Page
BANQUE INDUSTRIELLE DE CHINE
MEETING AT THE CITY HALL HONGKONG CREDITORS AGREE To
THE HONGKONG DAILY PRESS, THURSDAY, DECEMBER 18TH, 1925.
The scheme has been undoubtedly framed for the benefit of the Far Eastern creditors, by the alienation on the part of the French Government of their share of the Boxer ademnity, which may accordingly be considered in the nature of n gift, in view of the fact that claims are to be settled practically in full by the issue of gold dollar bonds.
THE FULL COURT OF APPEAL
SPORT.
ORIOKET.
QUEEN'S COLLEGE. r.
SURREY REGT.
EAST
TEARING COMPLETED, After many days of lengthy legal argu
This match was played on the IRC tent, bearing of the case before the Full Court of Appeal was conchided yester ground yesterday and some heavy scoring was met The East Surrey Regi, batted] day, the Chief Justice' (Sir William, Rees- Davica), announcing that judgment would be reserved. The other Juuges on the first thanks to the fine display by the affairs of the Banque Industrielle de che scheme might be thought to be to Bench were: Sir Skinner Tarner (Judge C.Q.M.S. Stripp, Capt. Armstrong and
SCHEME OF COMPROMISE
After a silence, of nearly"five" mùntha
The alternative to the acceptance of
Chino came into prominence yesterday when a largely, attended wierting of the rely on the local assets for a dividend. et H.M. Supreme Court, Shanghai) and Cap Rows the side declared at 180 rúng "The College, after a bad start, mau I may state that the loenk aasta amount the Puisae Judge of Hongkong (Mr. for wickets, unsecured creditors of the Hongkong Branch of the Bank was held during theat present to about $700,000-in cash, Justice Gompertz)," --
The case is an appenì against'u julg. aged to pass their opponents' sedre with which may be increased by further real- afternoon at the City Hall. Mr. Hugh isation of assets still insold to about ment of the Chief Justice, who confirm only wickets down, A. A. Rumjaho A Vishet, the Official Receiver, presided $500,000. This ninount would not pro- ed the award of the arbitrators in aand M. P. Madár added 137 runs for the and was supported by the Hon. Mr. Aduce a larger dividend than approximate-charter party' dispute regarding the third wicket, the former making and!
Lowe, of Messrs. Lowe, Bingham and Matthews. Mr. . C. Macnamara, of Messrs. Deacon, Harston and Shenton, mi Mr. Fitz lenny, Manager of the Banqur Industrielle.
Me fleon Nisser (Official Receiver) addressing the meeting aid: Ladies and Gentlemen. This meeting has been con- vened by the order of the Court for the purpose of considering, and if thought" fit, of passing the scheme of compromise, the documents in connection with which bare born in your hands for a little over four months. The documents present full details of the heme of compromise, and the list of it is set out in the epitomised summary, a cops of which was also sent you, and which to refresh your minds, Iwill now read to you.
The present proposal is the result of a enreful examination of the affairs of the Banque Industrielle de Chine by the judicial authorities in Paris combined with a decision of the French Govern- went to support the French credit in the Far East by giving at its own expense special privileges to Far Easter credi tors A full definition of who are. Far Eastern creditors is contained in the eighth article of the scheue; but, gener ally speaking, all editors of the Hong- kong branch of the Banque are included and thus was avail themselves of the favourable terms offered to them as a class, It must be realised that the scheme now put forward was only de finitely formulated in February 1923 as
ly 10 per cent. There is, however, a legal aspect in connection with the local assets and that is that it is very doubtful whether it would be competent for the local Court to make an order to apply the local assets in payment of local labilities only. The English and French laws appear to agree upon the pooling of all assets of a concern in every country for division pari-passe amongst all the creditors. Under the circumstances it is
extremely likely that the Hongkong Court would make an order that the funds be handed over to the French administrator of the bank in Paris, and you would then have to prove your claims there ou whatever basis was finally decided by the French Court.
In view of the fact that all the ercii. tors under French jurisdiction in the Far East are parties to the scheme of cum promise, this would mean the isolation of Hongkong and under the circumstances it is impossible for me to say what the outcome will be. I think I have placed the position as clearly na possible before you, and it is now for you to decide whether you will accept or reject the scheme.
