$14
3-To decree that the question is judged not partially but in its entire development and that consequently the Bank cannot proceed against the defendant for further calls.
Whereas by preparatory judgment dated 6th March, 1891, the Court ordered the production of the Articles of Association, the minutes of the meetings of shareholders, and, although the case was one of those foreseen by the Article 14 of the Code of Commerce, sundry balance sheets, the register of transfers, and an exact state- ment of the position at the time.
THE HONGKONG WEEKLY PRESS AND
Whereas by the final judgment dated 24th April, 1894, the Consular Court of France at Shanghai, omitting absolutely to adjudicate upon the counter-claim brought forward by Le- pissier, contented itself with declaring the Bank of China's demand unfounded, rejected it, aud condemned them in costs.
Whereas a regular appeal has been made from that decision by the Bank of China, following an aot of chancery dated 14th June, 1894
Whereas the first judge having omitted to ad. indicate on the counter-claim of Lapissier, it is found implicitly rejected, and Lepissier not having raised it again by appeal the Court is not bound by it, and ought to confine its ex- amination to the principal claim brought for. ward by the Bank of China and Japan.
As to allowing the claim in justice of the suit of the Bank of China,
Whereas the Bank of China, being regularly constituted according to English law, has the right to ask French Courts to order the execu- tion of conventions eutered into between it and third parties under the jurisdiction of French tribunals, and this in terms of the Convention of 30th April, 1862..
|
Give official certificate to M. Sambao that he reserves his rights against the Hongkong and Shanghai Bank, who omitted to make the trans- for of the shares sold through them.
Also of the declarations made in his pleadings by M. Ternisien.
Also of the declaration made by him that he reserves the right of asking from the Bank of China in the person of its directors reparation for the prejudice which has been caused him by their illegal actious and by the extension given without right to their operations, actions which have placed the said Bank in the hopeless posi tion in which it now finds itself.
Order the repayment of the fine deposited. So judged, etc-N. C. Daily News.
THE TERMS OF PEACE BETWEEN
CHINA AND JAPAN.,
SPECIAL TELEGRAM TO THE " DAILY PRESS
Shanghai, 18th April. The Japanese positively refuse to divulge the terms until the ratification of the treaty, which is to take place within three weeks, and the armistice has been extended until the 8th May in consequence.
The Chinese state the terms variously, mainly an indemnity of two hundred million taels, the cession of Formosa and the Liaotung Penin- sula, the opening of several new ports, including Nanking and Peking, and an offensive and defen- sive alliance.
RELTER'S TELEGRAMS]
LODDON. 17th April. Peace has been signed. The Times Shanghai correspondent states that the terms are the inde As to the request being well found. Whereas the call has been made in conformity pendence of Korea, the retention by Japan of with the Articles of Association, which bind the conquered places, also of the territory east Lepissier in his position of shareholder, as in of the Liao River, the permanent cession of terms of Article 18, the Directors can make calls Formosa, the payment of a war indemnity of when they think it, that this formula excludes 100,000,000 yen, and an offensive and defensive the right for shareholders to contest the oppor-alliance between the two countries.
tuneness.
Whereas Lepissier is wrong in disputing his position as a shareholder, as in fact he does not deny having bought on two occasions 15 shares, although he maintains having sold them;
Whereas the sale of the shares to a third party did not release him from his position as a share- holder as far as the Company are concerned; the transfer in the register of the Company alone relieving him from that position.
Well, now, whereas it follows from the evi. dence produced he still remains ou the register of transfers.
That the sale by him, made through the Hongkong and Shanghai Bank, cannot be set up against the Bank of China, because in terms of Article 36 of the Articles of Association, the Directors can oppose the transfer of all shares not fully paid up That Lopissier does not even justify himself by having made a step towards obtaining from the Bank of China authority to transfer his shares.
As far as the bad management of the finances are concerned, the violation of the Articles of Association, the loss of a part of the capital stated in the judgment and on which the defence of the respondent insists these facts are not established, but if they were they would be with- ont interest in the case.
That in fact they could serve for the basis of a demand for the dissolution of the Company, a demand which has not been brought before the Court. Lepissier having failed to appeal and which may therefore be considered as abandoned by him, but could not justify the refusal to pay the call, the Articles of Association empowering the Directors to make such calls when they think fit, and this without being obliged to establish before the shareholders the opportuneness of such a call and that it is well founded.
For these reasons. Reverse the judgment against which this is the appeal.
Order Mr. Lepissier to pay to the Bank of China, Japan, and the Straits. Limited, the sum of £15 sterling plus interest at 10 per cent, per
annum in accordance with the Articles of As- gociation on £7 10s. from 1st November, 1893, and on £7 10s. from 1st February, 1804
Condemn him besides in all costs of the first instance and of the appeal, which amount to $308.50, of which $172.85 go to M. Ternision and $135.65 to M. Sambuc for the fees paid into Court.
