Page
THE HONGKONG DAILY PRESS WEDNESDAY, APRIL 11TH, 1923
IN No. 13 was sold for $6,000. My valus-
"THE PROPERTY VALUES
HONGKONG.
WHAT IS TRUE MARKET VALUE"? COUNSEL EXPERT WITNESS AND
DISAGREE AS TO MEANING,
At interesting argument took place at the Suprema Coprt, yesterday morning, regarding the true market value of pro- perly
perty which bring in only a small retnra oa the investment do not repre- cent market value," whilst Mr. Eldon Potter, Counsel for the plaintiff in the case, argued that whatever price pro perty yielded it represented true market value..
tion of that house was $15,000. The buyer's price would only bring in a re turn of 3 per cont.
Certain merchants, owing to the peculiar class of their business carried on in that street, have offices there. Would
not that explain the position-That might explain this high value, but I would call it a sentimental valus.
property being bought at a high figure.
Wiznes said that No. 6 and No. 8, on the opposite side of the street, were sold for considerably lower prices-No. 8, for
10,000.
SPORT.
THE TENNIS TOURNAMENT.
RUMJARNS DEFEAT LO AND LAY IN
THE RE-PLAY,
A DIFFICULTY OF DIALECTS.
WOULD A REASONABLE MAN HAVE BEEN AFRAID/
understand. Then
Two stone cutters, both natives of the Fukien Province, were peacefully at work The two brothers, Rumjahn, had no in a quarry at North Point che day diffoalty in disposing of M. P. Lo and towards the end of March when they were Thomas Lay in the re-played tennis accosted by twelve strangü men.
Thess nated yesterday. They took the match by latter talked to them in the Hakka I don't care what you call it. I should three straight sets, and thus enter the dialect for some time, but the two Mr. H. W. Bird. of the firm of Messrs. say it would better be described as seri-sint round of the Open Champion Fakieness failed to Palmer and Turner, architects and sur scarcity value instead of a sentimental vayors, giving evidence for the defence, value. Unless the man is an absolute foolship Doubles. Arrangements have been the twelve used many peculiar gestures, contended that high price paid for pro- there must be some explanation for amade for them to meet A. Ereleigh and) and spoke to them in threatening tongs |
A. S. Lindsell in this round this after and with some hent. The two became nooa. This match will be played on the
frightened, and spoke to the strangers in Stand Court.
their own Fukienese dialect. But neither When play was abandoned on the pre-party could understand the others, and vious day, owing to darkness setting inso, for a time matters stood at a dead- Counsel for the plaintiff pointed out the games stood two sets all with the final lock. Finally two men belonging to the that those two houses were considerably set still to be played. Yesterday it was twelve went up to the stonecutting The ease related to a Chinese partner-smaller than the property under dispute. agreed that the match should be re-play-coolies, and picked up all their tools Witness then put a question to Counsel. ed. The Indians played a much better They then went to a nearby shed, and ship dispute and had been opened on the previous day before the Chief Justice It was, in effect, supposing he attended a game then they did on the previous day took away all the toula from that, Next (Sir William Rees-Davies). The plain sale of property with the intention of and, as the match progressed, they showed they signed the two workmen to accom- tif- retired sleeping partner in buying at a price which would bring him a decided superiority over their oppon pany them. The latter were in terror of firm of merchante-claims from the de-in a return of 8 per cent and another enta. They had learned their lesson from their lives, and went. They had not fendant, the managing partner of the man attended the sale prepared to pay the previous day's experience and they gone far, however, "when they met the firm, that certain property belonging to considerably more, because he would be were more successfa! in counteracting Lo's foreman who employed them, the firm was sold by the defendant at a satisfied with a return of 2 per cent. lobbing which was not so pronounced seeing two strangers carrying his master's Eres undervaluation. His contention is Which would be the true market yesterday. They also took greater care tools was indignant, and demanded their in their not play and made sure of keep immediate return. Meekly "enough the value!" asked Mr. Bird.
Mr. Potter:
that the property was worth 835,000, but was sold for only $34,000 and conse quently his realised -haro on retiring from the business should have been greater than the aum actually paid to him.
Mr. Bird's evidence was taken at an early stage in the case by special consent,
"as he is leaving the Colony to-day."
pute. In his valuation report he describ-fetches,
J
.
down the side line winning many points.
He, on
I should say the price ing their opponents working on the base men returned them, and went away. for which the property was sold,
line before advancing to the net. As on Meanwhile the Fukisness, stonecutters The Chief Justice said that he would the previous day, the bulk of the work went home as fast as they could, and call it a fancy price.
fell to O. Rumjaha but he rose to the stopped away from work for two days to Mr. Potter: It is the market price what-ocension and, with the exception of a few recover from the shock.
