stipulated, and they claim damages ¿Defendant denies that there wis ch of the cond tions regarding speed and hat if there was it was caused the fcondition of the ship's bottom and other defects; he further contends that even although there was failure on the part of the Sleipner to conform to speed conditions, such failure did not entit:e plaintiffs to cancel the charter party, and he makes a counter-claim for damages.
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THE HONGKONG WEEKLY PRESS AND factory is in first-class working order, and the demand for our products is steadily increasing. It affords me pleasure to aanounce that tue amcant stundior to my debit will be liquidated during the current year. As regards our new premises, which will shortly be one of the improvements on Queen's Road, the building will be ready for occupation in August next The acquisition of this site-s great impr. roment on our present premiss-will prove advantageous in many ways, for in Mr. E. H. Sharp, K.C. (instructed by Me.addition to an increase of business generally, FB. L. Bowley of Messrs. Dennys and which is well-nigh certain to ensue, onr removal Bowley, solicitors), is counsel for the to the new premis s will result in a saving of plaintiff, and Mr.
'C. Morgan Phillips, rent and various charges which at present barrister-at-law (instructed by Mr. G. C. C. cannot be reduced, owing to the fac of Master of Messrs. Johnson, Stokes and Master, the whole of our works not being under one solicitors), is for the defendant,
roof. Moreover, your general managers will be able, to exercise much better supervision in all departments when we move into the new and commodious building now in course of erection olose to the Supreme Court and the General Post Office. I now move that the report and statement of accounts for the year 192 58 presented be adopted. When this has been seconded, I shall be pleased to answer, to the best of my ability, any questions that may be asked relating to the business now before the meeting.
IN SUMMARY JURISDICTION.
BEFORE HIS HONOUR A. G. WISE
(PUISNE JUDGE).
OWNERSHIP OF A JUNK. Leung Bhi, described as a single woman living at 17, Hollywood Road obtained judgment on 13th February against Ho Wong, owner of the Tang Tak Lí junk, No. 405, for $515 principal and interest on money lent. After judgment was given in her favour, Loungeconding the proposition. Shi issued a writ of execution and seized the junk. Subsequently the Ho Tung Hop issued au inter-pleader summons claiming the junk to be theirs. Mr. Johu Hays of Messrs. Johnson. Stokes & Master, solicitors, appeared for the c'aimants, and Mr. F. X. d'Almada e Castro, solicitor, for the execution oreditor. When this case was first called, it was stated in evidence by Ho Shek Tai, master of the Ho Tang Hop, that the money with which the junk was bought belonged to his father's estate, to which no lease of administration had been taken out; and in these circumstances Mr. Hays withdrew that summons.
Mr. OSBORNE-I have much pleasure in Mr. REID-Mr. Chairman, you have invited questions after the seconding of the report, and there is one item here that I have been request. ed to enquire into, and I hope you will be able give a sati-factory explanation of that item. With regard to the entry in the accounts of Sundry Debtors, set down at $8,221,51, I should like to know what that item is composed of-if it consists of more than one item.
The claimants, having complied with the requirements regarding the lease of the estate, then brought another inter-pleader summons in the same cause.
Evidence was call d, in the course of which it was stated that Ho Woug, the original defen- dant, had only a lease by the month of the junk, although the license was made out in his name. The junk was the property of the Ho Tung Hop. Among the productions in support of the evidence were the purchase deed and the letting deed
His Lordship gave judgment for the claimants
with costs.
The Court adjourned.
WATKINS, LIMITED.
The fourth ordinary general meeting of shareholders in the above Company w s held at the offices, Queen's Roid Central, on the 28th ult, Mr. G. A. Watkins presided, and the others present were Messra Ch'an A. Fook, 1. H. Reid, J. W. Osborne, and A. R. Michael.
The notice calling the meeting having been read,
The CHAIRMAN-It consists of several items I think (turning to the books). Sundry Deb- tors, 88,221,55.
Mr. REID-51 cents.
The CHAIRMAN-That is my own account. An account due by Thomas Bercham→→
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April 6, 1903 was then said to be outstanding P*** You replied Certainly; that was the object of it." . I askod : What sort of guaranted is to be given that it will be re-paid? Have we simply got to take your word for it?" And you replied
***** Of the and you have the auditor's word for strength of that assurance I agreed to second the resolution for increasing the remuneration of the general managers at that meeting.” I find now that instead of the amount of $3,63.J odd having been re-paid to the Company, the amount of your indebtedness has increased to $5,931. I don't think that is at all catisfactory and as I don't see anything in the articles of assoc.ation authorising the Company to advance money to anyone I think if there had been moro shareholders preseut I would have been justified in moving the appointment of a Committee to inquire into the working of the Company along with the solicitors of the Company.
The CHAIRMAN-Why not do that now? Mr. REID-Well, I don't know whóm tò suggest as a Committee.
The CHAIRMAN.-Oh!
