July 1, 1901.]
·
The Hon. C. P. CHATER seconded the pro- posal and it was unanimously carried.
The CHAIRMAN: Gentlemen,- Another ex- traordinary general meeting will be held in a fortnight, and if those resolutions are then confirmed, work at the mill will shortly after. wards be started. I thank you, gentlemen, for your attention. The meeting is adjourned.
to
He was a man
CHINA OVERLAND TRADE REPORT. Gentlemen,This Extraordinary General value, the capital being limited to 12 lakhs and brought out here under an engagement as Meeting has been called in order that the would allow of machinery, which is of the very overseer or foreman of works. He had now been nine months in the colony, and in the General Managers might have an opportunity best description and practically as good as new, of again putting before you the position of the being written down from $1,101,424.82 to exercise of his duties was directly under the Company, and of ascertaining from you what | 8556,000 or 50 per cent. of its present book supervision of Mr. Tooker, who had given him an you consider would now be the best course to value and 20 per cent. being written off the excellent character both as to conduct and ability. adopt in order to safeguard your own interests. book value of buildings, thus permitting of a Who was the complainant ? The circular dated the 12th inst., which was saving in fire insurance premium which has who for some years past had been speculating in posted to each shareholder, would fully acquaint hitherto been a heavy item of expenditure, and houses, buying them at the lowest possible figúre you with the present position of the Company. also doing away with the necessity of making and selling them at the highest. Therefore, it You are aware that from a variety of causes provision for depreciation of machinery and was to the complainant's immediate and direct The interest to spend as little asd possible on these the cost of building and equipping the Mill buildings for several years to come. very much exceeded the estimate made when buildings could not now be erected at their houses during the short periods they remained On Crisp's report, the the Company was floated, but it is necessary original cost, owing to a heavy increase in the in his possessiou. you should understand that although the Capital price of both labour and material. Furthermore, complainant had been put to considerable was fixed at $1,20 1,00', it was never contem- as you may possibly be aware, the land-belong expense on houses he had bought for the plated that such a sum would suffice for the ing to the Company is more than sufficient for purpose of selling again. Bearing that in purposes mentioned. The idea which then our needs, having been acquired with a view mind, was it likely that Chung Shun Koo would feel particularly amiable or well-disposed prevailed was that the balance required for to possible extension, and the surpins area that and for working capital could be raised mesuring over 150,000 sq. feet may be sold towards the person on whose direct report and by debentures, which it was thought could when a favourable opportunity occurs, thus through whose direct agency he had been com- be issued at a rate of interest below the reducing the taxation on the property, and pelled to spend so much money on houses he prospectiver earning power of the Mill, and providing a proportion of our working capital. had bought merely as a speculation? The that thus there would be a distinct benefit to Such further sum as may be required for complainant had every possible reason for shareholders! It was farther anticipated that working capital will be advanced by the seeking to discredit Crisp, aud, if possible, 3.000 shares not then issued could be placed at General Managers at current rate of interest. to get rid of him, all the more because not below par, as and when the money was These remarks, which I think cover the whole he had already found that Crisp was in- required, but unfortunately it has never been ground, will give you some idea of the economies corruptible. Chung Shun Koo had said that the accountant of the shop in Queen's Road possible to realise either of these expectations, possible under the new scheme. It only occurs and the necessary funds to complete the Mill to me to add that now the yarns are becoming reported to him that Crisp had been thers and to work it were provided by the General known they command higher prices on this and had intimated, by the use of a certain ex- Managers, the amount thus advanced being at market than those current for the best Indian pression, that he wanted to obtain money from one time $1,656,000. It was not to be expected spinnings. Before putting the resolutions of Chung Shun Koo. It was absolutely impos that with unskilled operatives we should at the which you have had notice to the meeting. Isible to suppose that a man of Crisp's character —a married man with a chi d-a man who had *very commencement show profitable results, but invite your remarks on the situation, and any
come out here to a good billet, would expose unforeseen difficulties, such as the outbreak of further information I can give is at your dis-
himself to the risk of losing his character and plague (which was very severe last year in the posal. neighbourhood of the Mill), with its attendant There being no remarks and no questions ask-ruining himself practically for the rest of his restrictions, considerably retarded their be-ed, the CHAIRMAN proposed that the Resolutions life, by placing himself in the power of a man coming efficient as many of them eventually be adopted.
like Chung Shun Koo. Mr. Crisp had visited were. It is, however, as I already stated at the
the shop in Queen's Road, but, as Mr. Tooker said, he did it in the course of his duty. ordinary meeting, to the abnormally high prices
He went there
learn whether the ruling for cotton during the greater period of our running without a corresponding advance
complainant was carrying out the work in in the price of yarn, due in a measure to the
connection with the house at Hollywood In the shop he found a man who recent troubles in North China, together with
Road. interest on the large sum borrowed, that the
could understand very little English, and in order tlet Chung Shun Koo know who had position in which the Company now finds itself
called, he left his card-a card that had been must be chiefly attributed. The General Man- agers and Consulting Committee recognised
printed on the approval of Mr. Tooker. The that after paying interest upon the heavy debt
address of the shop in Queen's Road was the thus contracted there was no likelihood of being
only address given by Chang Shun Koo to the able to give in addition a satisfactory return
Public Works Department, and was the address at which all his notices had been sorved. There upon a capital of 8900,000 out of the profit which in normal times might reasonably be
was no evidence that Crisp or anyone else in the Public Works Department knew the man expected, and decided it was unadvisable to continue working under existing conditions.
