56
His Honour-Where was it lodged! Sir Henry-In Court.
His Honour (to Official Receiver)-No cb- jection on your part ?
The Official Receiver-I have no objection. Sir Henry-The Chief Justice told me to repeat the application in Court this morning. The object of the security was that debtor should appear for his public examination, and security was given by two friends, one of whom lodged $5,000, and the other lodged the title deeds of property in Kowloon. The money had been returned and, as the trustee reported that the presence of the debtor was no longer required, he applied for the return of the title deeds.
His Honour-Granted.
AN ABORTIVE APPLICATION. When Leung On Po appeared for public examination Mr. Morrell, of Messrs Dennys and Bowley, appeared for debtor,
Mr. R. Harding said he opposed the further examination,
Mr. Morrell retorted that his friend had no locus standi. Mr. Looker had appeared before on a similar application.
Mr. Harding was understood to say he represented a certain oreditor.
Mr. Morrell replied that Mr. Harding could not represent any oreditor. He had tried his hardest at the Magistracy to obtain a conviction against debtor bat had failed.
His Honour ruled against Mr. Harding. Debtor stated that his assets amounted to $75,687, and his liabilities to $125,385,
Mr. Harding said he had two actions against the bankrupt, and he wished leave to continue them.
- Mr. Morrell-The summons for judgment was dismissed by the Chief Justice.
His Honour-I am not going to do it on a verbal application of this kind. It is four weeks since I sat, and they have had plenty of time.
The Official Receiver-The assets are very small indeed.
His Honour- You have $75,000.
The Official Receiver-I don't think there will be anything like that. If he is discharged by the Magistrate it is extremely likely-
Mr. Morrell-I don't think he will go away. He is simply being persecuted by his creditors.
His Honour-Ï don't think there is any reason why I should grant the application,
APPLICATION FOR DISCHARGE,
Fe Shan Cheung, an application for discharge, Mr. P. W. Goldring appeared for the sole partner, Mr. J. Scott Harston appeared for Messrs Shewan Tomes and Company, and Mr. O. D. Thomson appeared for the petitioning
creditor.
Mr. Goldring said the man had been in gaol since 20th October last year, and at his last appearance in Court the Chief Justice intimated that application should be made for his release. The application was filed. The application for his discharge in bankruptcy would, of course, imply his discharge from Victoria gaol. In fixing conditions he asked his Lordship to consider the fact that the man had served nine months in prison.
THE HONGKONG WEEKLY PRESS AND
His Lordship He was in for twelve months, wasn't he?
Mr. Goldring-No, he is in till he finds $5,000.
His Honour-What is be in for now ? Mr. Goldring-They won't let him out (laughter).
The Official Receiver-He was committed till he found $5,000.
|
His Honour-And he hasn't found it. Mr. Harston explained that the debtor had been ordered to find security in the sum of $5,000 or to be removed in custody. When the debtor came up for public examination it was proved that he had deliberately obtained the sum of $10,000 worth of goods from Mesare. Shewan Tomes between the 5th June and the 5th August 1906. The writ was issued on the 21st September last year but the debtor hid himself," and it was not till the 26th October that he was arrested under warrant. If his Lordship let the man ont he might in the future do well, and he would submit that terms be imposed regarding his future earnings. His Lordship-I don't think I shall be inclined to axeraise the power of imprisonment. My trouble is that, if I discharge the order, the matter is ended. I can suspend the discharge and make an order as to earnings.
[July 27, 1907.
Mr. Harston-Would your Lordship postpone | divulged which would not be found if debtor it till Monday till we consider it f
His Lordship agreed to this course,
A BANKRUPT AUCTIONEER.
F. Kiene appeared for his public examination. In reply to the Official Receiver he stated that his personal expenditure last year amounted to between $250 and $300 a month.
You kept under on account of starting business p-On account of starting business I spent considerably less than I spent before.
You watched your accounts and bank balance carefully ?—Yes, as far as possible,
How often did you send your bank book to be made up ?-About twice a month.
You said you discovered your insolvency about China New Year -About that time,
Didn't you know of it before? Didn't you know of it in December or January ?—No.
When you received the deposit of $3,000 from Ho Hang Tong did you believe yourself to be solvent ?—Yes.
You admit it was rather a doubtful thing to do to take this money and use it if you had been insolvent?-Most decidedly.
That's your bank pass book ?-This is. You see there from 28th December your credit balance was about $600 ?—Yes,
On the 29th Ho Hang Tong paid in his deposit ?—Yes.
And you immediately paid away $2,300 ?- Yes.
Those were old debts?-Some of them; Some for sales that bad taken place and the money had not come in.
|
One was for $1,500 ?—Yes. There was one for 8600 ?-That was for an auction sale. I paid out the money.
|
The balance carried forward to the new year was $1,239.78 ?—Yes.
Had you many outstanding accounts at that time? Yes.
You cannot say how much ?—No.
Were you pressed for that $1,500 ?—No. You could not have paid that, nor the $600, if you had not received this ?-Oh yes I could have paid the $600, but not so quickly. The money would come in.
