Page
SPECULATION IN SHARES.
BANKRUPTOY PETITION BY
BROKERS.
LIVELY CROSS-EXAMINATION OF PETITIONERS.
וי
THE HONGKONG DAILY PRESS, TUESDAY, NOVEMBER 14TH, 1953.
Didn't you know he hadn't-How A SERIOUS KIDNAPPING QASE could I know!
By reference to the register-If we are going to refer to the register of every company, we should have to employ staff of half-a-dozen clerks. Sometimes Arising out of stock exchange densa we have about twenty transactions & day When did you know he had not day tion of two months ago, Mr. P. M. N. da Silva And Mr. M. A. Razack, stock shares in the Company 1-Well, I suspect Checkers, presented a petition in theed it when I heard of the large number
Supreme Court, before the Chief Justice of shares he had sold. (Sir William, Rees-Davies, yesterday, for a receiving örder to be made against
the estate of Mr. S. Greenfield.
Was it a subject of conversation be tween" brokerïFI think so."
Yes, is it not true, Sir, that when you Mr. C. G. Alabaster, K.C., instructed knew he hadn't any shares, you combined by"Messrs. Wilkinson & Grist, appeared in order to raise the price of those shares in support of the petition and Mr. Elsley-1 combined?
Zeitly, instructed by Mr. G. R. Hay- Answer the question, please, and don't "wood, opposed" on behalf of Mr. Greeu. | laugh-I don't understand the question.
field,
I thought you understood it by the way you laughed, if you didn't understand it, I don't see why you laughed.-You talk of combination. I was not a party to any combination..
squeeze" Hr.
The petition set out that the debtor owed $11,710.50 to Mr. Silva, being the amount due on September settlement in respect of the sale and purchase on the "debtor's belt of 2,000 Chiza Pro
vident" sharest His indebtedness to Mr. Razack was set down as $117,325, the amount due in respect, of the sale and purchase half of Mr. Greenfield of 5,000 China Provident" shares. It was alleged that the debtor had confuitted an act of bankruptcy by giving notice that he had suspended or was about to suspend paguen of his debts...
Mr. Alalasur rend several affidavita in support of the petition." These show "ed that the debtor contracted to sell through Mr. Razack, 5,000 Providents" at $11.70 and 1,000 at $12 for September delivery. Through Mr. da Silva he arranged to sell. 1,000 at $11.00 and similar number. at $11.00, both for September. When called upon, 'under the terms of the contract, to provide a ensh cover he failed in each instance to do sú.
Mr. Razack declared in his affidavis that the debtor's liabilities amongted to two and a half lakhs and that Mr. "Green.. field had stated the annual profit inade by his rattan manufactory to be 230,000.
Mr. Onlar Kitchell said in an affidavit that on September 26th-he went to pay debtor cash for 500 shares and Mr. Green-
field said that he had no shares and was going into bankruptcy as he did not have sufficient money to pay his workmen.
A clerk employed by Mr. da Silva stated that the debtor told him he wa absolutely bankrupt, had no shares to deliver and only possessed about 8000, The deponent also said that Mr. Greenfield told him that Mr. Da Silva, could have his business.
Did you decide to Greenfield No.
Did you decide you would make the shares rise 7--No.
They did, in fact, rise-Yes, but I did not do it.
Other brokers did-I don't know, and I don't think so.
FACTS SIMILAR TO THE RECENT OHANSON CASE,
HONGKONG OPIUM MONOPOLY.
ANTI-OPIUM ASSOCIATION REPLIES A REMARKABLE COINCIDENCE. TO GOVERNMENT'S DEFENCE. Yesterday morning, at the Magistracy,
The International Anti-Opium Asancia- before Mr. J. R was unfolded of a
Wood, the story tion has supplied to Banter's Agent að case, which in many respects resembled of Hongkong imperts and exports for the recent kidnapping Peking the following from the summary
the recent Chanson case, when a son of year 1021. Mr. Chanson was enticed to Macao and Opium in stock at the end of 1920, 529 held to ransom for 13 months. In the chests.
..
