Page
BANQUE INDUSTRIELLE DE CHINE.
WINDING.CP PETITION
ADJOURNED.
nor
such
TAN HONGKONG DAILY PRESS,
The effect of the failure of the Banque on China's financial life in very great on account of its enormous business coa- nection here and its over circulation of notes; and it would be still grenter, if Chinese bankers had nos come to the rescue in time. The Chinese bankers. The petition for winding-up presented deciding to cash the notes that are issued by the Banque and now in circu- by the Banque Industrielle de Chine Intion, have done a great service not curge before Mr. Justier Gumpertz, in the ly to their fellow French bank, bat also to the Chinese Government, and Supreme Court. Hongkong, yesterday people! The Government granted to the morning. Only one creditor had taken Banque the right of note issuing, but advantage of the invitation fo give notice it has never checked its issue. As a of astendance; this was Miss Mary Stor-result, there was about 890,000,000 valus of notes outstanding prior to the last man, of the Penk - Hotel, "Whose clair | run, and now there is still about against the Bank was £188 138. 3d. Miss $2,000,000 in the market. Ordinarily in Storman, however, did not attend, guarantee the payment of the notes, as case, the Government would
was she represented.
it is its duty to do, if only as a friendly act towards France. MF. F. C. Jenkin, instructed by Messrs. Bankers, knowing that the national But the Chinese Deacon, Looker, Dearon & Harston, treasury is empty, came out and render." appeared for the petitioners and applied gd help to the Basque for the Govern- that, the petition.be not heard, but be. Banking Group has built its reputation ment and by so doing, the Chinese adjourned for days in support of wide and far, not only to China but also his application Counsel read an affidavit in the whole world. The Chinese des positors of the Banque are also directly by M. Montargis, local manager of the benefited by the net of the bankers, in bank, to the effect that from a perusal far as the Banque can devote all its of a telegram handed to him by the tuting and energy to liquidating its French Consul General and of a trans taking the task of maintaining the obligations to them, without under- lation of the French Bilt for the "in-credit of its notes. Such assistance stitution of transactional settlement bared by the Bankers Association
will surely be appreciated by all. tween traders and their creditors % M. There are a few lessons to be drawn "Montargis was of the opinion that "a from the failure of the Banque, First meeting of the shareholders was being and foremost, the Chinese Government held on the wath of July for the purpose should be more careful in granting toto of passing a resolution sauctioning an issuing rights to foreign banks here application to the Court for a transac after. Special regulations should be tional settlement."
formulated to govern the issue of these In my opinion" the afidavit pro- notes, or else proper measures should be «ceeded" it would be to the benefit of the instituted so that the books of the note
creditors and depositors of my said Bank issuing banks can be checked and ex- in Hongkong to await the decision of amined from time to time. The times the French Court as to the granting of faire policy the Government has been such transactionál settlement before taking should be altogether discarded. finally deciding to wind up my said Bank it will surely terminate in financial in Hongkong. From the telegrams I panic, if such policy is continued, have read in the papers in Hongkong Also, there is a danger in granting such during the past ten days and from my right to every foreign bank which ap- knowledge of the political situation in plies for it. In granting such privileges, France I am of the opinion that the business strength and reliability of the French Government will bring moral banks should be the first consideration; pressure to bear in financial circles in the factor of international relationship France in order to retrieve the position and friendship is a very miner element of my said Bank and to make some in this connexion. arfangenent whereby depositors creditors if not paid up in full will at least receive more than may said Bank in Hongkong would be able to pay if it was wound up forthwith
"
and
I therefore humbly ask the Court" ing for the winding an order be adjourn ed for one month and that the said Bank be carried on by the provisionn: liquida for and the special manager already appointed in order to reap the benefit (if any) of any moratorium or scheme of arrangement which may be arrived at in Paris and which may benefit the de- positors and creditors in Hongkong."
concluded the affidavit "that the hear-
IF YOU WERE GOOD ENOUGH
TO FIGHT FOR THE EMPIRE
AREN'T YOU GOOD ENOUGH
TO VOTE IN THE EMPIRE?
Mr. Jenkin said there were ample grounds for the adjournment and the policy of the Courts when a foreign com- pany went into fiquidation had been to wait and see what was being done in the country of domicile and any action taken in Hongkong would be merely to protect the creditors here.
His Hotour: There is no opposition ? Nobody else is appearing?
