Page
JOBN E
PHORNYCROF
AND CO., LTD.
14
SHIPBUILDERS AND ENGINEERS
** London, Sonthampton and Basingstoke.
PASSENGER AND CARGO VESSELS OF ALL TYPES UP TO 6,000 TONS. OCEAN-GOING TƯGH-MOTOR BOATS (SEA OR RIVER) UP TO 50 KNOTS.
TURBINES AND RECIPROCATING MACHINERY AND PROPELLERS. MARINE AND STATIONARY OIL ENGINES 8 TO 90 BHP. MOTOR VEHICLES 2 TO-6 TONS. WATER TUBE BOILERS.
HENRY
POR QUOTATION, AFPLT-
10. KIUKIANG ROAD,
HEATH
HATS
In shapes and colours that make certain the right Hat for every sort of features or physical appearance
HONGKONG AGENTS-
MACKINTOSH
& CO., LTD..
Men's Wear Specialists.
·Alesandra Building.
Des Your Boad.
FOR THE SEASON
A PRACTICAL PRESENT
IS SURE TO PLEASE.
EVERYTHING
FOR MEN 11
SHANGHAL.
SHIRTS, TIES SCARVES, ETC.
Styles select Quality superb. MAKE YOUR SELECTION EARLY.
THE SINCERE CO., LTD.
WHITEAWAY'S
GREAT
INTER SALE
WILL COMMENCE ON
MONDAY, JANUARY 15TH
AND WILL CONTINUE TO
SATURDAY, FEBRURY 10TH
#12
ENTIRE STOCK INCLUDED
GENEROUS REDUCTIONS
In order to made final arrangement for. this Sale Tour Establishment will be closed all day on SATURDAY, the 13th inst.
WHITEAWAY, HAIDLAW & CO., LTD..
HONG
HONGKONG DAILY PRESS, FRIDAY, JANUARY 12TH, 1925.
DEUTSCHE BANK (LONDON)
AGENOT ARMEDEDO INTERESTING LEGAL ARGUMENT
CREDITS IN CHINA. BANKERS REVISING METHODƐ
The Shanghai company Alanchetten, Guardian In the Chancery Division of the High An Interesting transition has been under Court of Justice this notion was begun way in the credit methods used by banks in before Mr. Justice Russell on July 25th, Shanghai and Hongkong hindi also by the Since the the when the evidence of Mr. Harry Edward large landing institutions Arnhold was taken so that he might redevelop evil of the years ago, the large of the very serious "frozen
turn to China. The Deutsche Bank ask business enter Shank
ad for a declaration that the defendants,
partners in the firm of Arnhold, Karberg
to.
intitutions have been very careful The hard abd
Messrs. H. E. and C. E. Arnholds of
China bate received 10 ]
& Co., of Shanghai, were liable to the
bank for all moneys paid by the latter ever
that the banks in.
ide bankers more careful
have
ide
on, the, defendants behalf.on-kills of ex-masing scrutinising credit risks, and are that the men and firms behind change accepted for them by the ban the loans are all that should be. White "LNU" MyCA. C. Clauson, K., for the Bank principal banks in Shanghai and Hongkong said the re-amended defence was that thetain large orecht davartiments, a very
watch is kept on the developme in the public and private lives borrowers. Some of the banks are now making it a rule to keep in touch with the speculative proclivities of all applicants for creditą.
