SUPREME COURT.
Wednesday, Marob 14th.
IN ORIGINAL JURISDICTION.
BEFORE SIE FRANcus Piggott (CHIF Jusrica).
THE PEAK THAMWAY LITIGATION. The heating of the action at the instanca of D. E. Brown and others against the Hongkong High Level Tramway Company and Messrs. J. D. Humphreys and Sen was resumed. H. F. Pollock, K.C., appeared for the plaintiffs, He was instructed by Mr. Geo, Hastings (of the office of Mr. Joku Hastings) in the interests of plaintiff and by Mr. C. D. Wilkinson on behalf of the other dissentients. Mr. E. H, Sharp, K.C., and Mr M. W. Slade, instructed by Mr. Harston (of Messrs. Ewens, Barston, and Harding), appeared for the defendants,
Mr. Pollock rosumed his reply.
THE HONGKONG DAILY PRESS, THURSDAY, MARCH 1ärn, 1906.
Mr. Sharp thought the now company could carry out one of its objects, one of the lines,
Mr. Pollock donied this. Ho submitted that nothing of those resolutions could go through without first obinining the consent of the
Governor in Council.
His Lordship - You claim first for a declara- tion that the resolutions aro ultra vires and void
and therefore an injunction to restrain defend ants from carrying them into effect?
Mr. Pollock-Yes, my Lord.
{
His Lordship-Everything would have to CHINA AND MANILA STEAMSHIP be done over again.
Mr. Pollock-Yos, and very rightly so, because the position of the dissentionts and other shareholders in the company would be very much altered by the question whether the consent of the Governor in Council was
CO., LTD.
His Lord-bip-Woll, ra I have said two or three times before, I should think an injunction consent of the Gevarner in Council is obtai-ed, your permission we will take the report, and i might be necessary, to restrain defendants from carrying the resolutions into affect until the consent of the Governor was obtained.
Mr. Pollock-Yos, my Lord. His Lordship-But ther supposing the injunction wero grantoÌ.
Mr. Pollock What would be the effect? His lordship That is what I am coming to. What would be the effect say as regards your
eau the question of arbitration possibly be gone into until it is known whether the consent of the Governor in Council be given?
His Lordship-You say at the form of alternative claim? injunction which was granted was right ?
Mr. Pollock-Yas.
Ilis Lordship~~In that course it would follow that the liquidation should not have continued- Therefore the receipts which have-been issued by the liquidators ac practically wrong?
Mr. Pullock-It may be wrong. Of course it does not make any practical difference. Messrs. Humphreys and Sons, who were the liquidators appointed by the resolution, which may or may be valid, were the general managers of the old
company..
His Lordsdi-Strictly speaking, the pany should revort to its normal position.
Mr. Pollock Yes, technically so. His Lordship That would be the result? Mr. Pollock--Undoubtedly,
Mr. Pollock---How
His Lordship-You would require judg.
KODAKS AT HOME PRICE.
11
17
No. 3 FOLDING POCKET KODAK (43-12-68) $38.00
4 CARTRIDGE
(£3-15-0) $60.00
LONG. HING & CO.
No. 17, QUEEN'S ROAD,
JUST LANDED,
3.
[35
SPARKLING RED
BURGUNDY.