Mr. Jeukin said that Miss Mary Stor- man, of the Peak Hotel, Hongkong, a creditor to the extent of £186 Las, 3d, had intimated her intention of appear ing but she was not represented by coun- sel and he could not see her in Court. A postponement was clearly for the benefit of creditora..
His Honour: Has the provisional on this liquidator" anything application
наз
The Ret trar: No, my Lord. His Honour: Then the petition will be adjourned for 25 days. The provisional liquidator (the Registrar) and special manager (Mr E. A. Williams) are con tinued in their appointment.
SOME LESSONS OF THE FAILURE.
ཡ་་
In a leading article on the Banque's affairs the Peking Daily News Ys:-
The public should learn a lesson from the failure, too. As a rule, the Chinese people have overwhelming and blind over-confidence in foreign banks. Wealthy people always deposit the major part, if not the whole amount, of their resources in the foreign banka. result is to give the foreign banks enor mous funds at hand to do business on. a large scale, leaving the Chinese banks. to combat their foreign competitors with small and insufficient, force and backing.
•
The
As a matter of fact, the foreign banks are not always reliable, and not all the Chinese banks are use trustworthy. The present case should serve the depositors a good and strong lesson.
Lastly, the other foreign banks in China should take the case
of the Bunque industrielle de Chine as an example. Speculation is bad business all over the world, particularly in China, because the speculative field out here is very limited, and to speculate in China is to lead to nowhere but failure. For any trader in foreign lands, the first principle he ought to have in mind is to build up his credit among the natives; it is only by so doing that both the re putation of himself and that of the coune try he is representing can be advanced This is true particularly of banking.
REVENUE OFFICER CHARGES
A CONSTABLE.
A MISSING POCKET BOOK.
new.co
A charge against-an-Indian-constable of robbing a revenue officer was heard by Mr. R. E. Lindecil, at the Magistracy, yesterday.
Revenue Officer John Brown explained that on the night of Sunday, he was on special duty and being unable to get home to Kowloon he slept on a table in the wooden hut opposite the Harbour Office, in a compartment provided for the use of revenue officers.
He was awakened by the light being switched on ad saw Chinese revenue officer hold. ing the defendant. The pocket of a cout ho had put on a chair was unbottoned and a pocket-book was missing. He found the pocket-book, empty, beneath the defendant's coal..
The case was adjourned until to-morrow when the defence will be presented by Mr. Leo Longinotto,
FRAUD BY A GIRL OBTAINING GOODS BY FALSE PRETENCES.
A Chinese girl of good appearance was charged with fraud before Mr. R E. Lindsell, yesterday
COMPANY MEÉTING.
THE STEAM LAUNDRY CO., LTD..
WEDNESDAY, JULY 20TH, 1941:
SPORT.
GOLT.
The 19th ordinary general meeting of the Steim Laundry Co., Ltd., was held over the Relief Course at Fanling during The Bogey Pool Competition played at the office of Sir C. P. Chater, C.M.,last week-end was won by Mr. E. J. R. presided and there were also presa: Sirup. at noon, yesterday. Mr. E. Jo Chapmiss Mitchell (3) who returned a card of 4
C. P. Chater, and Mr. W. S. Brown (Directors), Mr. C. B. Brown (Secre tary), and Messrs. C. Montagus Ede, N. V. A. Croucher, and L. S. Gronhill {shareholders).
The CHAIRMAN said:-Gentlemen.-The
auditor's report having been in your report and
accounts together with
permission take them as road. hands for some days, I will with your
AUGEST BANK HOLIDAY COMPETITIONS. An advertisement on page & announces competitions on the Deep Water Bay course on August Bank Holiday.
WATER POLO.
SND WILTSHIRES, 7; R.R.K, Y., 1,. At the Club house, yesterday, the teams lined up as follows:-
2nd Wiltshires-Wood; Samus and Hurey and Drew. Smith--Dowse: Collins; Alderway, Le
REK.Y.C.-Bingham: MeCanu and Hewitt; Anderson: Franks, Finch and G. Bodger.
to place before you the excellent figures Your Directors are pleased to be able
shown; the profit on working account is the best we have had since the Company started 19 years ago, being $32,014.50, against 391,120.16 lust year. Our earn- The Wilts played good combination ings were greater, und, as overhead ex. ad in the first half arinute Le Hurey penses remain fairly, steady, irrespective beat Bingham. The soldiers added four that our profit is larger shipping was and crossed over leading by 5 goals to of the amount of turnover, it follows more goals (Le Hurey 2 and Drew 2). good and we were working at full onpapil city the greater part of the year. Our thanks are due to the Manager. Mr. Ges, in the second half through cramp, and Franks had to leave the field "early and the staff for the "excellent results for the rest of the match the Club played before you.
