230
His Lordship remarked that he could not understand the application. Applicant was a man with $15,000, according to his own show- ing and yet apparently he did not pay his debts, It was in consequence of this that the six creditors brought actions against him in the Summary Court and they recovered judgment and took out execution. They were prima facie | entitled to the fruits of their judgment.
Mr. Brutton said they would get paid. His Lordship replied that it was a puzzle to him why he did not pay.
Mr. Brutton remarked that it had been a puzzle to him also, The man was really not capable of managing his own affairs.
His Lordship said he must then as a matter of fact be off his head; but there was nothing of that in the affidavits. Why should not th| creditors sell the goods? It was an exceedingly annoying thing for the creditors, after taking the trouble of going into the Summary Court, to find the applicant going behind their backs and snapping his fingers at them by going into the Bankruptcy Court.
Mr. Bratton repeated that the creditors would be paid.
His Lordship said it was very difficult now. a-days to know when to believe affidavits. If the man had the money why did he not pay ? Who was now managing the business ?
Lai Kut Wan was put into the witness-box to be examined, but he showed such marked inability to understand what was wanted of him that
His Lordship stopped the examination and said he thought be had better give a receiving order. This was a most extraordinary case, The witness did not seem to know what he was about. His Lordship appointed Mr. Bruce Shepherd official receiver, and lift it to him to apply for a manager for the business if he thought it necessary.
The Court adjoured.
IN ORIGINAL JURISDICTION.
BEFORE HIS HONOUR SIR WILLIAM M
GOODMAN (CHIRF JUSTICE).
A STEAMSHIP CHARTER DISPUTE.
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THE HONGKONG WEEKLY PRESS AND
| March 28, 1903"
addition to the reasons s'ated) the foul output wo shall require much more accommoda- condition of Sleipner's bottom and other tion in the shape of a shed for the burnt defects in the rudder and propeller which were folinker and of bine for storing the "finished not known to those in charge of the Sleipner.cement, our contract with the Admiralty Dock The plaintiff, during the continuance of the contractor requiring special bins to be set aside charter party did not require the Sleipner to be for their stocks when tested. It affords me docked to as to permit of her bottom being much pleasure to tell you that with greater cleansed as was necessary under the warranty knowledge and experience we are producing of good condition set forth in the charter party; much more clinker from our kilus than we over and particularly on or about 26th May, 1902, anticipated, and it is just possible that this in- refused to allow the Sleipner to be docked for crease, which is, of course, a very satisfactory that purpose although requested by those infeatur, may necessitate additional grinding charge of the said ship. Defendant did not machinery, the cost of which we estimate at admit that the plaintiffs had suffered any loss from $50,000 to $60,000. - Of course we shall or damage by the alleged failure to perform not incur this extra ontlay unless absolutely cannot wait till all the the condition as to speed and stated that if the necessary, but we "Sleipne did fail snch failure did not entitle kilns are burning before putting the work in plaintiffa to cancel the charter party. Defen- | hand, and I mention it now as prospects dant in consequence had sufferel loss and asked are beginning to point to the possibility of the machinery being required before the year is out. leave to counter-claim.
All depends on our supplies of raw material, and that brings me to our old trouble, the difficulty It is not the scarcity of of obtaining stone. material that we suffer from, but the scarcity of transport. Some of the largest quarries are situated where boats can only reach them during the wet season, there being little or no water at other time, and last year was unfortunately the driest known in that particular district. We have done everything we can by advancing money to contractors and even by having boats built of our own to ensu: e a larger supply this season, and we have also used every means to find other quarries situated in more accessible places, where boats can load all the year round. We have bad
time an aDxions obtaining sufficient supplies during the past year for even a limited number of kilns "and"our stock of stone at the moment is practically nil, but our efforts to find new places seem to be baving resulta at last, and we have now some hope of securing larger supplies. This question
Mr. Sharp, K.C', having read the pleadings and answers, said that the case for the plaintiffs was that the steamship failed to comply with the charter party and that they were therefore entitled to damages.
His Lordship remarked that there seemed to be a point in law as to whether, assuming that the speed was not approximately what was stipulated in the charter party, that authorise] | cancellation, and then there would be questions of fact which he would have to deal with as a jury.
Mr. Sharp said it lay with him to show substantial failure to comply with the charter party.
His Lordship-You say you cancelled it. Mr. Sharp-Yes; we admit we cancelled it. Counsel went on to open the case at some length.
Evidence was taken and the Court aft -rwards adjourned.
GREEN ISLAND CEMENT CO., LD.
The 14th ordinary general meeting of share holders in the above Company was held in the offices of the general managers (Messrs. Shewau, Tomes and Co.) on on the 21st inst. Hon. R. Shewan presided, and the others present were Hon. Sir Paul Chater, C.M.G., Hon. C. W. Dickson, Dr. J.. W. Noble, and Mr. C. Ewens (consulting committee), Messrs. N. H. Rutherford (secretary), G. Murray Bain, E. A. Hewelt, E. Owen, J. R. Michael, P. C. Potts, J. Oraugs, J. Fredericks, C. A. Tomes, A. Babington, 8. J. Joseph, T. H. Reid, Fang Wa Chun, Lum Chenug, sud Chan Pan.