The twenty-third ordinary gonoral meeting of shareholders in this Company was held at ghowan, Temes and Co., yesterday forenoon. the offict of the general managers, Meisre, Hon. Mr. B. Shewan presided, and them ware also present-Mesara. N. A. Siebs. II. P. White, D. E. Brown, A. V. Apear (directors), G. granted or not. If the consent be withheld Meat (secretary, JR. dictenol, G. Somer- if your Lordship grant an injunction in theville, J. Young and Captain Tillalt. form suggested, it seems to me an impossible The notice convening, the acting having position will be created. If on the other hand the been read,
The CHAIRMAN mid--Gontlamon.With
accounts which were issued on 28th February a read. The result is slightly better than that balance of $12,057.95 as agnius! $95,146.62 for uf last year, the working occcust showing a 1304. After making allowance for depreciation and patting $100 to reserve fund as required GUICHARD POTHERET & FILS. by the Articles of Asunciation, it is proposed to Pay a dividend of G per cont. absorbing 330,000, and carry
forward
$6,563,45. The year ander review was a very uneventful one for us, cargo was searce, aut although sugar from Manila
the was, offering rather more Truely, ales of freight offered for it worequita unremunerative. Everything that could be done has been done to keep down expanson, but passenger steamers of this class wirst be kept up to a certain standard, and we therefore doubt if more can now bo done is the direction of economy. You will notice that we bave reduced the debt to our Laukers from $276,007). to $190,000, and that we made a saving in interest of about $10,000. This was partly affected by the sale of 1,725 shares at $90, which with 38,625 formerly at oredit of forfeited shares raised the capital to the round sum of $650,000. There is nothing spcoal to remark about the balanse sheat, but I aguiast sundry debtors and outstanding freights ay say for your satisfaction that the amounts have since almost all been collected. As regards the present year. I fear our prospects are not
far very rosy, for I am sorry to say that so We have not begun well, our earnings for January and February being rather less than for the same months Iset year. Before I more the adoption of the roport and accounts I shall be pleased to naswor say questions
then we say that that will have a very important bearing upon this question of arbitration, be cause it will base's most important bearing up the question of the price which ought to be paid to the dissentients. The whole object of the scheme was to do away with opposition. Your Lordship will bear in mind that it was declared that handsome profits could be obtained merely by building the now concession up to Queen's Gardens level and working that part alous. If the Governor in Jouncil does give his count to the transfor of the tramway, it is hardly likely the general managers will take the line up to the Peak in the face of their liters and correspondence. In conclusion, he argued that it would be absurd to wind up the old company for the purpose of transferring the undertaking to the now company when they had not obtained the necessary legal conssat, It might be that the Chevernment would come to the conclusion that it was not in the public interest to have the toe tramways controlled by one body. The Government might decide that it was better to have competition. It cortainly could not be said that there was a certainty of the Government assenting to the transfer, His Locdship-Supposing a proper in junaud the general managers had altogether ction be granted say until the consent of the
been too premature in bringing the Governor in Council were obtained
-matter-before the shareholders. There was theso doubt that
kares had been
ment on the alternative as 4,
substantive
claim and not as an alternativo claim,
Mr. PollockThere is a difficulty, my Lord. The only way in which it can be got over is to grant us an injunction.
His Lordship. Yes,
Mr. Pollock--The matter is in an impossible composition until we know where we are-until we know whether the Governor in Council will give his consect
Mr. Sharp--I think, my Lord, if that point srises, funt conld¡cu'y result, if the resolutious bo set aside. You are asked to set them aside.
His Lordship-No, no; that is the result of the injunction.
Mr. Sharp-What arises is this. Here are certain resolutions which may be held to be valid or invalid. We are not to do anything under them. They are in force, bat we wast not do anything under them. Later, if tho Court is satisfied they are invalid, then the Court pots thom sɛido,
His Lordship. Yos.
Mr. Sharp-Then the people affected by them are thrown back into their original position. Meanwhile the solutions are in force but must not be acted upon.
Mr. Pollook - I don't think there is ang mal differsten whether you say they are in force or not,
His Lordship-But the form of the injuse. tion Ins been challanged.
Mr. Pollock We submit that the injunction was properly granted av regards all four residu. tivne.
Ifis Lordship --Yes.
Mr. Pollock-- Yes
.110
His Lordship-In that case you would still anduty depressed, and having rogerd to the want your declaration ?
dividend earning power of the old company the
Mr. Pollock-Oh yes.
His Lordship-That is burdly an alternativo claim.
shares were worth $325 each. If the new line were taken to some other part of the Peak the prosent company would be as flourishing as ever.
Mr. Pollock-We are asking for an injun: Thorefore, they submitted that the only proper tion to step the whole thing.
His Lordship-Yes,
Mr. Follock We say we are entitled to an absolute iu juuotion restraining them from carrying the resolutions into effect.
