Page
412
The Secretary,
Chamber of Commerce,
Hongkong, China,
The Enclosures were laid on the table. It was agreed that the Chairman should discuss the matter with the Inspector of Baboola.
THE EWO COTTON SPINNING & WEAVING CO., LD.
ANNUAL REPORT.
The general managers submit a statement of sooounts to October 31, 1907, showing the result of twelve months' working to that date.
The period under review has been an abnorm- ally bad one for all yarns, and while the cotton crop of 1916-7 was of good quality, it was in short supply, and prices were maintained at a high level throughout the year.
The balanc+ at credit of Profit and Loss is Tla. 46,307.82 which it is proposed to deal with sa follows :-
To psy s dividend of Tls, 2.50 per share
on 15,000 shares To carry forward to new account
Tls ..
4
Tis.
37,500.00 8,807.82 ..46,307,82
During the year the sum of Tls. 22.663.03 has been expended on special repairs and renewals out of the amount of Tls, 45,939,90 set aside for that purpose in 1965.
THE HONGKONG WEEKLY PRESS AND
SUPREME COURT.
Tuesday, December 24th.
IN SUMMARY JURISDICTION.
[December 28, 1907.
business, and that this business was about to be wound up. There could not be a multiplicity of suits in respect of the same matter in any English Court Supposing the facts stated by Mr. Slade to be correct, after this document had been given, the partnership might have sustained a loss, and then this man's share would
BEFORE MR. A. G. WISE (PUISNE JUDGE). not be worth as much. The document was one
A DISPUTED DOCUMENT.
The action in which Tseung Ut otherwise Te-ang Ut-wo, sought to recover 8625 from Tseung Fong-chau on a promissory note, again came on for hearing. Mr. M. W. Slade, in- structed by Mr. F. X. d'Almada 6 Castro, appeared for the plaintiff, and Mr. E. J. Grist (of Messrs. Wilkinson and Grist) for the defendant,
His Lordship-I may say, as far as the preliminary part goes, that I have seen the document since, and subject to anything Mr. Grist has got to say. I am inclined to think it is not a promissory note.
Mr. Slade thought it would be convenient for him to open the facts. His case was that the plaintiff and defendant went shares in a share in the 8am Kee contractors' firm. The share in the firm was in the name of the defendant, bat portion of the money which was paid for it was subscribed by the plaintiff. The firm apparently, was extremely successful. They | took up a contract out of which they did very well; in fact, on the subscribed capital of 89/100 they made a profit of $51,000. That was on their main contract, but it appeared thy had undertaken other works besides on one of which they made a profit of some $12,000 odd. When the firm had completed its contracts the profits were distributed among the partners. The defendant, whose name was on the books of the firm AS a partner, receiv- ed the money, fire-twelfths of which he had to pay over to the plaintiff. When the parties met the defendant said the amount of the profit In accordance with Artiole XVII. the Mem-made by the firm was 352,0.10, part of which he bers of the Consulting Committee retire, but all are eligible and offer themselves for re-election.
CONSULTING COMMITTEE.
On his departure for Europe, Mr. P. F Lavers resigned his seat on the Comtaittee and Mr. E. E. Clark was invited to fill the vacancy. H.E. Lord Li Ching-fong has also resigned for the same reason, but the vacancy has not so far been filled.
AUDITOR.
Mr. G. R. Wingrove has audited the Com. pany's accounts and his re-election to the position requires the confirmation of the shareholders.
Dr.
JARDINE, MATHESON. & Co.. LD.,
General Managers. Shanghai, December 1a, 1907,
STATEMENT OF ACCOUNTS For year ended October 31, 1907. (Centa omitted).
BALANCE SHEET at October 31, 1907.
LIABILITIES.
To-capital-Authorized 20,000 shares at Tle.
50-Tls. 1,000,000—subscribed 15,000 shares at Tla. 50
,, Jardine, Matheson & Co., Idl.
Accounts payable
Uncollected dividends
Repairs and renewals.....
Equalization of dividend account
11
**
Profit and loss
Cr.
ASSETS.
Tis.
paid over, at the same time handing the plaintiff a balance sbest book containing entries showing the division of profits. Plaintiff on examining this found two
pages stuck to- gether, and on opening them be found another account showing a farther profit on another transaction of something over $10,000. Thereupon he bad words with the defendant, and asked him why he had hidden this away.
The result of the discussion was that the defen-
which admitted that the plaintiff had a share in the partnership, and he could sue for could not be liable to two actions in the same The defendant partnership accounts only.
matter.
Mr. Slade-If my friend had listened to me that we are not suing for the return of capital. attentively he would have appreciated the fact
His Lordship-The document talks about the share capital.