Tam Long Chuea and another, ship char terere carrying on business in co-partnership at 726, Des Voeux Road Central, snei J. E. von der Ohe for damages, the action arising out of the charter by the plaintiffs of the steamer Sleipner. Mr. E. H. Sharp, K.C. (instructed by Mr F. B. L. Bowley of Messrs. Deunys & Boaley, solicitors), appeared for the plaintiffs, and Mr. 'Ï' The notice calling the meeting having been Morgan Phillips, barrister-at-law (instructed by read, Mr. G. C. C. Master of Messrs Johnson, Stokes The CHAIRMAN said Gentlemen, The & Master, solicitors), was for the defendant.
report and accounts having been in your hands The plaintiffs stated in their pleadings that for some days past, it is not necessary to read the defendant was a shipowner of Bergen, them now. The net profit for the year is some Norway, and was at the time referred to owner $36,000 above that of the previous year, so we of the ss. Sleipner. On 3rd September, 1901, recommend raising the dividend from 10 to 12 a charter party was entered into between the per cent., that is paying away 820,000 more this plaintiffs and the East Asiatic Trading Co., year, which we trust will meet with your as agents for the defendant and for the captain approval. Twelve per cent. is a very fair of the Sleipner, whereby it was agreed that the dividend, and until the Company had reduced Aessel should be chartered by the plaintiffs for its present indebtedness, I do not think we a period of twelve months. One of the coudi. should increase this rate. The gross profit, less tions of the charter was that the Sleipner's interest, is nearly $249,0.0, and no doubt the speed should be about 9 knots an hour iù fair question has arisen in the minds of some weather on a consumption of about 11 tous of shareholders what has become of this profit, the best Cardiff coal a day. The ship was and why is taken over on 28th January and she sub-come $75,000 more sequently made several voyages under the charter party. But her speed was not as stipulated for in the charter party, nor did it approximate to that speed; and the plaintiffs in consequence suffered serious inconvenience and loss. By reason of the Sleipner's failure to comply with the charter party the plaintiffs on 1st July cancelled the same,
our
d. bt to
our banks still than last year? course, the accounts show exactly what has become of the money, but I will explain it shortly now. These two items, the gross profit and the increase in overdraft, amount to nearly $315,000, and are roughly accounted for as follows, viz. :
:་
Last year's dividend ... ...$10 1,600 Spent on additions
106,500
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of raw material, as was the case in the previous year, has been our chief worry; for the disposal of our cement on the other hand has given us little trouble. The demand has been good all round, and the fall in exchange during the year only worked in our favour and enabled us to raise our prices. As you know, we have two good contracts running, both of which have been increased since they were originally made, and we have other important ones in view. The quality of our cement remains unrivalled ; under a rigid specification the British Admiralty have not questioned an ounce of it, and their Inspector when out here pronounced the cement blocks made of it to be the finest
he had ever seen. (Applause) I think, therefore, gentlemen, you may firly con- gratulate yourselves on the present position of your undertaking and on its future prospects. The financial position might, perhaps, be better; we are still spending money on capital account, but it is money spent to good purpose and returns to us in the shape of larger profit, and I do not think that after the further ou lays I have mentioned, we shall require to do anything more in the way of further additions and improvements to the present
installation, unless the demand should increase to a much greater extent than we at present anticipate. Our debt to our bankers is large, and will be increased by $120,000 more on payment of the dividend, and if, as we hope to do, we succeed in accumulating a large Of reserve of raw material, it will be still larger; bat our business is sound, and our assets are all good, so there need be no anxiety on that score. As for the brick and tile works at Deepwater Bay, we are still hopeful of making this into a good business. The results were rery poor last year, but we took advantage of the confu-ion the factory was thrown into first by an unprecedentedly heavy rainstorm and then by lyphoons, to reorganise the whole system. We replaced the old engine by one which we bought cheaply out here and added less sundry oreditors 26,500–8314,000 | another boiler, which we also got secondband. At last year's meeting. I told you that we did We extended the machine and drying shed, not expect to spend more than about 850,000 altering the arrangement of the plant, and altogether on the two factories. You will see adding a new brick and tile machine which we that we spent $79,000; the difference is simply ordered from home, and we have just completed a new coolie housɔ, on the hill, overlooking the cost of a second Cummer Dryer, which we found absolutely necessary to assist us in the works which, we trust, will stop the drying the increased quantities of raw material.great amount of sicknem that has prevailed This year, we estimate we shall have to amongst the cooles while living over the clay, spend about $26,000 at Macao, and about pit on the low ground. To increase our output $40,000 at Hok Un, as with an increasing and reduce the cost of production, we shall
Increased value of stock on
hand
The defendant in his answers denied that there had been any breach of the condition in the charter party as to the speed of the Sleipner | Increase of sundry debtors, and stated that if at any time during the continu- ance of the charter party the Sleipner failed to steam es stipulated at about 9 knots an hour when it was necessary to do so such failure was due to bad weather and the inferior quality of the bunker coals supplied to the ship by the plaintiffs. Defendant further stat d that the alleged failure to conform to the speed condition, and particularly on a voyage from Hongkong to Iloilo and back, covering the period from 31st May to 27th June, was caused by (in
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81,000
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