His Lordship-Y88.
Mr. Pollock-We say these resolutions were contrary to law because they purported to son- tain a power of sale that lacked a maiorial precedant.
Is Lordship-Yes. The absence of zotive does not make them ultra véres.
Mr. Pollok-It makes an irregularity. His Lordship'--It may give your plaintiff a right to the declaration "
Mr. Pollock-Yes. He would certainly have a right to the declaration that they wero invalid, His Lordship-An injunction to set aside
Mr. Pollock-The order of the Court is the would not meet the caso. ordinary form of injunction.
His Lordship Yes.
Mr. Sharp--I would ask your Lordship to refer to page soren of Buckley, which does not conflict with the principle I have laid down.
Mr. Pollock, continuing his argument; oflamed that when a now company was formed to take over an old company and carry on its undertaking that was a re-construction, and as bis Lordship had pointed out yesterday a compulsory sale of shares for cash was net n Te-construction scheme. It seemed to him thal. if the arguments of bin lurped friends were followed to their logical conclusion it would mean that by passing a resolution of winding up-which could be done whether the articles provided for it or not-the shareholders in the minority could be deprived of their rights under section 201 of the ordinance by the Tanjority. The machinery which had been adopted in the present altogether inconsistent with any plan, put forward at the eleventh hour, that they wore empowered to do this under the memorna- It was clear from Mr. Ewens' evidence duri that the memorandum did not give them that power. Referring to the letter "intended as an offer of arbitration," he said that no one would take that as an offer of arbitration, and pointed out that defendants had always denied the right to arbitration. On the subject of the notice, he contended that it was inadequate. The shareholders inasmuch as they wore invited to
casă
WAS
Mr. Pollock-We think we are absolutely untitled to the declaration that they are both invalid and illegal, in the worse that they were contrary to statute.
•
His Lordship Do you say that abesace of notice makes that ultra vires?
Mr. Pollock-Being unable to carry out tho resolution's without the consent of the Governor in Council makes them ultra wires.
Hie Lordship Supposing the injunction, were granted, the alternative question us to arbitration under section 21 would not bo decided but would love to be discussed again ? Mr. Pollock-It has been pretty fully dis cursed now, but it would certainly have to be gone into again.
His Lordship-Yes.
it
Mr. Pollock-That is why my Lord wa have framed it in the alternative because soomed to us if the injunction were granted that menat averybodys shares would revert to them. Supposing your Lordship says the solutions passed ste ultra vires then there is nothing to arbitrate.
His Lordship Yes. Supposing the injunction were until a decision was arrived, until the fovernor in Council gave or refused his coureat. then tho question of arbitration would crop up again
Mr. Pollack Not now, we think it would depend upon whether the consent was given or not.
His Lordship—Assuming it warė given, the whole of this question would have to be opeusl again.
Mr. Pollock-Idon't know. Not necessarily, my Lord.
order the Court could unke was that the resolu tions were invalid and that an injunction ought to be granted.
Mr. Sharp said his Lordship. bad seked a question the previous dag which he could not answer. He could now supply the answer. The total number of shareholders was 51, holding 1250 shares. The number of shareholders not prezent at the Brat mosting or represented was seven, holding 95 shares. Of the seven absentees six had since approved of the scheme and the other had given no intimation either way. In further reply to his Lordship, be maintained that the word reconstruation
They said that the could rightly be used scheme was for a male of the old undertaking ut a price of $250,000. Their second proposition was that the scheme was also properly called a reconstruction, using the word in its ordinary business sense. The third proposition was that the scheme, either as a reconstruction amalgamation, could he carried out without invoking the aid of section 201.
OF
Mr. Pollock briefly replied to the fresk points. Tho case was then adjourned sine dié.
IN SUMMARY JURISDICTION,
BEFORE MY. A. G. WISE (PUISNE JUDGR).
Wong Tat-lia sued Lam Tat for $103 45, being money advanced by plaintiff to defondant while the latter was in his employ, Mr. Otto Kong Sing appeared for the plaintiff and Mr
F. X. D'Almada e Castro for the defendant,
The plaintiff having produced his booke iu support of his claim, Mr. d'Almada e Castro called in question the manner in which they were kept, and stated that the books appeared to have been prepared for this case.
