Page
JOAN
THORNYCROFT
AND CO. LTD.
SHIPBUILDERS
AND
ENGINEERS
London, Southampton and Basingstoke?
THE BONGKONG DAILY PRESS, MONDAY, JULY 16TH, 1928.
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UP TO 50 KNOTS..
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HONGKONG.
REISS BROS, LTD.
MEETING OF CREDITORS IN SHANGHAI.
OFFICIAL RECEIVEN'S REPORT OF OPERATIONS,
STATUS OF DR "SUN.
IN CANTON.
Interviewed by a correspondent of the Cunton Thily News with respect to the status of Dr. Sun in Canton, Mr. C. C. Wij auswered: "The goferument is ane in fact though not in same, The history
are as follows! --
A meeting of creditors of Mesars, Reis Brothers, Ltd, was, held at No. 7. Hnual reason of the anomalous state of things kow Road. Shanghai, on July Dth, the Official Receiver, "Mr. D. B. Cooke, in his capacity of Provisional _Liquidator, pre- siding, being supported by Mr. E. M. Rose Special Manager. Mr. M. Rouder
· Harris attended us Legal Adviser:***
· The Official Receiver in declaring the meeting open sak!:-
|
When Dr. Sun was in Shanghai last year, he suggested in the North that there should be a conference to diskami trenge and to effect union, that is, he announcel his advocacy of peaceful ünification. Then when Chen Ching Ming was driven out of Canton by the various Cantonese, This is the first meeting of ervilitors of Yamane, nipi Kwangsi forces, Dr. San Reiss Bros., Ltd., called "in" äveurdanes was repeatedly and urgently recjkeșted by with the Companie (Cqusöliation) Act of the different commai es tu come to Cau 108 am under order of H.HM. ton to take charge. He necviled to their Supreme Court hire dates! June 20th, request. Tu coming down he had thr
courses open to him. (1) to continue the! «As you are doubtles away, the company government interrupted in Chen's roug
is a British company which was incorporeal of last June, and reassume the title- ated in England in May, 1920, with its as President, (2) to assume no title what- registered offices at Manchester, One of Or, (3) to assume the title of tieneral. issimo, which as every one knows, is a the benches of the company's basitus in title
that carried na in China and the eorpory | Sunen by law to the President, Dr.
has substantial assets in China and enl« siderable liabilities.
+1
\
VICKERS LONDON CIN
The Perfeitin Century's Lurrence o Some Desig
The Label which is
A CERTIFICATE of PURITY!"
"Path Brands are Feneficial" "FINEST LONDON OLD TOSI FINEST LONDON UNSWEETENED
Price: Per Case, 1 dez. qts, Duty Paid-$2€ (
SOLE AGENTS.
must atlupt the first cursa because he thought that in so doing, people might think he was setting up a rival govern- GANDE,
making ment, and thus
it more difficult
to bring alot unification by conference. The second corse was impracticable, be
he cause, in dealing with the military. would have to issue orders. Thus he had
On April 24th last a petition was pro sented to the Palatine Court of Lancaster: in Eugland for winding up the Company nad on that petition an order for winding up was made and the Ocial Receiver of alternative but to adopt the third the English Court was appointed Provi- fourse. His present title is Generalissituo sional Liquidator. The position then was of the Military and Naval Fures, and the the iompany had me into quith the different Departments, such as Foreign tion in England which made it necessary Affairs, Interior. Finance, War, Recon- nt departments of the in the interest of all the creditors of the struction, are
The ad- company that steps should in taken to Genera'issimo's Headquarters. protect the sets of the company in China, ministration has all the attributes and functions of a government, and the depart- ments form for all practical purposëse the cabinet, without having the name. It is an anomalous states of things caused by the exigencies of the situation on the me hand, and by Dr. Sun's consistency to his Du the policy of peaceful unifientiou other."
い PROCEDURE IN CRINA.
On May 3rd, therefore, a petition was presented to the British Court her by the Company for aux order to wint up the com- pany and for the appointment of the Olli
as Provisiond Liquidator, elac Receiver 'An order was thereupon made in alay 4th that the Official Reeviver be appointed Provisional Liquidator with power to ap ply for the appointment of special man. agers of the sins of the company China. On the same date an order was made appointing Mr. E. M. Ross special manager for Chien exept Canton, and Mr. A. R. Lowe special manager for Can- ton with various powers relating to the fulfiling of contracts and carrying.onel the business pealing its winding up net out in the onler. In pursuance of these powers, Mears. Ross and Lowe hare
Questioned by the correspondent as to how long this state of affairs will last, Mr. Wa replied, “It all depends upon the situation in the north."
SHANGHAI TRADE.
Messrs. "Libert & Co.'s Intest Piece Good, Market Report says:-
After the recent activity in Greys and Whites a slight reaction has been notice. played Mess, Holyoak, Massey & Cable during the past week and values have Ltd., to assist them. In this connection
I may say that during May and Jane is received a slight set-back, more particu Shanghai o merchandise of the value larly in the qualities for the Northern of approximately one and a half million markets: Blacks on the other hand hav thels has been cleared in fulfilment of eben in good dewand at higher prices and tracts and the sale of stocks. It will be understood that these orders were made pending the hearing of the petition for winding up which took place pu May 9th, when an order was made that the com- pany be wound up, and that the Uficial Receiver be continued AN Provisioja Liquidator. This order was a restricted order, the powers of the Official Reesiver being limited to the following nets:
To take possession of and collect and protect the estate and effects of Reisa Bros., Ltd., in China, and to carry on the bustness of Reiss Bros., Ltd., so far as may be beneficia for the winding up thereof and to make payments cut of moneys re quired for current expenditure and dis bursements, it save for suck purpees not to distribute or part with the estate and effects of the company autil further
order.