Did you show Ho Hang Tong any account books before you signed an agreement with him? -No.
Did you tell him anything about the amount of business?—I showed him the accounts and sales books.
There was no agreement that you wers to use this $3,000?-It was an understood thing. He was to get 860 per month and a commission on all business he brought in, and if he desired it he could get repayment by monthly instalments. Then he would drop out of the business,
Debtor was adjudicated bankrupt,
THE E YUEN FIRM.
This bankruptcy again engaged the attention of the Court. One of the partners under examination stated that the firm carried on business as opium and yarn dealers and had been in existence for 30 years. Of the other partners a number were dead and three were in the country. The failure of the firm was due to yarn falling heavily, for in 1905 they lost 8450,000 and last year they lost very heavily,
In answer to Mr. Dixon, of Messrs. Hastings and Hastings, who appeared for Messrs. Jardine Matheson and Co., Limited, debtor stated he was present at the mee ing of creditors and gave Ho Fook a list of names (partners). He did not say that Chan Cheong Shan was a partner, nor did he tell Ho Kom Tong that he suggested to his partners that an additional $10,000 be put up as capital; in fact, he did not know Ho Kom Tong. He bought certain property in his own name for 880,000, some of the firm's money being used to pay for it. He did not own any property Wab On lane, neither did any of his concubines or relatives.
io
Mr. Morrell asked a question relative to a certain partner.
His Honour-For whom do you appear? Mr. Morrell-For the petitioning creditor. Mr. Dixon theresfter applied to his Lord- ship to make an order calling upon debtor to find security for his appearance at the proceed ings then pending. It must be apparent, he urged, from the evidence tendered, that the firm had plunged into various matters altogether outside the scope of their business. He thought that if an order was made other assets would be
•
was allowed to remain at large, mud said that his clients were of opinion that debtor would abscond as soon as the public examination was closed.
Mr. Morrell said the bankruptoy had been going on since last year, when it was upset upon a technicality.
His Honour-What is your object in sup porting him?
Mr. Morrell-I am opposing him. His Honour-You are the petitioning
oreditor?
Mr. Morrell-On this occasion I am not. I am the debtor (laughter).
|
Mr. Dixon-Messrs. Dennys and Bowley represented the debtor on the first sotion.
Mr. Morrell-And now we represent the petitioning creditor.
The matter was adjourned,
CORRESPONDENCE.
GOVERNMENT AND SUBSIDIARY COINAGE.
[TO THE EDITOR OF THE DAILY PRESS,
"
SIR-When I last addressed you on this subject I expressed a desire to learn what objections the Government had to prohibiting the circulation of Chinese subsidiary coins in this Colony. The correspondence laid before the Legislative Council on Tuesday furnishes this information. The Government has informed the Secretary of State for the Colonies that though Chinese coins are not legal tender in the Colony, yet to make it punishable by law to possess such coins or to offer and accept pay- ments in such coins would not only fill the gaols of the Colony, but would at the same time "deal a serious, if not mortal, blow to the large traffic and petty trade which goes on between Hongkong and Canton." Therefore, "for currency pur poses, Hongkong is, and must remaio, an integral part of the Chinese Empire."
Notwithstanding this expression of opinion the Government has recently warned the public against accepting Chinese coins at more then their proper value, ten Chinese tan-cent, pieces being worth, according to the official notiti. cation, only about 89 cents of the Mexican dollar. If the public would, or could, adopt this policy, it would virtually mean probibition.
Though unwilling to prohibit Chinese coins by law, the Government is yet not unwilling- Day, is anxious-that the public themselves should bring about this prohibition, in spite of the Government's belief that this would deal a serious, if not mortal, blow to the large trafio sad petty trade which goes on between Hong- kong and Canton,
The Government has either precious little faith in this statement, or it clearly recognises the absolute futility of its "warning,” which is offered merely as a sop to Cerberus !
That, for the practical purpose of ousting Chinese coins from the Colony, the “ Warning" is futile is too obvious to require comment. Nothing short of a probibitory order can achieve that result, as the Government plainly recognises. Its shilly-shallying attitude towards such a proposal condemns the Colony's subsidiary coinage to be Chinese coinage. The Government imagines that it will be able "permanently for a period of years to control the outpat of the Canton Mints. Most people will regard that as a vain imagining, for the withdrawal of British coin from circulation gradually improves the prospect of profitable miating operations for the Chinese, and it is unlikely, when profits are in sight, that the provincial authorities will be content to forego those profita at the bidding of a foreign Government. The present temporary suspension of minting operations is apparently due not so much to gracion, deference to the representations of the Hongkong Gɔvernment as to the fact that minting is not for the present a paying operation at Canton.
T'he conclusion of the whole matter seems to be that the Government, by withdrawing from circulation all the subsidiary coin comin g into the Colonial Treasury will ultimately lower the discount on these coins, and the Colonial revenue will in time beseft accordingly. Bat the trading community is condemned to suffer the ills they have. They asked for bread and have been offered a stonel
P