His Honour, in giving judgment for defend- aut with coate, said plaintiff had said enough to qualify himself for guol.
POLICE COURT.
Wednesday, March 14th.
BEFORE MA. F. A. HAZELAND (FIEST
POLICE MAGISTRATE),
A chair coolie in the employ of Mr. C. E, H. Beavis, solicitor, wae charged with being a member of the Triad Society.
He pleaded not guilty, and the case was
Luanded.
STOWAWAYS.
Mr. MICHAEL-I have a few questions, Mr. Chairman. Have we made any saving in the premium of insurance since we have written down the value of the steamers?
The CHALUMAN-Yes, yes. Mr. MICHAEL How aneh P The CHAIRMAN-I oonida't tell you off land, bat a very considerable suni.
Mr. MICHAEL-There is another question I should like to bring to the attention of the Board. Since we hate written down the value of the steamers to practically half the cost, is it necessary that we should write down, in accordance with the Articles of Association,
ven now, seeing that we have already written down lifty per cent of their value?
The CHAIRMANTER. They still go ou depreciating, are second hand boats on the market, and we could not sell them probably for what they stand at
Mr. MICHAEL-Quite so; but the boats east originally & million ard a balf.
CHAISMAY-The value of steamers is a matter of opinion, and you must leave that to us, Mr. MICHAEL So you think it must neces. sarily be done?
The CHAIRMAN--Undoubtedly I do. There being no further questions, the CHAIR- MAN moved that the repart and accounts as presented he adopted and passed.
Mr. BROWN seconded, and the motion was carried.
M MICHAEL moved that Meers N. A. Sials, D. E. Brown, H. P. White and A. V. Apear he re-elected to the consulting committee.
"Captain TILLETT seconded. Carried.
It was proposed by Mr. WHITS, seconded by Mr. SIEHS, and carried, that Messrs. T. Arnold
and W. H. Potts be re-elected auditors.
The Cheirnian-Thot is all the business, gentlemen. I am obliged to you for your attendance. Dividend warrants will be delivered on application.
HONGKONG ROPE MANUFAC-
TURING CO., LTD.
The twenty-second ordinary general meeting fueturing Co., Ltd., was held at the office of the of shareholders in the Hongkong Rope Manu general managers, Messrs. Shewan. Tomes and Co., yesterday morning. Hon. Mr. R Showan was in the chair, other shareholders Brown (directors), P. Hancock (secretary), present being-Messrs. H. P. White and D. E
T. R. Michast, T. Arnold and Fung Wa-chan.
The Secretary real the notice convening the
meating, and
CHAIRMAN said Gentlemen, —Åe The usual we will, if you have no objection, take the report and accounts which were issued on the 28th February as read. We have a very lean year to chronicle. Business in rope throngbout 1905 was bad, and with nothing special in our favour we had a grout many disturbing factors to contend against. It is true the total turn-over was little short of that of the previous year, but the average price obtained for rope was lower, while the cost of homp was as high as ever. Owing to the general depression in shipping and also to the reduction of the fleet on this station, our locul sales show a severe falling off, and although we solt more in the north, doubtless on account of the war, we had to compete thore with adel
the meeting ooght to have had sufficient in forma. tion to determine whether it was wise to sell their shares at $200, to decide whether it was advisable to become investors in the now company, or to decide whether they would do neither the con ner the other but oppose the scheme. furtier argued that rights conferred by statuto on shareholders could not be contracted out of As to the statement that plainti arquiesced in whether they were ultra vírés. Assuming the to Chios of Tai Man to answer a charge of cent., a good dividond still, seeing that deprecia-
His Lordship-They have the same right to inte fore. Ko
Mr. Pollock-Your Lordship has to decide whether the resolutions were valid or not and
consent of the Governor in Council was now given, that could not sure the fast that the resolutions were ultra virés nor could it cure the fact that the agreements framed upon these resolutions were ultra vires,
His Lordship--Everything falls to ground.
the
Captain Crichton, of the s.s. Rippingham Grange, charged a Canadian named Jones and an Australian named Shruth with stowing away OL bosed his ship from Newcastle to Hongkong.
