March 6, 1905.]
the creditor only was allowed to cross-examine personally
Mr. Almada e Castro-That has not been the practice, My Lord.
CHINA OVERLAND TRADE REPORT.
was that the Cardiff coal the steamer was carry. ing was contraband of war.
The articles included Japan.
risks of a sea-faring life. This being so they were wilfully and wrongfully ignoring the terms of their agreement.
to
Two apprentices His Worship declined deal with, and ordered them to be placed on board of the ship again. One of the men. H. Jones, offered to rejoin the ship and the charge against him was withdrawn, while the rest were sentenced to ten weeks' gaol each and ordered to be re-shipped should the Franklyn return to Hongkong before the expiration of the sentence.
His Worship in summing up, said that His Lordship-For the guidance of solicitors, he had explained to the defendants the as it is stated that I am setting up a new practice false conclusion they had arrived at regard. in this respect, I say in my notes that Mr. ing their position. They had deliberately signed Almade e Castro, as representing the creditor, at articles to proceed t countries in which the conclusion of the examination by the Official Japan was included at a time when they Receiver, desires to question the debtor. I knew that that nation was at war. In con. refuse to allow this to be done as Mr. Almada tinuing the voyage at the present time there e Castro has not a creditor's right. In Eng- could not be regarded to be any greater risks land & creditor's solicitor is allowed to cross-than those usually attached to the ordinary examine, because he is regarded as the re- presentative of the creditor. In England a creditor may under the 17th section 4th subsec. tion, authorise a representative in writing to question a debtor-such as in the case of Queen v. Registrar, 15th Queen's Bench Bankruptcy Division, page 54. But there is no provision under the local Bankruptcy Ordinance allowing solicitors as representatives of the creditor lo question the debtor. The right is confined to the creditor himself. See the Bankruptcy Or- dinance of 1891 s ction 17 sub-section 2. The creditor's solicitor cannot therefore properly question a debtor, nor could perjury be assigned to any answers to such questions. One object of examination is that if the debtor speaks falsely he may be prosecuted, but of course perjury can only be assigned if he makes false answers to a person authorised. If unauthorised persons were allowed to put questions it is
The 16th ordinary general meeting of the very doubtful if perjury could be assigned. Green Island Cement Company, Limited, was I do not know why the Hongkong Ordinance held at the office of the General Managers, St. departed from that at home which allows the George's Building, on the 25th February representative of a creditor to cross-examine, The Hon. Mr. Robert Shewan (Chairman) but it has done so; and the Hongkong Ordin-presided, and there were also present Sir C. P ance was passed a year after the English Chater, Hon. Mr. W. J. Gresson, and Dr. J. Ordinance, and is practically a copy of it-but Noble (Consulting Committee), Mr. N. H. that particular provision is left out.
Rutherford (Secretary). Messrs. E. A. Hewett J. R. Michael, W. Parlane, A. Babington, A. Rumjahn and C. A. Tomes.
Mr. P. W. Goldring (of Mr. G. K. Hall Bruttons office) made an application, under section 33 subsection 2 of the Bankruptcy Ordinance, for payment of costs (860) in a priority case in which he had preserved certain property of the debtor. The application was filed on the 8th Ap il 1904 but Mr. Bruce Shepherd, the Official Receiver, had not made a report on it.
The case was further adjourned for Mr. Bruce Shepherd's report.
In the case of Woug Nam Shun exparte the debtor, public examination, Mr. Otto Kong Sing appeared for the debtor. In the first instance an application was made that a firm in which the applicant was a partner (The Wong Tai Wa, verm lion manufacturers, recently carrying on business at No. 384. Queen's Road West) be adjudged bankrupt; but now the applicant asked that he personally be adjudged a bankrupt. All the partners excep ting the applicant had absconded. The liabilities of the firm amounted to $32,754; and the applicant held an eighth share in the business. One of the creditors was Messrs. Sassoon and Company.
The case was adjourned.
Mr. R A. Harding made an application for a receiving order on behalf of the creditor in the case of the Li Hing Wing firm exparte Fook Kee, the former having given notice that they had suspended payment of their liabilities. A receiving order was made, Mr. G. H. Wakeman, the Official Receiver, being appointed trustee.
MARINE MAGISTRATE'S
COURT.
Wednesday, 1st March.
BEFORE HON. CAPT. L. A. W. BARNES
LAWRENCE, R.N. (MARINE MAGISTRATE).
A CONTRABAND CARGO.
Captain Brown of the S.S.
Franklyn prosecuted twenty-four of the steamer's orew for impeding the progress of the steamer by refusing to put to sea on the 20th ult.
Captain Brown stated that on arrival in port he was ordered to proceed to Sasebo, Japan, and communicated the instructions to the crew, and they at once refused to proceed. Their reason
COMPANY REPORTS. GREEN ISLAND CEMENT CO., LD.
ORDINARY GENERAL MEETING.
The SECRETARY read the notice convening the meeting.