12
17
present case two men are concerned in. lauported daring 1991, 639 chesta, the affair and they are charged with making a total of 997 chists of" which 225 kidnapping a small boy pamed Tam were imported from Persia and the Woon, the son of Mr. Tam Woon, a balance from India, building contractor, of No. 31, Ship During the year 1921, 500 chests were Street."
exported, leaving 427 chests for use in the Colony. Of this amount the Govern Mr. Vaux, appeared for the first dement, boiled for use in the Colony 200 fendant. Later in the morning, after the and thus carried over a balance in hand. case bad been remanded, Mr. E. Davidson December 31st, 1991, of 3) chests. appeared in Court and said he had been poly Hongkong has maintained that In defence of the Government mono- instructed for the prosecution. lowing to increased selling price and Outlining the facts of the case, Sub Government control opium imports for Inspector Shattain said the first defend-chests per annum. in 1914, when the use in the Colony have fallen from 310 ant enticed the boy to go to Canton monopoly was established, to 120 chests with him for a short trip. When they in 1920. The Government, however, has got on board the ship the defendant to meet the demands of the Hongkong now discovered that this is not sufficient handed the boy over to the care of two opium smokers owing to the recent other men, one of whom was the second stringent measures against the smuggling defendant, whilst he jumped ashore has, therefore, made application to the of Chinese opiam into the Colony and just before the vessel's departure... India Government for an increase of Some days later the boy's father plum imports from ten chests a month recrived a letter demanding 850,000 the required six months notier is due to to twenty chests, which application, after
галуст. Did you not think it a standalous negotiate with the kidnappers. He re- breach of trust-when a "man
He sent a foki to Canton to operate in January, 1023.
The Association is informed through through you, shares you suspect he has fused to pay the amount demanded and tests have already been sent to
the society in Londen that vigorous pro- not got,o tell it to other brokers 1-1 the demand was reduced to $20,000. The Langue of Nations, and Sir Willian was a matter of conversation. The brokers father again said he could not pay that Collins has promised to ask questions in
alarmed when he goid such a lot.
amount. Later the demand was fur-ns soor, the House of Commons assembles. the House of Commons on the subject ther reduced to $7,000. This also the Do you swear this was not a pure zama
father refused to pay. About a week, bling transaction --Certainly, it was not. ago the anxious arent received à tele-
How many brokers did you tell that Mr. Greenfield had sold this number of
shares-I don't know.
Was it three or four or five-Yes. Was it half-a-dozen 1-I cannot remem ber.. It might have been.
selle,
Was it not a seandaicus breach of trust No; we have got to think of our inter-
esta
if it was a legitimate transaction, how phone message, warning him that if he is it you wrote asking Mr. Greenfield for did not pay $2,700 forthwith his son cover -Because I have a right to, under would be shot. Arrangements were made the by-law
You had the right which agambling transaction gives you.-You say so. tion that it is a gambling transaction, Does not the bye-law stress the sugges purely I do not see it."
If you had honestly contracted to sell and deliver shares, why should you be entitled to call up moneyBecause we have a right under the bye-law,
THE ARMS TRAFFIC,
SMART SENTENCES,
the
was
over the telephone, to close the deal and sentenced to six months' imprisonment
A Chinese travelling trader a foki was despatched with the money to without the option of a fine by Mr.. a place just outside British waters' where the money. the boy was handed over on payment of Hamilton, at the Magistracy, yesterday, for unlawfully having in his possession 100 rounds of revolver ammunition.
Inspector - Caygill- said the defendant was arrested on a Shek-ki junk, on
The
Sunday morning. The Amtaunition was found in the bottom of ove of his baskets of merchandise.
The foki and the boy returned to Hongkong by train and on the train was noticed the second defendant, who was immediately identified by the boy. maz, directly he was discovered, attempt. jed to alight from the train, but was pre The Judge (to Mr. Zeitlyn): You say held on to his man and took him to Nohim to carry the ammunition for him, vented from doing so by the foki, "who The accused said a passenger asked
Because it is a gamble 1-You say so.
the bye-laws are altra virral
of it,
first been reported. On boarding the 1 Police Station where the matter had The passenger had since left for Canton,
tam near the King Edward Hotel, by n rather remarkable coincidener, the first not defendant was discovered to be on board.
WAS HE AN ARMED ROBBER 1"
기
A rusty old revolver and four rounda
Mr. Zeitlyn: Unreasonable, on the face The witness. I don't agree that it is ünreasonable. Supposing we did have that bye-law, it would mean that The foki also secured his arrest, and of ammunition were found on a young Mr. Greenfield would have been liable for safely brought his two captures to the Chinese pn the Hau Tak wharf. on a much larger sum-830,000 instead of Police Station, where they were duly Sunday 312,000, in this case.