They were each finel $5.
EXTRADITION WANTED.
PER CASE 12 BOTTLES
24 BOTTLES
SOLE AGENTS:
***
$82.00
$31.00
H.
PRICE & CO.,
Mr. MICHAEL seconded the motion, which was carried.
Messrs. A. J. Raymond, D. E. Brown, H. P. White and Dr. J. W. Noble were re-aloetal to the consulting committee, on the motion of Mr. ARNOLD, seconded by Mr. FUNG WA-CHUN.
Mr. WHITE proposed the re-election of Messrs. T. Arnold and W. H. Pottens auditors. Mr. Bows seconded and the proposition was agreed to.
The CHAIRMAN That is all the business, gentlemen. I thank you for your attendance. Dividend warrants can be had an application.
THE NATIONAL BANK OF CHINA.
The report of the directors to the fifteenth ordinary anual general meeting of shareholders to be held on April 14th, reads-Gantlemen, The directors have now the pleasure to sub- mit to you the accounts and balance sheet for year ending 1st Decomber, 1905
The gross profits, including 341,768 26 brought forward from last year, are $365;257.76. which, after deducting all charges and making AD allowance for Rad and Donbtful Debts. avea Net Profit of $166,939.94, which the directors propose to deal with as follows:-- Write off furniture account $10,000 00, place to Capital Reserve Fund $12,731.20 (bringing this up to £12,735 at 18 8d to the dollar), transfer to Reserve Fund 8908880, and the balance of $74,099 94 to be carried forward to Bext account.
The board have decided, in accordance with the wishes of a large. majority of the share- holders, to continuo the Exchange business of the bank. It is the intention of the board to build up the reserves of the bank until they amount to $600,000, and until this end has been reached, they will not renommand tho declaration of any dividend,
Mr. Kwan Fong Kuk resigned his seat on the board, Mr. Reginald Harding took bis place and has since resigned. The board do not at picsont propose anyone to fill his soat.
The Right Honourable C. B. Stuart Wortley, K.C., M.P., retires in retation from the London Committes, and Mr. Ewens from tho Hongkong Board, but being eligible, offer thuasures for re-election.
Tus accounis at Head Office have been R. Lowe, chartered audited by Mr. A. accountant, and Mr. E. A. M. Williams, A. 8. A. A. (of the firm of Messrs. Lowe and Bingham).
Messrs. Daloitte, Plender. Grifiths & Co.. chartered accountants, audited the London accounts.
Your Obedient Servant,
C. EWENE, Chairman.
BALANCE SHEET, 31ST DECEMBER 1905. LIBILITIES. Authorised capitul. :----
$9,925 Ordinary shares of £ each £693,475 Esued unpital (at Is, 8d, to the S) - 40,453 ordinary shares of £7
sel, £5 paid up, 202,265... $2,427,180.00 140,083,80 Capital reserve fund
59,911.96 69,965.00 Reserve fond... Notes in circulation Fixed deposits and
accounts...
current
Bills for collection and branch
balabres...
WINE MERCHANTS,
12, QUEEN'S ROAD CENTRAL.
35
BABY QUIRK'S
SPEEDY CURE
Torturing Raw and Scaly Eczema-
Grew Worse Under Two Doctors' Treatment for Three Months-Face in Terrible Condition.
ANOTHER MARVELLOUS
CURE BY CUTICURA
"My baby was afflicted with a loathsoms ruauing eczema. Two doctors treated him for three months, but he grew worse aud his face was a sickening sight. We then started to use the Cuticura Remedies, and noticed an improvement at once. Within fortnight the running had ceased and the scabs were nearly all dried off, and io a month his face was perfectly clear. You are at liberty to use this statement, as I should like all to know of the value of Cutícurn-William Herbert Quirk, No, I West End Cottages, Ruywood Road, N. Southampton."