NGE
For your information have to state that as provisional liquidator I have received proxies from a creditors whose claims anunt to Frs. 14,065,160.13. to vote in favour of the scheme of arrange it required a tow passed by the Frenchment. Against this, I have received
Singaporean. Judgment was then given for the owners of the vessel (a Chinese arm in Hongkong) against the charterers of the steamer (a firm of Bombay mer- chants),
Mr. C. G. Alabaster, K.C., was Counsel for the appellants and Mr. Eldon Potter. KC., and Mr. F. C. Junkin were Conn- set for the respondents.
WHAT IS A CHINA PONY? IMPORTANT DECISION BY JOCKEY
CLUB.
At an extraordinary general meeting of the Hongkong Jockey Club, held inst evening at the Board-room of Messrs. Jardine, Matheson and Co. a proposed amendment to the Jockey Club rules, regarding the size of ponies to be allowed to race under the Hongkong Jockey Club rules, was discussed at great length. The meeting which was attended by nearly two hundred members was not open to the Press.
to the
The amendment, which was effect that no pony over 13.3 hands high Pis to be allowed to race ander the Hong- kong Jockey Club rules after the coneli- sion of the next annual race meeting was passed. This means that all ponies under 14.1 hands high will be allowed to com-
Parliament to give it full effect; and this proxies from two creditors anly, to vote pete at the annual races, but after then
allowed to compete.
The value of the no pony over (3.3 hands high will be taw was passed during that month The against the scheme. Iroad ontline of the scheme is this, so claims of these two creditors aneunt to far as unsecured creditors are concerned, Fes, 3,101.57 only. The currency adopt and it is to them alone that the presented for voting pirposes is francs. There offer is made."
are about a different currencies involved In the first place the Bauque will issue and the franes has been taken as the The creditors claims notes (in the scherie chiled Distribu-common factor.
have therefore been converted at the various rites of exchange specified in the scheme of arrangement, so that all claimas
tion notes") mynhle in French franes for the amounts due to ereditors as on July 2, 1021. To arrive at suns due the following conversion rates will be en- ployed:
1-Fra 40 1/2 C&I-Frs. 12.69.1/2 -IIKSI-Frs. 46
Such notes will cover principal interest and charges due up to the date above stated and will be paid off within a maxi main period of 5 years without interest. These notes will be issued for the amounts due in respect of every, clain calculated in the manner above described and the holders will enjoy equal rights distribution of available funds by the Banque Industrielle de Chine.
the
In this connection it is to be noticed that a new company has been formed under the name of the Société Française do Gérance de la Banque Industrielle de Chine which will carry on the business of the Banque Industrielle de Chine under arrangements fully set out in the scheme, including the payment of 95 per cent. of its profits to the Banque. Pay ments will from time to time be made to the holders of the distribution notes, sun provided there is at the time available for distribution equal to 5 per cent of the total amount secured. The notes will be for Fr.: 500 payable to bearer and fraction certifientes will be issued for smaller amounts.
T
are now on a common basis.
I may add that the affairs of the bank will, subject to the approval of the Court. continue to be under the control of the Court until such time as the distribution of the gold dollar bonds takes place, when an application will be made to the Court for the winding up position, to be with. drawn.
Ladies al gentlemen, if you are in favour of the scheme, I suggest that you pass the following resolution:-
"Resolved that the Scheme of Arrangement (formulated umler the Reglement Transnctionnel under French Law) as set out in the Document for- warded to Creditors together with the notice convening this Blecting be and is hereby adopted without modification, and that such Schenie of Arrangement if sanctioned by the Court and made binding on all Creditors be carried out "under the supervision of the Provisional Liquidator, or a Trustee to be appoint ed by the Court.
++
FATHER ROBERT moved the adoption of the resolution as outlined by the Official Receiver and this was seconded by a member of the audience.
A number of questions were then asked by various creditors.
A creditor asked what happened in the
"Scores are as follows:-
the latter û not out.
EIST GURREY LEGT. Capt. Kent, b A. A, Rumjahu...... 39 Lt. Armstrong, c Shaban, b Minu 32 Lt. Alfree, e Manu, b Laing 15 C.Q.M.S. Stripp, sot out
33
-Chi Clarke, b A., A. Runjahn 8 Sgt. Wright, e O. Rumjahn, b A.
A Rurajahn Capt. Romae, not out
Extraa
Total
Capt. Wooldridge, Lt. Sutton, 2nd- Lt. Buckle, and Pte. Iugram did not.
bat.
Bowling Analysis
0.
M.
*.
10
4.1
1.