The Japanese Minister in London says that the statements of the Times are incorrect, that they omit several of the conditions of peace, and that the remainder are of doubtful accuracy,
LONDON. 18th April,
Reuter's Agency at Tientsin learns that au Imperial Edict has been issued empowering Li ung-chang to sign a treaty of peace and to accept the conditions contained in a Japanese Ultimatum, which are as follows :—
The payment of a war indemnity of 200,000,000 taels.
The cession of Liao-tung peninsula, up to latitude forty.
The cession of the island of Formosa. The opening up of five new ports, including Tientsiu Beking to commerce.
The limitation of lekin taxes to 2 per cent. Permission to be granted to the Japanese to open cotton factories and to engage in other
industries in China.
The occupation of Port Arthur for a term of years only.
The English Press is reserved in expressing an opinion on the above terms of peace and awaits complete and more accurate details before animadverting upon them.
The French Press is strongly hostile to them and urges united European action to prevent their being carried out.
LONDON, 19th April. The conditious of peace include the cession of the Pescadores, and the retention of Weihaiwei by the Japanese until the Treaty is executed.
Three weeks are allowed for the ratification of the Treaty.
The Russian Press says that any cession of the mainland of China to Japan will compel the interference of the Foreign Powers.
LONDON, 20th April, The indemnity is made payable in seven years with 5 per cent. added. No interest charged if paid within three years. Japan extends most favoured nation treatment. China conforms to Japanese customs and to Japanese customs
tariff.
LONDON, 22nd April. The Japanese Castoms Tariff has been con- firmed.
Reuter's agent at Shanghai states that Japan demands the opening of Chentu, Kaifongfu, Peking, Shaoking, and Suchow.
[April 23, 1895.
Germany, France, and Russia bave agreed to taken joint action for the protection of their common interests in the East.
A loan for £3,000,000 sterling has been con- cluded between a German syndicate and Li-hang at Tientsin.
THE NORTH CHINA INSURANCE COMPANY, LIMITED.
The following is the report for presentation to the third ordinary general meeting of share holders to be held at the offices of the Company, on Tuesday, 23rd April :---
The directors have pleasure in submitting for the information of the shareholders the annexed duly audited statement of the Company's accounts to Bist December last-
1893. In accordance with the resolution passed
of the year 1893 have been olosed by the transfer of
at the last ordinary general meeting, the accounts Ta. 10.777,08 to liability account, and that amount claims.The total profius of the year were Tis. should prove sufficient provision for any additional 186,806,83, and they have been distributed as detailed in the balance sheet.
1894. There has been a considerable increase in the income of the Company during the past year, and it is hoped that the following figures and estimates of the ultimate result of the year's working will be considered satisfactory.
The net premia amount to Tls. 813,085.81, and afte payment of claims and expenses of management, the balance at credit of the working account on 31st December was Tls 507,768.8, against which settlements have since been made to the extent of Tis. 129,349.19, and it is pro posed to set aside Tls. 163,419.61, to provide for further losses an outstanding liabilities, leaving an estimated surplus of Tls. 315,00100, which the directors recommend for appropriations as follows-
Interest at the rate of 10 per cent. on the paid-up capital.
A bonus of 15 per cent. upon contributory premis. An addition of Tls. 50,000 to the resorve fund.
DIRECTORS.
In terms of clause No. 9) of the Articles of Association, the directors all retire, but, being eligible, offer them selves for re-election.
ACCOUNTS.
The accounts have been audited and certified by Mr. White and Mr. Burman. Mr. White again offers his. servicess as auditor, but the directors regret to announce the retirement of Mr. Burman, and it rests with the shareholders to appoint his successor.
By Order of the Court of Directors, ALEX. ROSS,
Secretary.
Shanghai, 9th April 1895.
BALANCE SHEET-31ST DECEMBER,
Dr.
1894
11!
926,6 10.93 200,000.00
| To capital account:-
3,0 0sharesat £25-£125,000.0.0 at 2/83 To reserve fund.
Tis. 10,000.00
To investment fluctuation ac-
count..... Add-Profit on Loudon in-
vestments realized
To working account, 1898:-
Balance on 31st December,
1893 Dedact-
756.15
10,756.15
359,789.03
Tla.
1st dividend, being 10 per cent. per annum on paid-up capital, declared 25th April, 1894... 86,956.51 2nd dividend, being 10 per cent. on shareholders' con- tributions, de- clared 25th April, 1894 Carried to invest- ment fluctuation account
89,850.32
10,000.00
186,806.83
166,982.20
Amount brought forward
from below
156,205.12
10,777.08 10,777.08
Lesb-
Amount transferred to liabi
lity account....
To working account, 1894: —
Amount brought forward from below... To liability account for 1893 and previous
VORTS ****** To dividends uncollected
507,763.80
11,075.99 322.14
Tls, 1,658,384:017