STILL ANOTHER CURE Baby Raw With Humour Suffered Agony, Mother Discouraged.
"A terrible sore and humour broke out
on my baby, locking like raw flesh, and My causing the child untold agony, physician could not help him, and I was discouraged. Then I tried Cuticura Soap and Cuticura Ointment with almost im mediate success. Before the second week the soreness was gone, not leaving a tince of anything-Mrs. J. H. Block, 281 Rose- dale St., Rochester, N. V."
AND STILL ANOTHER.
"At four months old my baby's face and body were so covered with sores and large scales you could not tell what she looked like. At last we got Cutivura and Ointment. The sores began to Soap heal at once, and she could sleep at night, and in one mouth she had not one sore on her face or body,-Mrs. Mary San. ders, 709 Spring St., Camden, N. J.
Cullera Sony, Utment, and Pls are sold throughout the world. Depot Indum, 27 CInterhour + Paris, Ele de la Paiz: Auraila, Si, Towary Sydney, Potter Drug A Carn.
1. Corp., Isamtan, U. S. A. Bala Props.
Secure, ew Care Baby Humours."
56-20
TYPEWRITERS
CLEANED, REPAIRED,OVERHAULED
TYPEWRITING WORK UNDER-
386,595.80 TYPEN. Charges mudarate.
F. A. V. RIBEIRO 54,141 04
(late of the Hongkong. Typewasting Duresta) Drafts, acceptance and endor.
sements (bills re-discountedj 79,949.7134, Queen's Road Central (Second Floor).
186,919,94 Hongkong, 25th October, 1905. [19 Balance of proft and loss accouní
Total $3,404,741.58
ture account
A83ETS.
Loans
and
ww
KA
PURE FRESH WATER.
BOAT CO., LD, is prepared to supply 303,389,31 ANY QUANTITY A PURE FRESH
WATER to the Shipping, both for Dock and 2,525,586.82 Boilers.
Call Flag W.
J..W. KEW, Manager,
356,097.08 10,000.00
Hotel Mansions, 3rd Floor,
Hongkong, 8th August, 1965.
"THE
COLD STORAGE,
HONGKONG
Bet
ica COMPANY, LD, Thave a 20,000 Cubic foot of Cold
Storage available at EAST POINT, Stores will bo Open at 10 AM, and 4 P.M. daily, Sunday excepted to receive and deliver perishable goods.
W. PARLANE, Manager, Houskour. 18th November. 1901: (47
terated Japanese rope, and to accept very Cash on hand and at lakers 209,668.42 THE HONGKONG SPEAD WATER poor prices. Then, too, the high rates of Government Brourilios (£31,050
at 2/0.9/16) exchange ruling gave us smaller returns in silver from sales made in gold nsing countries. Bills receivable,
advanos... Lastly, the price of coal was, as you all know, anasally high. Naturally our profits are less, Bills for collection receivable and
branch balances and we therefore recommend instead of our usual dividend of $10.00 per share a dividend of Furniture An application was made for the extradition of $9.00 per share, which is equal to 18 per
Total $3,404,741.58 armed robbbery in the Kwai Shin district of tion has been well provided for. We propose PROFIT AND LOSS ACCOUNT FOR THE YEAR the Kwangtung Province.
ENDED 31ST DECEMBER, 195. also putting the nominal sum of $1,000 to the Toung King said he was the managing partner reserve fand, as by the Articles of Association Charges, directors' fees, ealaries, etc,$118,337.82 of the Chuang Thi pees goods shop at Kwaiwe cannot declare a dividend zutil we have Amount to write off furui-
$10,000.00 placed something to reserve. This will laure Shiu. On the morning of the 13th November: $5,619.29 to be carried forward. As regards Amount to be place to before his shop had opened, the door was broken
12,731,29 capital reserve fund in and the defendant, carrying, a sword and the accounts I have only one thing to point ont, revolver, and at the bend of a band of armed
Amount to be transferred and that is, no credit has been taken for the
90,088.30 men, entered. Witness's eldest brothor ran into
to reserve fund.. dividend amounting to $3,040.00 due from our
I for!! Balance to be carried Mr. Pollock-Yes, of neosity. The proper the inkloft, where he was followed by fire of investment in Chios Provident shares, as it was
ward to noxt account 74,099.94 procedure, we submit to your Lordship, is that the robbers, while witness and a foki wers fereed not paid till 1906, and it will therefore appear I mention this an absolute injunction should be granted, and under the game structure by three of the hand in this current year's account.