poading once for the Club, the Military only 6 mes. The Wilts added 2 more goals through Le Hurey, and, Finch res-
balance at credit of profit and loss ne
Your directors recommend that the count, $27,651.71
be apportioned follows:-
To pay a dividend of 120 $12,000.00 Write off Machinery
1,500.00 Write off Buildings
1,300,00 Carry forward....
7.71
na
but the carry forward is larger; the
The writing off is the same as lost year- reason for it is that your directors are aware of some large contingent expenses which must be met daring the next few nonths,
small and the pressure is too low; we Our boilers are theficient, they are too' have in contemplation the purchase of 2 suitable boilers which we can acquire at
low price.
were the winners by 7 to 1...
Only two players originally selected turned out for the Club, the remaining five being picked up from among the bathers.
•
Mr.
SIFTING OF THE FULL COURT, MARINE INSURANCE. APPEAL.
Skinner Turner has come from Shanghai, The Full Court, for which Mr. Justice sat at the Suprese Court, yesterday when an appeal against a decision of Mr. Justice Gotapertz was opened. We have applied to the Government Justice Skinner Turner-presided and the for a piece of land adjacent to that on other members of the Full Court were:- which we house part of our staff and Mr. Justice H. H. Gompertz and the if we secure it at the auction we intend Puisne Judge (Mr. J. R. Wood.) to put up additional quarters. We also propose to re-arrange our washers and Taze, was the appellant, and the Young Yeung Kwong-yung, truling, as. Mat hydros with a view to economy of work. Shing Insurance and Investment. Cum ing.
With regard to our assets you willpany, Ltd. the respondents. Mr. C. G. notice that during the year expended $4,603.62 upon
we have Alabaster (instructed by Mr. F. X. antotor junk D'Almada), supported the appeal and huur work. We have also purchased 100 G. R. Haywood) opposed it." which is proving satisfactory for har Mr. F. C. Jenkin (instructesi by Mr. shares in the Hongkong and Kowloon Wharf and Godown Company,
In the original action the appellant was the
unsuccessful flaintiff. He ABSORPTION IN HONGKONG HOTEL COMPANY. $20,000, under a marine policy of insur-
elained from the Company A
of
approached by the Hongkong Hotel an unknown cause of the s.sp Luen Op. A fortnight ago your Directors were ance, in respect of the luss at sea from Company with a scheme for the absorp At the hearing, after the plaintiff's case tion of this Company by the Hotel Com had closed, the defendants counsel sub- pany. We carefully considered the mat mitted that there was no ease to answer ter and are convinced that the terms since it had not been proved that, the offered are to the benefit of our share ship, wna lost through one of the perils holders. The difference between the specifed in the policy, namely rocks, present value of our assets and the bock waves, typhoons or wind." The shipping value was taken into account and the company had been unable to state the basis of the scheme is that in exchange precise cause of loss as the ship has never for 24 Laundry shares you will be offered since he heard of. The neting Chief share in the Hotel Company. The Justic upheld the point, and gave splitting up the nominal value of its Hotel Company, as you are aware, is verdict for the defendenta.
will be of the new nominal value of $10. shares and the 1 Hotel share referred to A special meeting will be called later at which the necessary special resolt. tions will be placed before you, and if you pass them a liquidator will be ap pouted and the Company put into voluntary liquidation.
I now beg to propose the adoption of the report and accounts
as presented; after they have been seconded 1 shall be ability any questions that sharchoitiers pleased to answer to the best of my my desire to ask.
director. Mr.
д
After Mr. Alabaster had addressed the adjoumed in order that the Judges Court at some length the hearing was might consider a preliminary point as to the construction to be placed on the policy.
LABOUR UNIONS IN JAPAN. RECOGNITION AS NEGOTIATING
BODIES.
TROUBLE AT LEVER BROTHERS.
Mr. C. MONTAGUE EDZ seconded the
Typical agitations are taking place in motion, which was carried unanimously.