Mr. RED-But it seems to me unsatisfactory that a Company like this, with a very small capital, should be in position of a lender of оде of its general managere; money to especially when the remuneration of those general managers was increased in order to allow one of them to repay to the company a large sum of money owing to the shareholders. As oa the first occasion in June of last year. I have no desire to cause any unpleasantness at all, but I think it is right that the matter should be brought openly before this meeting. In addi- tion to that I am informed by the auditor of the Company. Mr. Hatton Potts, that some alteration has been made in the accounts-you will correct me if it is not so-since he passed them. Mr. Potts writes to me under this date :—
"
A I am unable to attend the above Com- pany's meeting to-day, I beg to draw y.ur attention to the fact that the accounts havé not been published, in the same form as when passed by me, the items under the heading Mr. REID-Yes, but I want the amounts. of Sundry Debtors, which were then separate, The CHAIRMAN-The amounts are-My own being now shown in one amount, although I account $5,992.44 ;'Bercham's, $1,600.19; Marie minuted on the account that I wanted them Brizard and Roger, $513.50 and Schlitz Brew-shown as there stated.—Yours faithfully, W. ing Company, Milwaukee, $115 38. I think if you add the total of these items you will find they amount to $8,221,51.
Mr. REID-Now, Mr. Chairman, I should like to know what this item of $5.992 represents. Is it a debt due by you to the Company?
The CHAIRMAN—Yes; it is a deb, due by me to the Company, and which I stated in my report will be liquidated in full during the current year.
Mr. REID With regard to the other three items. What do they represout?
The CHAIRMAN-The others represent, from Beecham's the amount due for advertising purposes-advertisements geuerally ; Marie Brizard and Roger the same, and Schlitz Brew- ing Company the samo.
Mr. REID-That is to say, you have expen- ded on behalf of these three firing that amount of money on advertising in this Colony; and money which you hope will be recover.d in this Colouy,
The CHAIRMAN—And money which will be recovered. The accounts have gone home; but we have not had time to receive a reply.
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The CHAIRMAN said-Gentlemen, the report and statement of accounts having been in your hands for some days, I assume you do not wish me to detain you with the formal reading of
Mr. R&ID-With regard to this first item- same. We will therefore take them as read. There has been no special feature in connection you own account-I should like to point out to with the year's working, but I think you you on behalf of the shareholders generally will bear with me if I detain you with a that, at the last annual meeting on the 27th 'few general remarks on our affairs, before March, 1992, the amount stated as due by you moving the adoption of the report and ac- to the company was $3,665.14. On the 21st Juue, counts now before the meeting. This Com- of last year a special extraordinary meeting pany, in common with others, has had to face was held at which a proposal was submit ed to increased expenditure, caused by the instability increase the remuneration of the general of the vanishing dollar. The nett result of managera. I was asked to second that resolu the year's working has been satisfactory, and tion, and before doing so I put some questions your general managers have the pleasure to you to satisfy myself that the amount out to present you with a favourable report for standing-due by you rather to the Company the pariod under review, showing, as it was to be liquidated by the amount you were does our ability to declare a dividend of likely to recover from the increased salary. I 10 per cent while carrying forward a balance put the question to you in this way: "A certain to the new account which. I am glad to say, amount of responsibility attaches on me as the eady gives promise of satisfactory results, only shareholder attending the meeting in ad- our general managers have taken the uamaldition to yourselves. At the same time, I don't precaution in respect of our property by writing like to bring up an unpleasant matter referre off a substantial sum (as you will have noticed to at last annual meeting of the s`areholders, in looking over the accounts), which will, I but I must ask, will the shareholders have trust, have your approval. The aerated water returned to them the amount of money that
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Hatton Potts." I think on the face of that letter that I am qui e justified in bringing this mtter forward, anl had there been a belter and a larger meeting--a representative meeting, I think I wou'd have beeu justified in asking for a committee of enquiry." I shall be glad to hear any explanation you have to offer in reply to my questions.
The CHAIRMAN (handing over the accounts) -That is Mr. Potts's original balance sheet signed by him. We don't choose to put the individual items there-Šoblitz's, and Watkin's, aud Beecham's, and so forth. We simply put them in as Sundry Debtors. The increase in my remuneration was granted in June or July; at the July meeting, 1 think. I drew that increase as from the 1st January; that is, back six months, instead of which my comanager, Mr. Ch'an A. Fook, wil not agres to that, and so he bas debited it to my account, due. consequently increasing the amount However, the whole of that amount will be liquidated in the next few months, because I have just secured a law case whoreby I get 20,0000 francs, and that 90,000 francs is payable in the coming June, three months from now, when the whole amount due to the Company will be liquidated. Not only that, but I have arranged for financing the new building of the Company
on my own private guarantee. That, I think, ought to be quite sufficient. If you don't take my word for it I will hand you this (banding Mr. Reid a letter). That is private and confidential; it must not go to the meeting. I don't ask you to take my bare word for it; you have it there
Farther convincing, in black and white. proof than that I cannot give you. If you are not satisfied with that all I ask you to do is to appoint a committee, or whatever you like. 1specially emphasized it at the meeting that the increase was from the lat January 1⁄4” How- ever, my colleague, Mr. Ch'an & Fook, did not seem to think so; be thought it only commenced from the date it was passed at the meeting...
Mr. Ch'ax ▲ Foox :—I was acting on the advice of the firm's solicitors.
The CHAIRMAx—Mr. Sharp, the barrister