THE HONGKONG WEEKLY. PRESS AND
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going realise more than it did they would probably not have consented to the scheme.
His Lordship-He gave an exaggerated estimate of what the estate would realise?
The Official Trustee-The assets were grossly over-estimated.
His Lordship Of course your application to annul this scheme and to adjudicate him a bankrupt proceeded not on the ground of over- estimation of the value of the assets, but on the ground that he had prejudiced the carrying out of the scheme by leaving the colony and not giving information.
The Official Trustee-Yes.
The Official Trustee-No. Mr. Price tells me that he intended that the report of the Com- mittee should be taken in conjunction with the application, and the Committee also wish your Lordship to take cognizance of my report and also of the Committee's report as to the over- estimation of the assets.
His Lordship-On this present application ? The Official Trustee-In connection with the application. Mr. Price does not wish to withdraw it, but he leaves it in the hands of the Court.
rupt and to annul the scheme of arrangement? I think there is hardly such ground. I think that the scheme having been carried out, the Court could hardly and legally and rightfully annul the scheme, because it has become an accomplished fact, and I do not think it would be correct to make an order annulling the scheme which really has been carried out with completeness. With regard to the exaggera. tions of the debtor in respect to the value of the assets, of course they are to be regretted. At the same time, when an arrangement is made the creditors must always run a risk more or less. When creditors accept His Lordship-I do not think he ought to be a scheme of arrangement or composition offered punished on this point respecting the over-by the debtor, it lies on them to ascertain by all valuation.
the means in their power whether the value of the assets given by the creditor is correct or not, and when they have once ascertained that estimate and sanctioned the scheme of arrange ment I do not think it lies in their mouths to say that the valve of the assets has been placed too high, apart of course from the question of fraud. In this case there is no fraud alleged on the part of Mr. Watts. The Official Trustee attributes it rather to ignorance of his position. Subsection 8 cf Section 18 of the Ordinance speaks of fraud and the enactment is in the following terins-" If default is made in pay ment of any instalment due in pursuance of the composition r scheme." That is not the case here, because there was no offer of a definite sum or payment by instalments, but merely an arrangement that the estate be wound up according to the laws of the colony. "Or if it appears to the Court that the composition or scheme cannot in consequence of legal difficulties or for any sufficient cause proceed without in justice or undue delay to the creditors or to the debtor." That is not the case here because there is no question of the scheme proceeding because the scheme is exhausted the scheme has really been carried out, and therefore there is no question of injustice or delay. Or that the approval of the Court was obtained by fraud.' That is the last in the list of instances in which the Court may deal with a scheme by way of annulling it. Therefore apparently under these circumstances there is no ground on which the Court can annul the scheme and adjudge the debtor bankrupt. The application under these circumstances must be refused. At the same time I wish to say that having regard to the conduct of the debtor the applica tion was a very reasonable one, and I hope in future cases, where schemes (of arrangement or compositions are made, that debtors will take care to place themselves unreservedly and loyally in the hands of the Trustee
His Lordship Of course the view I took of the matter was that, having regard to the position which the matter had reached, it was hardly right to annul the scheme and to adjudicate him a bankrupt.
The Official Trustee-We have got in all the assets that can be got, and the only thing is that the unsecured creditors are disappointed in not getting any dividend at all.
His Lordship-The scheme did not guarantee any fixed amount ?
The Official Receiver-No, my Lord, except that at the public examination the debtor gave us to understand that there would be substantial assets and that 75 per cent. would be available for distribution amongst the creditors.
His Lordship-That would turn upon the question whether this scheme was obtained by any fraud or improper representation.
The Official Trustee-The Committee do not allege any fraud at all. They attribute it more to the debtor's ignorance as to his real position at the time.
His Lordship-I understand that Mr. Price would rather that the application should not be withdrawn and that L.should deal with it ?
The Official Trustee-Yes, he leaves it entirely to your Lordship.
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and the Committee of Inspection. I am sorry Mr. Watts did not act as he ought to have done in the first instance, but he has to some extent purged his case, and he must be careful not to do the like again.
The Court then adjourned.
THE PHILIPPINE REBELLION.
[FROM A CORRESPONDENT.]
MANIDA, 29th October. The rebels are still increasing in the pro- vinces and the state of affairs is getting worse. Manila is quite safe and foreigners living here entertain no anxiety, as the city is well guarded by a cordon of Spanish soldiers. Passing along the streets in the day-time no one would think there was any revolution in progress, for there is no sign of disturbance and the street traffic is as lively as ever.