action discipsed no cause of action against the defendants. That defence, he thought, was directed to the point that the other two partners (Cernan named Goetz and Niclasson), being co-contractors, with the defendants, were necessary parties to the action. NA
Formerly the banks in China laid great emphasis apon credit statements and other Mr. Clauson said the answer was first that information respecting the financial position there was a decision which made it quite of large borrowers, but now it would seem clear that an action was properly brought the main affort is to make sure of the borrower's ability as a business man and of by an enemy arm in respect of his his integrity as a borrower. There it & winding up order had been made, as in reduction in the "frozen credit" account of the present case, "twithstanding the the banks in Shangmethods of lending Shanghai, and some of the Treaty of Peare; and, second, that in banks are revising their far as it was intended to raise the point in accordance with the extremely valuable that the action was deficient for want of experience derived in the course of the last adding the two German partners as de- two or three years. Many bankers believe fendants, that was a plea, in abatement that the past two years have been the which was forbidden by the Judicature most strenuous, on-record, and that the difficulties and credit disturbances of the Act. But it was open to any joint period were more troublesome and more! tractor sued as defendant to apply to the serious than those encountered, in any Court that all his co-contractors should other year. be added as defendants, if they were not out of the jurisdiction. He did not care about getting judgment against the two Germans, the two Englishmen. were the people that he wanted judgment against The foundation of the action, he said, was breach of contract to provide the plaintiffs, two days befors due date in London, with the money necessary to meet Mr. Clauson read cor- the acceptancER respondence, when the Court adjourned
on November 28th.
FOR THE DEFENCE
There is, however, an abundance of money being offered to trustworthy bor. rowers. Immense investments in securities bave been made by banks and by in- dividuals in order to provide
profitable employment for funds which cannot be advantageously used in other quarters. The situation is shifting somewhat from but week
market money conditions still abnormal in the sepse
are at that there is a much larger fand available for employment than is ordinarily offered at this season of the year. The time is near at hand when large currency advances
made will be
to various centres of agricultural activity in the interior of North China for cotton and other crops.
week
to
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P.O. Box 448..
N
ON ZEJ
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Telephone No. 2860.
WATSONS
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Watsons EVERYBODY Watson's
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On the resumption on November 29th Mr. Maugham, for the defendants, ar gued that the action was Got maintain- able in its present form. The Deusche Bank (London Acney) was being wound' up under the Trading with the Enemy Acts, and could not appear as plaintiffs. The main point on the merits of the case Was this: suing two British subjects to recover from protest wired by leading local finan them sums alleged to be due, and wascial organisations at Shanghai in connec Wholly ignoring the fact that taels to the tion with the proposed usage of the in- extent of many, thousands of pounds had ternal loan reserves the Balt and Cus been received by the Deutsche Astätische toms surpluses for repayment of over Bank at Shanghai as for their due foreign obligations as suggested by THE KEY TO GROW RICH. THE INDUSTRIAL AND COMMERULAL. debt. The action was in ruths. Diplomatic Body, brought a reply
That this German bank was
cover
E
directed.
the
SOLE" AGENTS.
DEVELOPMENT BANKING CORPORATION, LIMITED, of 5 DUDDELL STREET, gives to all its Depositors a Handsome Rate of Interest.
The protest was wird by the ShanghaTHE CHINA INDUSTRIES
of Commerce, General Chamber Shanghai Bankers' Association and the Shanghai Native Bankers' Association, which bodies declared that the domestic credit of the country would be gravely damaged if the proposal were carried through and urged the Inspector General to protect the country's interests.
The reply to the telegram follows: - "General Chamber of Commerce, the Shanghai Bankers' Association, and the Shanghai Native Bankers' Association, Shanghai:
ous form, inasmuch as only the Eig from Six, Francie Aglen, Inspector Cen lish partners of Arnhold, Kasberg & Co eral of Customs, to whom the protest was were being sued. The German partners were not joined as defendants, though he admitted that the action was not demur rable because the German partners were out of the jurisiction. It was significant that, although the Controller seemed to think he was acting on behalf of British interests against two. Germans, the truth was that any trouble that had arisen was ultimately due solely to the German an- tionality of the plaintiffs, and not to any connection with German nationality of the defendante. If the Deutsche Bank had been an Enlish or a neutral concern, the sums received in Shanghai would have been remitted without difficulty to them, and this action would never have had any chance of-being heard. As the result of the e, a bargain was come to between the Deutsche Asiatische. Bunk and the defendants by wlrich the proceed, of hypothecated good should remain in that bank at Shanghai until it was pos sible to make remittances to London. At solidated loans service remains in my a date when it was anticipated that Ching would declare war, it was asserted certain Germans there, without the an- thority of consent of the defendants, took stops by which this German bank should with the consent of the other German partners in the firm, remit sums to Ger- many--a wholly wrongful act, not only from the point of view of British Im- porial law, but also as being a breach of ontract", made between the " defendants and the plaintiffs Plaintiffs were 'suing to recover principal and interest alleged Mr. Sheldon said it could have been to be due at a time when, by the default remitted either at the declaration of war
"Your telegram of December 30th re
"Foar power note raises largo eived. question of principle affecting national credit as a whole and the Chinese Govern. ment, to whom you should address your views, most deal with it.