SALE OF PROPERTY AUTHORIZED.
.
Hankos merchants have bejn large buyers of Venetians and Italians Bud reports continue to reach us of brigandage and outlawry in Szechwan and business for this important consuming centre has been reduced to a minimum Telegraphic ad- viers frgin America give the government report on the, condition of the growing crop of Cotton as 69.0 per peat. of normal with an estimatest yield of 11,419,000 bales,
regardless of "eraliters at Home The Court here has up to the present made no ruling on this point at all, but as 1 have already pointed out the order mado here is a restricted griker nnd nothing wit be done with any of the assets of the any to the prejudice of the creditors in England except with the samtion of the Court here.
Telegraphie advice has been received. that a new company namet Reiss Brothers (1923) has been formed in England, and this company has purchased from the liquidator in England of Fleiss Brothers,
and I further understand that Reias Bru. thers. Ltd. (1923), have arranged that Holyoak, Massey & Co., Lid, have sofa:
of trade marks, chops, bong une Tai Wo) and goodwill in China. I have no information as to the price payable by Reiss Brothers (1923). Ltd... for the trade marks. goodwill, etc.
Ou a liquidation of this innguitude, and complexity with branches id connections throughout the world, the preparation of A statement of affairs must nocmarily take considerable time. To show the esti mated deficiency and return to credit/rs, such a statement must include assets and inbilities at home and abroad, and the necesary information for such a statement is not available.
It was also ordered that to steps of proceedings other than the alaye should be taken without the leave of the Court. On June 18th, 1923. I received from Mr. B. M. Ross a report regarding certain | Lidl, the trade marks, godwil', name, matters requiring attention and in purconnection, hong name and all other forms suance of this report I applied to the of goodwill of the liquidated company. I Judge in Chambers for directions and the Judge after reading an affidavit made by Mr. Massey nd after hearing Mr. Row and Mr. Beaston (the special representa dive of the Chartered Bank who was in Shanghai in unition with Reiss Bros., Ltd.) made no order authorizing melito se the house at No. 695, Avenue Haig, and the furniture and effects in it, and the pres-packing business of the company in Tientsin.
sit. I was also unthorized to let the office and flat occupied by the
ju company Hankow, but I have since given notice to the landlords, of the abandonment of the Jease as from June 30th. I was also authorized by the same order to se'l the plant owned by the company in Hauku and to sell the free-hold property of the company Peking and termonate the Tease of the leasehold property in Peking. I have also received general power to negotiate with dobtors of the, company fo sett'ement of the company's claims against them. In pursuance of this order I am putting up for suction the property at 695. Avenue Haig, and it will be sold on Monday next. the 16th inst, I anticipht that we shall get a good figure for this property as there are a number of par sible purchasers and it will be sold subject to a reserve price... I am also proposing to sell the property. in Tientsin by publie auction and have sent instructions to Tien- tain for this to be proceeded with
I trust that my actions in these respects
THE 1922 DEFICIENCY,
At the meeting of creditors held in Manchester on May 16th last the Official Receiver submitted a summary of the gen eral balance sheet of the company as t June 30th,, 1922 (being, the latest avai "nhie), showing a net deficiency of £487,000.
Commenting on this balance sheet the Official Receiver remarked that be under stood the deficiency had increased since that date, but he could, not say to what extent in the absence of a 'prepared state. ment of affairs:
This being the first meeting of credi» tors, there is a matter which must be con sidered by you, namely; whether applion-
will meet with the approval of the credition should be made to the Court for the
tom.
THE WINDING UP. IN CHINA.
appointment of a Liquidator in my place and whether an application should be On May 16th last the first meeting of made to the Court for the appointment! credits under the winding up order by of a Committee of Inspection to act with the Court in England was held in Man- the Liquidater and if so whom you wish chester and reports of this mooting have to appoint as Liquidator and to be mem- now reached Bhanghai. At this meeting bers of such Committee... considerable uncertainty seems to have Personally I feel in a winding up of n been expressed by the Official Receiver at business of this naturo, it is very advisi Home as to the steps to be taken bysthable that a liquidator should be appoint company cat here, and as to whether the ed, but I must learn this ranfter for you. winding up out here would be a wind to decide. ing_up ancillary to the winding up at Home or whether it would be treated na separate from the winding up at Home and the shots realized and payment of the creditors here made out of such assets (Continued at foot of next column)
It was resolved that Mr. E. M. Ross be appointed quidator for Ching and a Committen- of Inspection, consisting of Mrs. A. Gray, P. B. Winter and A. M. Casuan, was also appointed by the
odeon
PRICE & CO., LTD.
Tel. Central, No. 135.
$1
*No. 8, QUEEN'S ROAD CENTRAL, '
HONGKONG.
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