His Lordship-In dealing with this applica- tion I wish to repeat what I said at the former hearing, that this application is no doubt caused by the conduct of the debtor in leaving the colony without sufficient notice and before that in not rendering assistance in affording infor- mation to the Official Trustee and the Committee of Inspection in regard to the winding up of his affairs in this scheme of arrangement, and therefore I am not surprised that the Committee of Inspection, or these three creditors who formed it I think, have joined in the application and have taken these proceedings in order to get him adjudicated a bankrupt and the scheme of arrangement annulled. However, when the application came before the Court at the last sitting it appeared, as far as I could gather from the evidence, that the scheme had been virtually carried into execution, but under cir- cumstances causing dissatisfaction to the Com. mittee of Inspection and the Official Trustee, and under those circumstances I suggested that The Volunteer Corps is proving of good the application should stand over for a week in service, though their conduct in some respects order that the debtor might have an opportunity is open
During the night-time of redeeming himself by placing himself in the they crowd the streets and are very useful in hands of the Committe and the Official Tustee guarding the public buildings, churches, banks, and assisting them with information and other bridges, railway station, and other important wise with regard to the complete carrying ont places. Sometimes they succeed in detecting a of the scheme of arrangement. I am glad to member of the "Katipunan" and then an excit hear from the Official Trustee that the debtoring scene of arresting is witnessed. has acted under that arrangement and has given satisfaction so far. It is a great pity that he did not do so before. That being so, the ground of complaint, so to speak, disappears, because the action of the Committee in making this application to the Court was founded on Condnet in, these matters to which I have referred. Then is there cause or not, in these altered circumstances, to adjudge him a bank- | wounded.”
to censure.
It is reported that two companies of Spanish soldiers that met each other last night at 2.40 at Dulu, a place between Caloocan and Mala- bon, started firing on each other, each taking the other for rebels. The firing lasted for an hour; but fortunately the troops cannot be congrata lated on the excellence of their aim, 'the report of the engagement being none killed, none
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[November 11-1896
Bean
Some firing was heard del Monte at one o'clook thi three o'clock six hundred marching out for the surrounding
There is no news from Cavite and Im
PEDRO
THE "HIMEJI MARU” ASHORE
Late on Friday night, about eleven o'clock, the Nippon Yusen Kaisha received the follow ing telegram from Tourane
着家
• Himeji Maru badly on shore eastern end Bombay Reef, Paracel Islands. Send salvago party and assistance immediately. Capt. Tipple.
On Saturday afternoon the Agent of the Nippon Yusen Kaisha supplied us with the following additional informations).
"The Himeji Maru (late Ismailia), Captains R. Tipple, H.N.R., left Hongkong on the afternoon of the 30th ultimo, bound for London and Antwerp via Singapore, Colombo, Port Said, and Marseilles, with cargo for all calling ports and one European passenger to Singapore and two to London.
"We received the wire informing us of the casualty to this steamer only late last night (about 11 p.m.), although it is to be presumed that she must have met with the accident some four or five days previously. From the cicum- stance that the wire came from Tourane we may also infer that a boating party must have crossed over from the stranded steamer to the coast of Annam. However, we have wired to Tourane for more particulars.
"With respect to sending down a salvage party and assistance, we are · pleased to state that, ever mindful of the interests of shippers and underwriters and all concerned, we have succeeded in the short space of time between this morning and this afternoon, to make all the necessary arrangements in this connection;*; and the steamship Siegfried, Captain Ahrens, with a salvage party and the necessary gear on board under the superintendence of an expert from the Hongkong and Whampoa Dock Com- pany, will proceed either to-night or to-morrow at daylight for the scene of the disaster."
At 2.30 yesterday afternoon the Siegfried left for the Paracels to render assistance to the Himeji Maru. She will probably arrive at the scene of the disaster about noon on Tuesday, the 10th instant. She would have left earlier had it not been necessary to wait for some salvage gear, used in connection with the Tai--- sang, to arrive from Canton.
AČCIDENT TO THE “TAISANG.
The Indo-China Steam Navigation Com.
pany's steamer Taisang met with an accident near the Tai-me spit in the Canton River on Wednesday night. She was proceeding from Hongkong to Canton when she ran aground and after anchoring fouled her anchor and knocked a hole in her bottom. The rush of water into the hold was so great that the vessel's pumps were unable to cope with it and a message was sent to Hongkong for assistance. launches was sent with pumping machinery Thursday night one of the Dook Company's
and a gang of men under Mr. D. Macdonald to the vessel. Temporary repairs were effected and the vessel arrived here on Sunday and went into the Cosmopolitan dock for repairs. It
was found that she had a hole about a foot in diameter in the fore hold. It will be necessar to replace two plates and the repairs
take a week to effect.
Two houseboys and a coolie were char the Magistracy on the 6th Novem ing various articles from the house of Queen's Gardens. One of the boys was charge of the house during Mr. Laute and he and his two friends in Shanghai the opportunity of pawning numero belonging to Mr. Lauts. When the returned to Hongkong he noti difference in the appeara gave information to the Quincey and Holt arre
alne gof recovered property of the Magistrate sent two of the pris for six months and one for three m hard labour