Mr. Zeitlyn: You have the right of the gambler who knows the person does not possess the shares. Is it not the case that you knew he did not possess them?
charged..
at
The accused told Mr. Hamilton he was
He was arrested and charged the Magistracy, yesterday. with order to prepare his defence. The case
Mr. F. G. Vaux asked for a ramand in illegal possession, was remanded to Monday next, bail of appeal by Mr. Yaux for a reduction of $5,000 in each case being granted. An repaired, bail failed.
17
Witness: I did not know; I suspected. Your auspicious did not move you to go and look at the register -Everybody in Hongkong who has got shares does not egister in his own name. If I had look- LENIENCY FOR A STOWAWAY ed at the register, that would be no criterion,
.
taking the weapon to Canton to bo stated that the acensed was in the act of In reply to the Magistrate it was
leaving the Eolony.
were it not that you were leaving the The Magistrate Six months hard labour. I would have made it a year
Colony:
Mr. H. A. Lammert testified that he asked Mr. Greenfield for the scrip for 1,000 Provident's" and the debtor re plied that he had no shares and was bankrupt He said that Mr. Lammert could take his furniture and his factory, A notice of opposition filed by the debtor stated that he intended to dispute the petitioning creditors' debts and to oppose the making of a receiving order on several grounds, one of which was that the debts alleged were of a purely gam. bling and illegal nature and were irre coverable in law. He also denied that He had ever committed an act of bank ruptcy and claimed that he wng solvent,
in reply to this the creditors, Mr. Alabaster indicated, absolutely denied) that this was a gambling transaction but, even if it was, that was no defence under the law of the Colony. The law of the I put it to you he told you he hadn't Colony was codified in the Gambling I asked him to cover and be refused.
Al the previous hearing the man in- Ordinance and did not in any way refer If you believed he had the shares there at Manila. Ho paid his passage as far formed the Court that he missed his ship to transactions in shared It dealt only would be no reason to ask him to cover as Hongkong, but found that his ship had who had apparently seen better days, with games and lotteries. Mr. Alabaster I suspected it, as I have already told you. already departed for Singapore. He judging by his general appearance, was spent some time quoting legal authorities. If I thought he had then, I would not stowed to, Singapore with the intention charged before M Hamilton, at the
Mr. Zeitlyn, in reply to the Judge, have taken any steps. intimated that he relied mainly on the
of catching his vessel there. Magistracy, yesterday, with hawking Have you your books here?-No, but I untharities refused him a landing and re.
without a licence illegality of gambling debts.
can get them. Which particular book de turned him to Hongkong by the Kitan Mr. Alabaster: We contend this is not you want?
Maru.
The Judge: I think we all know the register itself is not a truthful indicator, Mr. Zeitlyn: Didn't Mr. Greenfield tell you he hadn't the shares-I believe he told me he had.
"
LOSING FACE.
other day at the Magistracy, before Stephen Harrop who was charged the Mr. J. R. Wood, with stowing away on the Tumba Maru from Hongkong to Singapore, was again brought before the A POOR OLD MAN WITH RICH Magistracy, yesterday.
a gambling transaction at all, but that It does not matter-f-em-intrrestri to Festerday, Mr. Wood, addressing the the brokers took instructions to sell shares know whether, in fact, you bought these defendant, said: Inspector Moody. in- and actually did so.. We contend that shares at 817.503-Yes, I did. Mr. Greenfield led them to believe-in
fpms me that you are a seaman and that
RELATIVES.
A poor old Chinese, aged 77 years,
Worship said: I am not going to con
"On his appearance at the dock rail his
vict an old gentleman of 77 years of age, but I can't grant everybody licenses. You are cautioned.
Is it a fact that, in Hongkong, there you left your ship at Manila and that In reply to the Magistrate the man fact, he told Mr. Razack-that he could are no jobbers; they are all brokers-you are prepared to ship das again. Isaid he had not sufficient money to buy a
combination.
that so f
1
The defendant: Yes, Sir.
licence.
sell for cash; which implied that he had Yes; it is not like the London Stock! the shares, but preferred to sell forward Exchange.