47
A. A. Rumjaha
A. H. Madar ......11.
.D. Laiog
A. R. Mim .......... J. C. Fletcher
M. P. Madar ...................
QUEEN'S COLLEGE.
5
A. A. Rumjahn, b Armstrong .....77 A. H. Madar, 1.b.w. Rome ... A. Ismail, cand b Rowe M. P. Madar, sot out D. Laing, not out
Extras...
Total
HIGH-CLASS PROVISIONS.
PRIZE STILTON (Blue) GORGONZOLA
ROQUEFORT (Fromage Blue) ENGLISH CHEDDAR..
GRUYERE CAMEMBERT... KRAFT (Canadian)
ROYAL YORK, Whole
per lb. $2.00
1.40
€1.20
∙1.20
1.60
1.10
.85
Sealed tins
4
5
WE HAVE JUST LANDED A CONSIGNMENT OF ENGLISH. HAMS OF THE FINEST QUALITY.
per lb. $1.50
1.60
1.50
1:20
1.30
8
0
55
16
O. Bumjaba, J. C. Fletchar, A. R Minu, f. Hassan, M. Shaban, and R. Ho Tung did not bat.
Bowling Analysis.
Capt. Rowe
Pte. Ingram
Lt. Allfren
Capt. Kent L-Opt.' Clarke Sgt. Wright Li. Armstrong Wooldridge.
Half
DEVONSHIRE Boneless)
YORK CUT (Special Brand)...
Half Ham
TEL. 4567 (4 LINES) PROVISIONS.
LANE, CRAWFORD, LTD.
0. 38.
S 1 24
Q
Tel Central 2313.
0
15
10
B.K.C.C. Tat XI. & CRAIGENGOWER.
Soon after the meeting a well-known member of the Jockey Club told a repre sentative of this paper that the new ruling would not affect many penies but on the principle of the thing and in fais
The following team will represent the against ess to the owners of such ponies' it was only right that the ruling should not come H.K.C.C. on their own ground in their
mces first division League match into force until after the annual racesCraigengower, commencing at 2:18-7
The new amendment involves many harp on Saturday-TE Poarce alterations to the Club rules and an offi (cap.), Col. Robertson. 4. A. Claxton, cial statehent will probably be issued. Webster, E. J. R. Mitchell, H.
mert, A. CI Bowker, E. G. England in due course fully explaining the new Owen Huglin, G. R. More E Gand and
A. V&T, Dean.
position.
THE BLIND GIRLS HOME. SALE OF WORK AT KOWLOON:
H.K.C.C. 2ND XI, RE
In this 2nd division League match at Happy Valley on Saturday, Hongkong C.C. 2nd XI. will be composed of H. E. Hollands Leapt), E. C. Hager, C. R. Barch, J. N. Owen, R.... Macalpine, H. Griffin, H. H. Tayler, G. H. Piercy, D. Reid, F. C. Miler and D. E. G. Nichol. son
JAPANESE SUMMONED. WHEN THE LANDLORD IS ABSENT WHAT IS TO BE DONE?
The grounds of St. Andrew's Church Vicarage were yesterday afternoon loan ed by the Vicar (the Rev. G. R. Lindsay) to the Institution for blind girls of the Colony, for the purpose of holding a bazaar and sale of work in aid of the institution. The bazaar was supplement ary to the one held at the Helena May Institute some weeks ago when a large
A Japanese photographer named · Mr. quantity of the articles made by the girls was not disposed of Yesterday these T. Tanaka, who is the tenant and occu- (principally knitted goods and brushes) was summoned by Mr. J. A. Fraser, and other articles nude by the girls pier of No. 5. Rose Terrace, Kowloon, were arranged on stails on the lawns and Secretary of the Sanitary Board, at the
i.
The French Government bas arranged case where the amount of money held by offered for sale. A party of girls from Magistrady yesterday, for not repairing ia surrender to the Far East creditors the Banque on behalf of a creditor was the Home were present at the bazaar and the broken and defective condition of the I
of the Banque a part of the Boxer In. demaity sufficient to secure the following advantages to those creditors and to those creditors, only.
disputed.
ground renderings of the kitchen wall of the bouse
The OFFICIAL RECEIVER replied that visitors were able to see them making this would be settled by arrangement.
auch articles as were offered for sale
Mr. Fraser explained that the Depart Another neraber asked what happened
He The holders of the distribution notes to these creditors who opposed the They also obliged and pleased the visi. will be allowed to exchange them at the proposed settlement and the OFFICIAL tors by singing a number, of hymns inment had tried on ten different occasions rater of exchange before mentioned into RECEIVER replied that if the scheme was Chinese to old English hymn tunes. The to serve the nolice on the owner. 5 per cent. gold dollar notes redeemable carried such creditors would be included
voices of the choir were sweet and blend-was stated to have claimed disability, with 23 years, by yearly drawings or in the scherie. repurchase,
wus asked as to what steps ed beautifully. The singing was greatly but, according to the Public Health and A question was
of more.
won
As is generally known in the Far East would be taken to secure the Freuch approvinted.