was living at 9, Oll Bailey Street. Dealing The Mill was accordingly closed on the 3rd. As
with the incident on the roof at Hollywood mentioned in the circular issued to shareholders,
Road, Mr. Francis said the simple fact it is for you to decide what has now to be done.
was that each mau was trying to catch There are, it seems to me, only two courses open
the other, and, as happened in most cases to you-liquidation, or reconstruction. Unless
where an uncultivated European came in you force them to it, my firm do not wish to put
contact with an astute Chinaman, the China- the Company into liquidation, feeling that there In his address to the jury, Mr. Francis, man had won. As to the sketch drawn by is little or no likelihood of the property realising after reviewing the two counts in the Crisp, that was probably merely an incident in the sum they have already advanced, and that indictment against the defendant, said the the plan of each man, or might actually have shareholders would in that event get nothing.particular question for the jury to consider been made by Crisp to explain away zome The alternative of reconstruction is, how- was not whether Crisp accepted, or obtained, difficulty in the mind of Chung Shun Koo, ever, only possible if you are prepared or received $40 from Chung Shan Koo, but Referring to the manner in which the complain- to reduce the face value of the present shares the object he had in view when he took ant had given his evidence, Mr. Francis to $10 fully paid up in exchange for the the money-whether he took it with a view said he readily unde stood the English of scrip which you now hold. If you are ready to infla nce his conduct as a public servant, or the Attorney-General, but when it came to case was wholly to do this, the General Managers are of whether he took it for a perfectly innocent the cross-examination the opinion, from carefully prepared estimates based and lawful object. That was the question (one different. Chang Shun Koo had apparently omitted by the prosecution) for the jury to every difficulty in understanding what was decide why Crisp took the money, and for said to him, although the language em- The whole what purpose. The statement made by the ployed was of the simplest.
Mr. Franois, was that defendant at the Magistracy after his arrest explanation, said was that he took the money with the intention Chung Shan Koo was anxious to gain time of getting Chang Shun Koo arrested and to frame an answer consistent with what punished for offering a bribe to a public servant. he had said previously. Coming to the inter- The information which Mr. Tooker presumably view between Crisp and Chang Shun Koo must have given to the police and Crown officials at the latter's house in Old Bailey Street, Mr. immediately after Crisp's arrest, and the Francis said that the story about Crisp running out to the verandah and shouting, “What's evidence which Mr. Tooker had given on the subject at the Police Court, ought to have that?" was a pure invention. The detective satisfied the Crown and Crown officials that sent to Chung Shun Koo's house knew nothing Crisp's statement was true and that there was of that running out and shouting, although he no ground for the prosecution. The complain- was in the room all the tinie. But then, he ant, Chang Shun Koo, had managed to slip was not personally concerned in the trapping out of it, and the police had adopted the of Crisp, and had no reasons for telling an prosecution, as they were bound to do. of untruth. Concluding, Mr. Francis urged the course, a prosecution by the Captain Super-jury to give the matter their most serious intendent of Police could not be allowed to consideration, for, if the defendant was fall through, and every attempt had been made dismissed from Government service here, as to carry it through to the bitter end. Here was would b› the certain result of a verdict against the defendant, a man who had come from him, his career here and probably at home England, specially selected by the Crown agent would be ruined.
upon
the experience of past working, that under ordinary conditions the advantages of the change will allow of the Mill when in full work yielding a satisfactory return upon the proposed new capital of $1,250,000, and holding this view are willing to accept for their remunera- tion a percentage of the profits made, instead of commission upon purchases and sales as allowed to them under the present Articles. Messrs. Jardine, Matheson & Co., who are still holders of the shares originally allotted to them, propose to take one half of the additional capital required, and offer to the public the other moiety, but in the event of that moiety not being subscribed, then they are prepared to in- crease their holding up to the total amount of the Company's indebtedness, which, it is estimated, will be approximately $1,130,000 on 30th June. Apart from the relief from the present debt which would thus be afforded, there are further advantages attaching to the scheme which may not be so apparent to you. For instance, after taking the land owned by the Company measur- ng 392,000 square foot at its estimated market
|
SUPREME COURT.
Friday, 21st June.
CRIMINAL JURISDICTION.
BEFORE SIR JOHN CARRington, Kt., C.M.G. (CHIEF JUSTICE).
THE CHARGE AGAINST INSPECTOR CRISP-
DEFENDANT DISCHARGED. The Court assembled at ten o'clock, and counsel at once proceeded to sum up.