The explanation to this story was ever he pays. It is just the same as the man faulty smashes, ho played quite clever He who is prepared to pay £20,000 for an old tennis. His brother, as usual, was very vouchsafed yesterday afternoon when, the said that in the month of February, 1992, master It represents the market value.safe, winning games on his service. Lay two men who carried away the tools he personally surveyed Nos. 31 and 33, It is a scarcity value and the only de played a bright game, his easy forchand
appeared at the Magistracy charged Gilman's Baznur, the property under die finition of market price is the price it and backhand drives across the Court and with intimidation. They were represint- ed the houses as "four-class three-storied The Chief Justice (to Mr. Potter): You He showed up to better advantage thened by Mr. T. G. Bennett. Chinese shope-shops on the ground floor cannot suggest that a man who is satis bis partuor yesterday, who, in the last From the evidence it seems that the and dwellings above.". The houses were fed with a return of 3 per cent, is getting set, appeared to be discouraged, serving twelve man went to the quarry to get The defendants went for the fronted by a narrow street. This was im- market value.
a couple of double faults and netting. He work portant in the event of the houses being
Mr. Potter: Yes, my Lord, if the house was, however, extremely good in getting additional purpose of persuading the destroyed by fire or in the event of re-is in a certain place and men are pre awkward ground shots back, and on one Fukienese to join the Stonecutters' Guild. building. The present Building Ordin-pared to pay, large sums of money to or two occasions was warmly applauded But they were unable to make the two understand what was wanted, and so they anoe would not allow them to be re-built get hold of that property for certain for this. at the same height as they were at pre-reasons; it has particular effect on the
The Rumjahris took the first set, 6-4, took away the tools to show them.. As a result of his survey he valued market value. Counsel emphasised the after having the lead all the way through. Mr. Bennett contended that there was the two houses at $32,000. He took the point that this particular street was oo Their opponents went ahead at the beno intimidation in this act, as no force assessed rental of the two houses at $2,080 | cupied by a peculiar class of merchant.
ginning of the second set but at the end was used, or at least very little. $1,480 each. He, however, did not take To the witness, Mr. Potter said: You of the fifth game the Rumjahns had again The Magistrate (Mr. J. E. Wood), the full assessed rental, but reduced it have laid down a startling proposition, scoured the lead, winning the set, 0-3 to $1,300 each owing to their being front. Mr. Bird, if you say that a price fetched the anal sex the Indians secured the pointed out that they had used enough ed by a narrow street, which was a certain for a house is not market value.
first three games before their opponents force to make the men terror stricken," disadvantage to them... In.. making his Mr. Bird: I don't agree that the price secured que. At the end of seven games phrase used by one of the complain enlculations he made the usual deductions paid by Chinese is market value. I want
they were again leading easily by three ants in his evidence. for ground rent, insurance, repairs, a fair ratura of 8 per cent. for my amounting in all to $140, made up as outlay. A. Chinese is satisfied with 2 per games, 5-2, winning the set and the match
Ground rent, $28; insurance, cent follows:
I have argued this point with by securing the eighth game." $40; repairs, 370, making a total of $138, many people, and he took it, in round figures, at $140,
Another match in the Championship Ho deducted this amount from the total
Doubles was played off yesterday after rental of 82,010, which left $2,500 as the net rental. This would give a return of Mr. Bird: It is more difficult in noon, between Dods and Raworth and 8 per cent. on $31.250 and he took the Hongkong to state what is the market value in round figures at $30,000. In his value of property. At Home it is not so valuation report he also made an esti- dificult. mate of the price per foot of the land. The two buildings he valued at $4,400 and the value of the land he put down
at $20 per square foot,
In reply to Mr. Jenkin, witness said that, in his opinion the property would - not have been worth any more in January, 1921, when it was sold than when ho valued it in February, 1922. He con- sidered the price paid (833,000) was a very fair one.
Mr. Potter: Oh, yus, it is question of economies which has been dealt with by the most profound writers."
ווי
This completed Counsel's cross-examin- ation and Mr. Potter then continued his opening address to the Court, taking up his argument from where he left off on the previous day.
FILIPINO STOWAWAYS. ON AN AMERICAN SHIP.
Bevan Filipinos were charged at the Mr. Jeakin: The plaintiff claims from Magistracy yesterday with stowing away this Court & declaration that the true on the s.5. President Pierce. It appears value of the properties in January, 1921. that the men, boarded the ship at Manila. was $55,000. Would you say that was a hid in various parts of the vessel, and true value--I say 830,000.
mixed with the passengers. A search was
DODS AND SAWORTH ". WHEELER AND
WILLARD..
the law required was that enough. forte To this Mr. Bennett replied that what
should be needed to frighten a reasonable man, and he expressed strong doubt as to" whother reasonable man would have been intimidated by the small amount of forco used in this case "Why," he said, "if you argue otherwise, a man Wheeler and Millard in the second round might say hoot a whole gang of The two Kowloon players put up quite a coolies, and if they all ran away that
would be accounted intimidation.”
