in said conveyance,
$500, and Waialua interest, $4,000;
leaving 1924 as value of real estate.
But the examiner found an item of
$3.50 to the credit of real estate ac-
count, but finding no evidence of such
transaction he treats it as an entry
improperly made and reduces the total
assets accordingly to $23,703.
Both the Walalua item OF $4,000 anu
the $3.50 item are unsatisfactory, but
Mr.. Hapai says he has no alternative
but to leave the entries as made. What
became of the cash he leaves an open
question.
To arrive at the liabilities the stock
account in the ledger was worthless and
the examiner had to rely on the stock
certificate book From stub memoranda
he found that the stocks outstanding
and unpaid amounted to $17,560.
Then he tackled the question of what
was due to members on deposit ac-
count. Although juggling of ac-
counts appears on the membership
ledger" Mr. Hapai says, cit was the
only evidence available from which to-
make this report He arrived at the
following data:
Total amount paid in full as requir
ed by stock certificates, 81, 250; less
loans on stock, $1553.50; balance, So,
696.50.
Total paid by members who failed
to pay up in full as required by GER
tificate, $56,057; loans, deducted, $9000.-
80; balance, $47, 056.70
Total liability, $S0,313.20, being $780,
610.16 in excess of assets. This is not
counting furniture and fixtures valued
by the company at $646.22 nor $3118.-
80 in unsecured notes and /. o. Us,
which Mr.. Hapai regards as worthless.
With these included the company's de-
felt, on the face of the books such as
they are, would be reduced to $685.
S45.55.
The Registrar took no notice of the
expense or any other account bearing |
on the affairs of the company for the
reason that the entries were improper !
w made. However, the profit and loss
account showed debit balance of |
$96601 on June 80, 1906, but how the |
entries veg made Mr. Hapai was I'M
able to report, the journal having dis