444 



THE TROPICAL AGRICULTURIST. 



[December i, 1884. 



Liabilities. 



Bills unpaid 

 Creditors 

 Workmen's fund, &c. 



Fr. O. 



2,427,234 32 



8,482,760 44 



9,735 00 



Total... ... 10,919,735 70 



The curator had proceeded to a general and rigorous 

 valuation of the assets and liabilities, and it appeared that 

 the situation was much worse ; besides the loss of tho 

 capital of 6, OOO/'OO f, the deficit appeared to be 5,408,554 f. 

 43c. The general results are as follows : — 



Fr. O. 

 Assets... 12,617,489 29 



Total.. .18,086,043 72 



It is therefore evident that not only the whole capital is 

 lost, but that the creditors will also be liable to a large loss. 



The report presents afterwards the results of the temp- 

 orary management of the manufactory, which began during 

 the month of August. The production of quinine was re- 

 duced from 100 to 30 kilos, daily. The fiuancial results 

 were not unfavourable. 



The report says that the management was apparently 

 regular, though an attentive eye would have discovered 

 the hidden irregularity. The alterations in the stores were 

 rather cross. According to the inventory of June 30th, 

 1883, the stocks of cinchona bark were : — 



Kilos. 



Bales in stores, 3,612 ; containing of sulphate of 



quinine 6,00940 



Bales afloat, 3,292 ; containing of sulphate of 



quinine ••• ••• ■•■ o,oi- — i 



On the contrary, the bales in store were only 2,662, 

 with 2,463-66 kilos, of quinine ; those afloat were 1,967, with 

 about 2,000kilos. of quinine. Instead of 12,671-62 kilos. 

 of sulphate of quinine, there were only 4,40366 kilos.— a 



difference of 8,207-95 kilos, of sulphate of quinine. Their 

 price being taken at 340f. each kilo., the loss in the situation 

 was2,800,0COf. 



In summiug up and by clearing those assets and liabilities 



which compensate each other, the result is the following: 



Fr. C. 

 Assets .. ... n. 4,505,051 29 



Liabilities ... ... ... 10,033,605 72 



The assets being only 45 per cent of the liabilities. It is 

 however, probable that the assets may undergo again a 

 slight reduction owiug to expenses in bankruptcy, &c. 



The report concludes by saying that several creditors have 

 asked for legal proceedings against the board of directors. 

 The report was received with great attention and general 

 assent. No debate worth recording followed. 



Professor Maglione was appointed definitive curator, and 



the following were returned :n delegates of the creditors : 



Perelli-Paradisi Antonio, by 42 votes; Alberto Eollier, as 

 representant of W. H. Cole, by 42 votes; Von Wilier, by 39 

 votes; E. Viglezzi, as representant of the Banca di Milano, 

 by 38 votes; E. Kava, as representant of the Banca Gene- 

 rale, by 36 votes. 



The Oil, Faint, and Drug Sepprter has published the fol- 

 lowing partial (and, probably, not quite accurate; list of 

 large creditors of the company : — 



Banca Generale (500,000 secured) 



Banca di Torino (1,000,000 secured) 



Demetrio Demarch 



Antonio Biffi 



Paganini 8s Villani ... 



Androssi & Co. 



W.H. Cole & Co., London 



London and Hanseatic Bank... 



Truriug-er & Co., London 



Kuhn & Oo., London... 



Anglo-Foreign Bankiug Company 



Dutschka & Co., Vienna 



Banca Italiana Lyano 



Perrier Freres 



Societo Marseillaise ... 



Lire 

 979,000 



2,190,000 



119,000 



11,000 



150,002 



280,000 



1,280,000 

 263,000 

 127,000 

 129,000 

 504,000 

 444,000 

 212,000 

 282,000 

 251 >,l 100 



Mr. Boehringer seems to have been a man of liberal 

 views and boundless ambition, backed by a great deal of 

 ability in a direction which enabled him to impress his views 

 upon others, and not only gave him the control of large 

 means but for a time made him the leading spirit in the 

 quinine industry of the world. It is quite evident to the lay 

 observer that Mr. Eoehriuger was lacking in the qualities 

 necessary to bring his ambitious conceptions to fruition. It 

 is stated by those who have been conversant with his plans 

 that they had been most ably laid but had been thwarted by 

 circumstances beyond his control. This is quite possible, but 

 it will doubtless prove poor consolation to the stockholders 

 in the Company which seems to have been bankrupted under 

 his management, or to the proprietors of other factories who 

 have, in competing with the Milan and its wild commercial 

 policy, been compelled to carry on an almost profitless 

 business. It is stated by those who have seen contracts 

 made by Mr. Boehringer on behalf of the Milan factory that 

 they indicated a business policy which could have no other 

 ending than bankruptcy. His extensive business operations, 

 which gave him a large measure of the personal prestige 

 that he possessed for a time, appear to have been the 

 outgrowth of a determination to sell quinine regardless of 

 price. With reference to the purchase of bark his ideas 

 were evidently sounder, although he was not able to carry 

 them out and he wasted much money in an effort to con- 

 trol the bark market in the interest of quinine manu- 

 facturers. Hisopposition, however, cost the bark speculators, 

 led by Meier & Co., a great deal, and his factory sub- 

 sequently contributed to their failure as it is understood 

 that the primary cause of Meier's failure is owing to the 

 nonpayment of acceptances given C. Gr. Meier & Co., by 

 the Milan factory for several thousand bales of bark during 

 the early part of this year. The paper was discounted by 

 Meier & Co., and having gone to protest, it engulfed that 

 house. Another well-known London firm connected more 

 closely with the drug trade is largely interested in the 

 latter failure, but having ample capital at its command 

 will not feel tho losses. This is the second time that Meier 