His Worship admitted that this might
good game for the first two sets, securing the second and losing the first after fourteen games had been played. In the third and fourth sets they were played to a stand-be so, and remarked that a tremendous still which they lost 6-4, 6-1. The win-amount of force had not been used....He cors (Dods and Raworth) will now have would give his decision on Saturday' to meet Wild and Humphrey in the third morning. [round.
Results:-
OPEN CHAMPIONSHIP DOUBLASİ.
V.R.O. ATHLETIC SPORTS.
O. and H. D. Rumjaha beat M. P. Lo
The programme of the V.B.C. Athletic! and Thomas Lay, 8-4, 6-3, 6-2; E R. Sports to be held on Saturday, the 21st Dods and A. B. Raworth beat Finst, compists of 35 events. Three events Wheeler and C. E. Millard, 86, 2-6, 6-4, are open to the Colony, viz.: One mile Aat race; marathon race; and one mila Ladies bicycle race (handicap).
6-1.
CLUB CHAMPIONSHIP..
Cross-examined by Mr. Eldon Potter, made of the ship before she left Manila, R. E. Worthington beat A Etelezh, Mr. Bird said that his valuation would but no stowaways were found. The day 02, 62, 6-2, also be his valuation of the property as after she left, however, one of the stowards discovered one man, and a thorough
sa aneurity,
י
HANDICAP, DOUBLES.
HM. Henderson and A. Brearley Mr. Potter: Do you suggest that your search resulted in the discovery of the (1/6) beat L. Forster and T. H. King valuation of 830,000 is reasonable and other six
| (str.), 0-4, 6-3.
MIXED DOUBLES.
that any price above that would not be They told the Magistrate (Mr. J, R. reasonable -That would depend entirely Wood), that they were all together, and
R. H. Smith and Mrs. Smith (†15/1) on what return the intending purchaser asked that they might be set at liberty in wanted for his - money.
Hongkong in that they could "make their boat H E Grace and Miss Duff (13/0),
86, 02. This street of houses is used by a way as best they could.. peculiar class of merchants 1-I can't tell The Magistrato's viewpoint failed to coincide, however, and he sentenced them you that
You know it is a fact that Chinese aro cach to ono month's hard labour.
buying property at treble, oven quad-
ruple, the former price-It is true, but
it is not a businces transaction. They
13
COMPANY REPORT.
buy these properties because they want HONGKONG ELECTRIC CO., LTD. some place for their families, and they
money
Those competing in the "B" Division are: Craigengower (two teams), Kowloon a.C. (two teams), the Club de Recreio, Chinese R.C., Indian R.C., Civil Service C.C., University, Queen's College and the Netherlands T.C.
The Japanese and the Police are not re presented this year, the former because they have no ground and the latter be THIS YEAR'S TENNIS LEAGUE cause their ground is under repair. A new team competing this year in the "B" PROSPECTS OF A GOOD SEASON. Division is the Netherlands T.C. They aro reputed to have some good players and they ought to give a good account of themselves.
The prospects for the Tennis league this year are exceedingly bright and the large number of entries for the "B" At the forthcoming annual meeting of Division of the League go to show the in don't care what return they get for their the Hongkong Electric Co., Ltd, to be
held on April 21st, the Board of Directors creasing interest in tennis and that there will recommend that the balance avail is a good supply of young players comin able for distribution be disposed of as forward. In the "A" Division there follows
are eight competing teams and in the To pay a dividend of $1,50
B Division there are no fewer than per share on 240,000 shares
Witness, in reply to further questions, said that he considered a man a fool who paid more than a reasonable price for property.
Mr. Potter In that case I can give you examples of many fools in this parti calar strest, and the folly goes back for many years I say that he le not making
business, transaction if he buys at a price which brings him in return of four or live per cent, on his transaction,
To pay a dividend of $1 per share on 60,883 thares (1022 insuo) To place to Reserye..
To carry forward to next
account
The Indians were successful in winning both Divisions last year and no the Bum jahar form a formidable part of their fir Division team this year they should do Another strong team in the well again. "A" Division this year is the U.S.R.C, which boasts of some strong players The entrante for the "A" Division Kowloon this year will have the benefit 54,893.00 are: the Civil Service CO., Kowloon of Green's service in the "A" Division team. They poses some good 300,000.00 C.O., Hongkong 0.0, Indian RC,
all-round players. Chinese B.O., U.S.R.C., Club de Recreio, *130.179.81
and the University.
$360,000.00 eleven.
6849,562.81
(Continued at foot of nest, column.)
The season is to be opened on Satur day, April 1,
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