Sergt. Elwood said the ageused had because he would get a better price. He So that where a man sells to brokers,,
Mr. Wood: All right, that being the plenty of rich relatives at West Point told Mr. Carvalho, clerk to Mr. Silva, and that broker tells others, he bagflittle case, I will sentence you to one day's shopkeepers and restaurant proprietors. that he had the shares and, at a later protection against a combination of discharged, and then I will commit you
imprisonment, which means that you are licence last year,
The accused was able to purchase date, actually showed him what purported brokers - I don't know anything about a to the Hound of Detention where you and all his sympathie. They would to be scrip.
The Magistrate, said these old people Mr. P. M. N. da Silva, giving evi- denci iz support of the petition, said that on June 16th Mr. Greenfield entered. into a contract to sell 1,000 shares in the Chins Provident Company Ltd., for
Others disclosed to you, and you dis $11.00 per share for September delivery. closed to them you all disclosed to each On the same day he (witness) entered into other.
will remain until you find work.
Harrop thanked his worship and feft type of persofis
It does not strike you as an utterly dis creditable thing to disclose thee trange the Court. tions to others -How do you know that others did not disclose to me grati
WATCHING THE INTERFORT."
a contract with someone else to purchase Greenfield has a remarkably good cause
Does it strike you that Mr. A CRICKETER WHO HAD HIS CAMERA the shares at that price. The witness of action against you for breach of duty 1 indicated that the contract notes bore the -I don't know..
STOLEN.
payment of
afternoon.
be granted. Lusty young people of 30 years of so should not be granted 'cences His Worship added that bo apachnetzgaderstand why the man's rich reliitiies should allow their poor clans-
face. man to come, into Court and thus' loss
at
same serial numbers, which meant that If this were, in fact, a legal transac Mr. F. J. do Rome charged a Chinese the same block of shares was referred to, tion, heavy damages would lie for dis- the Magistracy, yesterday, with
CANTON CEMENT WORKS. both in the transaction of buying and closing to other brokers that he had sold stealing a camern belonging to him, selling. On the 2nd June Mr. Greenfield shares you suspected he did not postcar.valued at £8 10s. The camera was stolen sold another thousand at 11:50, and I put it to you that Mr. Cenfield never which was atanding outside the Hong. Honam, on the southern section of the
NOW A PRIVATE CONCERN. frora
the these were also resold. On July 27th, he told you ho was suspendin
complainant's motor-cycle, wrote to the debtor, asking him to pay particular debts-He did ot tell me kong Cricket Club ground on Saturday city of Canton, is nog being operated by
The Kwangtung Cement Works $8,500 cash within 48 hours in pursuance He told my assistant of Bye-law VI, which appeared on the
Mr. D. E. Carvalho, as ant to Mr.
Sub-Inspector Shaftain said that the a private company, the Wai Kwan Eo, - hack of the contract, the stock having da Silva, also gave eviden. He said same evening a Chinese defective saw the for the Canton Government at a guar- appreciated 25 per cent to $17.50. The that during a conversation he had with chai. He noticed that one of the man's plant is capable of turning out 500 barrels debtor did not comply, and witores Mr. Greenfield the latter said he had no pockets bulged in a suspicious manner of cement daily; but, owing to shortage defendant outside a pawnshop in Wan anteed income of $304,500 a year. The bought 2,000 China Provident shares to shares to deliver and no money. He was a questioned the man and the camera of raw materials and other cause it is square the matter. The debtor therefore absolutely bankrupt and Mr. da Silva was produced pwed him $11,719.50,
could have his business.
now producing but 300 barrels a day on The witness
Mr. de Rome, identified the camera as an average, since the first of January this length by Mr. Zeitlyn. He hemitated in Ty sent out from England.
was cross-examined at his property. It was a new one, recent year. The cement from this local factory Answering several questions and Mr.
is being sold at about $3.00, a barrel. Zeitlyn facetiously remarked that he seaman and that he purchased the that of the Green Islands that of the The defendant asserted that he was a Other cement on the markete includes hoped the witnem bought shares quicker camera on his last trip to London than he answered questions, or else he was Mr. Wood said he did not believe the now commanding a price of from $4.80 ta Indo-Chine Portland Cement Company, Did you know that Mr. Greenfield-Hadry much afraid the market would go defendant's tale and sentenced him to 3.50 a barrel, local currency, not got one of those abarost-I did not against him. know whether he had or not,"
Air, Zaitlyn (Cross-examining: How long have you been a stockbroker?
Witness About twelve years...
1. suppose the China Provident has a Xegister of shareholders-Everyone has Did your look at it! I don't think so.
The hearing was adjourned.
three months' imprisonment with hard labour.
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