Mr. Blade There are several mistakes in the translation of the document It must be read with the facts. Ther-fore I am not suing for the return of the capital, but for money had and received.
writ.
is Lordship-That is not endorsed on the
Mr. Slade The endorsement on the writ is the same as the endorsement on this document. If your Lordship will allow the matter to stsad for money had and received. over I would ask for leave to amend by claiming
are
His Lordship - You bound by that documentat present.
Mr. Slade And we are perfectly prepared to if we claimed for mey had and received. stand by it, but it wou make it perfectly clear
and after hearing the evidence, gave judgment His Lordship alowed the writ to be amended,
and costs for defendant,
CANTON.
(FROM OUR CORRESPONDENT.)
sware
23rd December.
GAMBLING AND PIRACY. Both the Provincial and Central Govern. ments are responsible for the prevalence of brigandage and pirsoy in the Two Kwang Provinces, the main cause of which, I think, is gambling. Millions of hard earned cash find their way into the monopolists' and officials' dant then and ther paid over the plaintiff's pockets. Gambling fosters lasiness and offers share of the second contract and the plaintiff to the idla people means to live for a certain gave him two receipts. In the discussion the time antil, when luck turns and their defendant also let out that there WAS more purses are empty, they become pirates and to come besides, because
The as well as taking robbers.
officials and the general these contracts out of which they had public Bre
that
about annually 750,000
made s 507,017
profit, they also invested money $200,000,000 pa-s through the different gambl- 91,358 in landed property in Canton. When asked ing houses, and about 40 per cent of that 12,098 about this the defendant said that a certain amount, understand, is plunder or booty from 23,276 portion of the property had been sold, and on piracies or robberies, so no wonder the two 150,000 being pressed by plaintiff for his share, he provides are always in turmoil. Hitherto said he could not pay up, but, if given time, gambling has always been permitted to be Tla. 1,580,057 he would deposit it in a certain shop. After carried on in the Kwangtang and Kwangsi this he promised to show plaintiff the ledger Provinces clandestinely, and with the connivanes of the firm which contained details of all trans- of the corrupt civil and military authorities on 139,438 actions, but two days later he left for Cinton a moderate scale. None of the former Viceroys 300,430
without having produce the book. When he bad the audacity, or were powerful enough, to 367,620 4,220
retarded to Hongkong the plaintiff met him Carn it into a monopoly until the appointment of 4,264 in a shop in Victoria Strest and pressed for
the late Prime Minister, Li Hung-Chang, as 16,598 payment. Defendant did not attempt to deny Viceroy of the Two Kwang shortly before the 80,371 owing the money, but asked for time, aud Bozer Trouble. He, in order to benefit his signed a documeut ac nowledging his indebted private purse and also to court favour with the Empresa Dowager, granted those gambling pravileges from which enormous sums wors forwarded to Paking annually. Thus the veleran official sowed the wels of evil and allowed the future officials to make enormous
46,307
Tls.
30.156 551,789 A.748 6,684
By Property
$1
Buildings..
#
Plant and machinery
1)
Water supply.
Furniture..
Mill stores
*1
Cotton stock
D
Cotton and yarn in process
Yars stook...
11 Waste in stock
29
11
Unexpired rates and taxes.
Accounts receivable
11
Cash in hand....
Tls. 1,580,057
PROFIT AND Loss ACCOUNT. For year ended October 31, 1907.
Tls.
To Rates and taxes.
:::::::
Unexpired fire issurance premia
Fire insurance Interest
Directors' fees Auditor's fees Repairs and renewals
Balance....
By Balance brought forward
Balance of Working Account Transfer fees
11
ness.
Mr. Grist submitted that on his friend's 422 opening, and on the translation of the document 71,332 before the Court, it was quite obvious that the
980
notion could not be maintained in is present form. The document reoited that this was a partnership business, and went on to say that the plaintiff had a share in the defendant's share in the Sam Kee firm. One partner could not sue 2,561 the other partners of a firm for the return 18,126 34,896 of his capital in any business without be 3,750 alleged fraud. That was the only ground ou 250 which an action could be maintained by one 14,332 partner against another for refund
· 46,307
return of the ospital invested. The form of motion should be su action brought for acoonais. His client disputed ever having signed or given 64,986 the document in Court-it was a forgery 51,114 Apart from that, however, it simply meant that 194 the plaintiff had, and admitted that he had, a $625 share in the defendant's share in a certain
Tis. 116 224
Tla.
Tla. 116,224
UR
|
Aq DGGIOR, 1
the appointment of a new Viceroy nearly all the gambling menopolies change hands, tħas affording an opportunity for the Viceroy and every member of the now staff to make huge squeezes from the new monopolista. After having filled their pockets, a majority of the high officials generally plead inability of some sort and beg the 'Throne to permit them to resign. l'ha resonross of the two provinces would have been drained out by this time, I appose, had it not been for, rut numbers of people in the Kwantung Province who have emigrated to foreign countries and are annually remitting millions of dollars to the Province. Li Hung-Chang possibly never thought that his successors, not being l'rime
事