this the other side, if they get the consent, canTered with firearms, and threatened with because our not taking credit for this item till year's profit and death if
While com.it is actually paid cause they made a noise. bring up another resolution in a regular mau- sinipant was in this position ho heard about loss to appear some $3,000 worse than it really is as compared with 1904 when credit was taken fire shots fired from the roof. Then defen daut cans downstairs and with two other for a similar dividend. As to the future, we mon extrasted $280 from the till behind the have begun this year very well, and it is s counter. There were about 20 tins of kerosene satisfactory feature that, if our local sales have in the shop which defondant opened with his fallen off, our sales elsewhere bave increased, but sword. His men poured the liquid over the. I fear that as long as Manila hemp keeps at its stock, set fire to the shop, and in response to a present high level of price and poor level of whistle from the defendant, withdrew. Wit quality, we cannot expect any marked improve. His Lordship-Supporing the consent were ness then rashed out and raised the alarm, but ment on former years, especially while shipping now given would not that cure it ?
could not get assistance as the residents were continues dull. Before I move thoadoption of the Mr. Pollock--No. It would not sure altra afraid of the robbers. His shop and the report and accounts I shall be pleased to answer tires. They bave entered into all manner of adjoining one were burned down, and later one any questions from shareholders,
of his fokis was found shot through the body.
No questions wore asked, and the CHALEMAN After the hearing of farther evidence the moved that the report and accounts as presented
be adopted and passed. case was adjourned until Friday.
the proceedings, there was no evidence to support that. The correspondence provod sa intention to contest the validity of the resoln. tion, bat in face of those letters the general managers decided to call the new company into existence and hurry through all manner of agreements. He submitted that what was done was ultra vères qf the compavy, because these resolutions perpetrated to give the liquidators' authority to sell toa new company whun such salo would have been contrary to the statutes without the content of the Governorin Connell being first obtained. All the resolutions ought to have been ner. passed subject to the approval of the Governor in Council. They could not possibly take effect without that consent. Supposing that consent were refused and the jajanation dissolved, the new company could not admit the old company because they were still carrying on their bei. ness. An impossible situation would be crested, The old company would go in liquidation for all timp or until the tramway lino wore out. The new company could not carry on withwat obtain ing the concession from the old company.
His Lordship-Supposing the consent of the Governor in Council was refused what would be the position ?
Mr. Pollock-It would be an impossible position..
agreements with the new company.
can that possibly cure it P
How
year
Total...
BAY
186,9 0,94
..$305,257.76
$ 41,768.26
203,498.50
...$305,257.76 On lat January, 1906, the capital and reserve funds will stand as follows:-
...£202,265 Capital
(at 1a. Bd. to the 3)... Capital to reserve fund... £12,735
(at 18. 8d. to the 9)... Reserve fund $350,000... £15,351
(at 2a 0d to the ?)
Balance brought forward from last Gross carvinge for year ending 31st
December, 1905... Total...
$2,127,180.0)
152,820.00
150,000.00
Total......£230,851 $2,730,000.00
AVID CORSAR & SON'S
DMERCHANT NAVY
2851
NAVY BOILED
LONG FLAX
RELIANCE CROWN
TARPAULING
CANY 8
ARNHOLD, KARBEÉG & CO.
Bola Agents,
RUINART PEER & FILS, REIMS,
Established 1719, CHAMPAGNE GROWERS AND SHIPPERS.
Ship only the Finest Quality Extra Dry (Green Seal),
LAUTS, WEGENER & CO., Bob Agents..
Hongkong, 17th May, 1905,
122