* Meanwhile so long as national con-
hands. I shall endeavour to maintain ite established priority over all other subse quent charges.
"As the question is too complicated to be dealt with by telegram I am submitting metiorandum for your information,
"Please publish this reply,
"AGLES.
-
Mr. Justice Bussell said he would not
:
AUTHORISED CAPITAL, $1,000,000.00
INTEREST :
For Fixed Deposita-
+91
1 year
9 mouths
6 months
8 months
For Current Account
די :
BANK IZD
HEAD OFFICE:
'Tal. 630
York Building, Chater Road Hongkong.
BRANCHES Stangkai-51, Kisagne Road. Hankow.British Concession.
CORRESPONDENTS IN =
London, New York, Chicago, San Francisco, Vancouver, BC., Honolulu, Singapore, Penang, Tientsin, Swatow, Macao, Canton and all Com- 'mercial centres of China and abroad.
PROMPT SERVICE Attractive rates for all kinds of Deposite Inquiries are welcome..
T. B. MAI,
Manager..
1969)
6 Per cent.
For Special Deposit... PersonalArrangement, For Current Favings... ...Fer cent For Fixed Savings... Regulations Obtainable.
CRIU CHU KEH
Manager.
AMERICAN EXPRESS CO.,
ESTABLISHED AMERICA 1841, EUROPE 1891.
HELD OFFICE
66, Broadway, New York.
11
INTERNATIONAL BANKING
Cities of the World to provide dommercial
Eighty offices are established in the principe organisations and private individuals with a
.....
COMMUTERAL LEITEES OF OBEDIT:
FOREIGN EXCHANGE. TRAVELERS CHEQUES.
of themselves or their agents, and in by China, or the Armistice, or within complete International Banking Bervice. breach of the contract, they had destroyed reasonable time of the bank being put the security by handing it over to an enemy.into, liquidation, Plaintiffs were not only claiming to re- cover sums alleged to be due from the defendants, but also refused to do equity give judgment in this case until he had DEPOSIT AND CURRENT ACCOUNTS, by giving any credit for the thousands of heard the next case, Dresdner Bank (Len marks which found way to the Deutsche don Agency) v. Husso Asistio Bank, which Bank in Berlin. If it came to a que he understood raised issues, some of which tion of account, a date would have to be were similar to the issues in this case, taken in order to fix the rate of exchange Mr. Clauson having replied for the for tasla He would subalt-it should be plaintif Mr. Justice Busell then to either the date when China declared war sarvad judgment. or the date of the Armistice.