The CHAIRMAN said :- -Gentlemen, with your permission we will follow the usual course and take the report and accounts as read. The
gross
profit for the past year is $444,094 42 as against $319,516 for 1903, and the net profit is $345,054.82 out of which we propose to pay a dividend of 20 per cent. absorbing $200,000; put $50,000 to reserve fund and carry forward 895,054,82 to next year's account, Throughout the year the Company's factories at Macao, Hok Un and Deep Water Bay were kept working at full pressure and it became at last impossible to respond to all the orders and enquiries we received for our Cement. At Macao you will notice that we spent last year over $80,00 in additions and improvements to the factory which has very considerably increased the output there. At Hok Un the output of the kilns has so much exceeded the original estimate that we found the grinding plaut was quits unable to keep up with it and to remedy this we ordered additional boilers and engines and grinding machinery. Besides this we put up a limestone landing plant which has saved us from incurring heavy demurrage on the boats discharging stone and also ma le us more in- dependent of coolie labour. All this accounts for the item of $121.010 odd spent on Hok Un last year. But aren with all this assistancs we were not able to keep pace with the demand and have therefore lately placed orders for a two rotary kiln plant to turn out about 16,000 barrels of cement per month which we estimate will provide for all our wants for some time to come, especially as we shall not always have the present two large contracts for local dock construction to fall back upon. The item of $15,465 expended on launches and lighters is mainly the cost of another lighter. These do excellent work for us and are well worth the money. Sales of bricks, tiles and pipes &c. from Deep Water Bay have
increased considerably and there seems every prospect of a steadily improving business in the articles manufactured by our works
them We spent over 835,000 on there. during the year principally for two additional brick kilns and one pipe kiln. Our overdraft at the bank is large but we always have a large amount outstanding due from sundry debtors for sales of cement and as you know we keep a very large stock of raw material always on hand, which locks up a great deal of money.
151
This overdraft will, however, if it does not | disappear, be at least reduced to much smaller dimensions when the new ospital bas all been paid up. In congratulating the shareholders on the satisfactory accounts we have to lay before you I have only to add that we have begun the new year well and that we fully expect to do a still larger business this year although we shall not recive the full benefit of
to the new capital which is payable in equal the rotary plant before October. With regard instalments on 31st March and 30th June I may sy as there seems to be some doubt on the subject, that the new share will rank equally with the old shares and receive the same dividend as from 1st January 1905.
Before moving the adoption of the report and accounts I shall be pleased to answer any questions.
Mr. MICHAEL-I notice that cement and other material in stock both here and at Macao is valued at $500,000. Is that at cost price or selling price?
The CHAIRMAN-Cost price. There is no profit taken on it.
Mr. MICHAEL Thank you. I also see that we are indebted to the Hongkong and Shang- hai Bunk to the extent of $400,000.00 due on a
mortgage. Is that a legal mortgage?
Ths CHAIRMAN-Yes, it is a mortgage taken
out years ago.
Mr MICHAEL-There is one other matter.
The report was issued on the 20th February, posted on the 21st and delivered to share- holders on the 22nd and the meeting is on the 23rd.—
The CHAIRMAN-The meeting is on the 25th.:
Mr. MICHAEL-Yes, the 25th. I think very little time has been given to shareholders to study the report.
The CHAIRMAN-You are quite right. You see the register closes on the 28th and as we wished shareholders to have a chance of study. ing the report before the new shares were issued we had to rush them out. That is the reason.
Mr. MICHAEL-This is an exceptional case then ?
The CHAIRMAN -Yes, it has never happened before. There being no further questions I beg to more the adoption of the report and accounts.
I
Mr. Hewett-I am sure the shareholders endorse what you have said regarding the satisfactory state of affairs. There is prac- tically nothing to cri'icise in the accounts. think that this is a case in which the share- holders, knowing by past experience how well their interests have been managed by the
Board of Directors, do not even come to the In the meeting to express their satisfaction. absence of the other gareholders I feel sure that I have them at my back when I say that the shareholders are greatly indebted to the General managers, staff and directors for the thoroughly efficient way in which they have. looked after our interests, and in keeping abreast of the times and meeting the demands made demands which I think will go o increasing year after year.
The report and accounts were put to the meeting and carried.
ELECTION OF OFFICERS, Mr. PARLANE moved and Mr. RUMJAUN seconded the re-election of Sir C. P. Chater, the Hon. Mr. W. J. Gresson and Dr. J. W. Noble on the Consulting Committee; and it was carried. Mr. MICHAEL proposed and Mr. TOMES seconded the re-election of Messrs. T. Arnold and W. H. Potts as auditors; and it -was carried.
“The CHAIRMAN-That is all the business. Tha k you for your attendance, gentlemen. Dividend warrants will be ready on Monday.
THE NATIONAL BANK OF CHINA, LIMITED AND REDUCED.
The report of the directors to the fourteenth ordinary annual general meeting of share- holders, to be held at the offices of the Bank, Victoria Building, Hongkong, on Saturday, 18th March, reads :--
GENTLEMEN,-The directors have now the pleasure to submit to you the accounts and balance sheet for the year ending 31st Decem- ber, 1901,