Mr. GREENHILL proposed that Sir Paul There was to be a meeting between dele- Messrs. Lever Brothers' soap factory. CROCHER seconded and the motion was result of this has not yet been re- Chater bo re-elected a
gates and the management, but the carried unanimously
ported. There was Mr. CROUCHER proposed, and Mr.cently, at which the workers lashed. GREENHILL seconded, that Mr. H. Percy themselves into resolution with speeches. meeting, re-
Smith, F.C.A., be reelected auditor at Their demands are of the usual 'type a remuneration of $300, and the motion including:- was carried.
FINE AND IMPRISONMENT.
700,000 SMUGGLED CIGARETTES.
FL
(1.) Recognition of the Union's right to negotiate with the company on behalf of its members.
(2.) That a minimum of fifty daya' pay be given to any employé on being discharged, for every month over six months that he has worked another A revenue prosecution against a Chinese three days pay and four days' pay for shopkeeper an agent in Shaukiwan of every month from one year to four years, the British-American Tobacco Colapany-five days' pay for every mouth between for unlawful possession of over 700,000 three and five years' service, and six éigarettes, on which no duty had been days' pay for every month from six to paid, was heard by Mr, G. N. Orme, at ten years' service.
As to the causes of the bank's failure, everybody presents a different story; perhaps no other people in the world except the official of the Banque know just exactly how the state of affairs of the bank has come to such, a condition. Judging from prevailing accounts here
the Magistracy, yesterday. The revenue (3.) In case of a man voluntarily leav officers had traced the cigarettes to a junking he shall receive half these amounts. in Peking that the supply of the
and thence to tho defendant's shop. Banque's resources is not sufficient to
(4.) When leaving travelling expenses Mr. H. Lyson, who defended, pleaded shall be given at the rate of Y.30 for a meet the outstanding obligations, bo-
that his client should be treated as single man and Y.00 for a married man cause it has recently bought ten big
first offender. ships in the Orient, hoping that the Sub-Inspector Field said that the de out that the Ordinance provided for ature of all the present agitations, and The Magistrate pointed These excessive allowances are a fea price of tonnage would be subsequently fendant entered a Des Voeux Road shop fine and imprisonment for a first are doubtless dictated by the fear of increased, and because it has also bought on Monday and told the shopkeeper offender but the term was fixed at discharge through bad times. While one
big quantity of rice in Siam on the that she had been sent by her mistress inaximum basis of speculation that war between to purchase some clothing. Taking twelve for a second offence. No doubting people is that of being thrown on of six months instead of of the calamities that most haunts work- America and Japan would break out soon jacket she promised to return at 3 p.m. it was felt by the legislature that a fine, their own and the price for rice would," therefore, if it was not suitable. be raised, we can safely form, a general shopkeeper called at the house of the these casta.
Later on, the alone, was not a sufficient deterrent in conclusion that the principal reason for girl's supposed mistress and was told the Banque's failure is due to over that the girl, & mui taai, was no longer meath's imprisonment was imposed. speculation.
in the household.
A fine of $500 and a sentence of one
That the business of 'a bank should be The girl said she had been robbed of conducted along safo and reproductive, her clothing and took the cost to make and not along speculative, linca is good the loss,
ARMED ROBBERY. first and most important principle, of The Magistrate directed that the girl banking, and should be known to every-be sent to the Secretary for Chinese Seven men, one armed with a revolver body. It is too simple and elementary Affairs. He did not want to send her and another with a dagger, broke into a for to reiterate here. The director to prison, and to fine her would be the house in Chon Lung village, Tsai Valley, of the Banque saroly know this as well same thing as she had no money,
Kowloon, on Sunday night... After na' other responsible bankers. But the The Magistrate (to the defendant): terrorizing the occupants, tying up the fact that there have been two runs on You will be sent to the Secretary for proprietor, who is a gardener, and the Banque during the past six months, | Chiness Affairs who will probably and several of his Jokis, they looted the doen not speak well for the Banque you to the Pa Leung Kuk. Try and lead place and stole $12 in cash and clothing officials na able and sound financiera. a better life in future,
valued at $20.
resources after long years of service, the only remedy would appear to be a compulsory scheme, contributory or non-contributory, or a compromise be tween the two, whereby a sum was put by under proper Government guarantees. -Japan Chronicle.
TYPHOON WAENING.
The following telegram has been received by the American Consulate- General Hongkong, from the Manila Observatory --
11a.m., July 19th. Typhoon in about 126 deg. Long. E. 20 deg. Lat. N., moving N.NW.
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1940
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