His clients, ho mid, were people of the
highest honour. Before these proceedings THE METHOD OF MOUNTING were begun, they had satiñed oversial
million pounds' worth of bills, and they |
were not seeking to evade their liatul spectacle gladko in of the greatest ties.But they did dispute the charge importance," writes Dr. C. Hartridge, that they acted improperly; further they F.1.0.8., Ophthalmic Surgeon said this action against them in its pre Lecturer on Ophthalmic Burgery to the sent form was dishonest. They had been Westminster Hospital, they must be for months and years taking steps to pay w
the proceeds of hypothecated goods into accurately centred in frames that are the Deutsch Asiatische Bank at Bhang light, strong and it wall, otherwise the hai, and the Deutsche Bank (London Agency) those to sie them as if nothing good effect of the most carefully chosen at all bad been done. This was madden- sorrection may be entirely frustrated by ing to the defendants. They could have a faulty position of the glance, or Bron taken the tools and sold them in 1916 at frosh source of sysstrafa may be intro-- 9. ed. each, and that, of course, they dused" The Hongkong Optics Co.,
had not been able to
When the hearing was resumed on November 30th Mr. Clauson naced at what date the defendants said that money could have been remitted by the German Asiatic Bank to London 1.
(Vontinued on nest column.)
coessors to Clark & Co., Retracking and Manufacturing Opticians, located in bas Queen's Road Contral, have the equi ment and instrument to adfui
sotaala to a miost]
N
· LETTERS OF CREDIT. CABLE AND POSTAL REMITTANCES PURCHASE OF BILLS OF EXCHANGE
Every Approved Banking Transaction.
B. F. BOYCE,
Mansger
.
1st Jahzáry, 1923.
ÚHINA SPECIE kilk, tro.
"FRAE' OFFICE
"Br, Olanda'i Bokioita, HomeLoku,
Chairman of Board of Directors
WONG BHIU EAM
Aæk Managse.... ....Mr. X. T. WONG Hongkong Manager „Mr. L
NOTICE TO CONSIGNEES.
AND
OCEAN STEAMSHIP CO., LTD.
CHINA MUTUAL STEAM NAVIGATION:
GO., LTD.
NONSIGNEES per Company's Steamer TROILUS
C are hereby notified that the Cargo will be. discharged into Holt's Whart, Kowloon, where it will "Heat Consignes's risk and subject be terms and conditions of storage at Holta Wharf, The Cargo will be ready for delivery - from Godown on and after 10th Jannery.
Optional cargo will be landed, unless notion had been given prior to Steamer's arrival
All broken, chafed, and damaged goods. are to be left in the Godowas, where they will be examined on any Tuesdays and Fridaya between the hours of 10.45 am, and Noon within the free storage period.
No claims will be admitted after the goods have left the Steamer's Godown, and all Go da will be mbject to rent remaining undelivered after the 16th Jan,
All Claims against the Steames must be presented to the undersigned on or before the 30th Jan, or they will not be recognised.
No Fire Insurance will be effected.
BUTTERFIELD & SWIRE, Agent Hongkong, 10th January, 1953.
(207
*GLEN* LINE, LIMITED.
NOTICE TO CONSIGNEES. FROM UNITED KINGDOM, PORT
SAID & STRAITS."
✔ THE 8.5. “GLENBANDA " having arrived from the shove ports, Con... signees of Cargo by her are hereby informed that all Goods are being landed at their risk into the hazardous and/or extra hazardons Godower of The Hongkong and Kowloon What and Godowa Company, Limited, whonon, and/or from the wharves, delivery
be obtained. Goods not cleared by the 16th Jan., 19
1922, at 6 pm, will be
be subject to rent. All broken, chafed and damaged packages ace to be left in dié Gidown where they wil bo examined in the presence of Consignees by Mosure. Goddard. & Douglas on 15th Jan, 1923, 104 Claims against the steamer including those for cargo short delivered must be presented on the special form provided,
Feelys exchange and General Banking and must also be submitted within 30 days of arrival otherwise they will not be
No Fife insurance will be effected by ar to
Bill of Lading will be
eraigned by
Current, Baylags and Fixed Depodia bera interesim në rates of å per vonk, 4 per owk, and
5′′ pár conf., per annum, respectively.
Hongkong, Oriober. ad 1992:
L. 8. HOLUM.
JAEDINE, MATHESON & CO.
Hongkong, 8th January, 1923.