Lady Severa opened the bazaar and in the payment of the Boxer Indemnity is Government's promise being fulälled secured upon the Chiness Maritime Cus-regarding the handing over of a portion
in short speech spoke of her sympathy Lotus and the, salt tax and there is every of the funds duo from the Boxer In- reason to believe that these payments demnity for the payment of creditors with the cause and referred to the will he regularly made in the future as Was there anything hinding in the proderful work the girls were turning out they have been in the past twenty years mise?
The sale was attended by many ladies The OFFICIAL REZIVER: I think you
and the articles offered found a ready The gold dollar certificates will be can rely on the French Government, carry- issued for sums of Gas with fractioning it out. There is a law being passed sule. Those who did have no opportu through the French Parliament now. In nity of visiting the bazaar and who are certificates when necessary,
fact, I ain nos informed that such a law in need of cheap but good and warm knitted wear such as sweaters, jumpers, has been actintly pissed.
Another creditor wished to know what etc., should write to the Superintendent rute of exchange would be paid for those of the Tome at Kowloon Tong who will having German currency (marks) in the oily he too pleased to receive orders. Banque, to which, M. NISBET replied that the rate of ckchange to operate for all currencies
cacies, would be that of July 6th, Another member wished to know whether the scheme referred to paper. franca, or to poll fraut dollars.
In the cast of the ordinary distribution nutes and the interest bearing gold notes market will undoubtedly be created in the principal financial centres of the world and creditors will be able to realise these notes, it they wish to do so, at the prices current for the time being
Lastly in the cases of small depositors and the holders of notes isued by the Banque in the course of its banking busi- ness the Société Française de Gérance will pay in cash at par the gold dollar notes against which said creditors bave
No further questions were asked and exchanged their distribution notes.
The scheme of which this is a very the motion was put to the meeting and curtailed epitome has been ratified by carried unanirionsly.
The OFFICIAL RECEIVER then announced the French Government and by the printhat the resolution would he put before cipal banks in France
the Court for aproval and subsequently Mr. NISKET continued, I do not think the gold dollar bonds would come out I can usefully add anything further in ex which could be exchanged for Banque
Industrielle notes... planation of the documents which ore in detail
Mr. MSBETT replied that the scheme referred to gold dollars.
This was all the business before the meeting.
Buildings Ordinance, if the owner was not available, the agent was responsible, and, failing this, the actual occupier was responsible That was how Tanaka had beca brought into the case. The work had since been done.
Mr. Tandke pleaded that he paid the rent to the landlord, but he had since effected the repairs himself. This caused Mr. Hamilton to remark regarding the landlord that "If he is sane enough to enough to re receive money, he is sane
The Magistrate discharged defendant ceive a summons. with a caution and advised him to apply to Mr. Fraser for advice should a similar situation arise in future.
24
A NEW FIRE STATION.
AN UNHAPPY COINCIDENCE SUE-STATION FOR WEST POINT,
A Chinese Lehing junk master who was The new sub-are station at West Point, arrested in Ah Kang Ngau (Grandfather's which has been erected since the serious Bay) for possession of 181 "sticks "of fire at Relcher Street a year ago, has dynamite, detonators and e quantity now been completed and is ready for of fuse, informed Mr. J. R. Wood at the occupation. The Fire Brigade will prob- Magistrate yesterday that the explosive ably take over the premises to day. The had been bequeathed to him by his late. new station is conveniently situated in lamented grandfather.
Acting Inspector Richard Lanigan, who Belcher Street, a portion of the Sanitary Board cooling' quarters there having been prosecuted, said the explosives were taken over by the Brigade. Accommoda found in defendant's cabin. tion has been provided for one fire-cagineThe Magisttate ordered the explosive and 10 men (one Chinese foreman, ode to be confiscated and imposed a fine 1of motor-driver and eight firemen);
360 or one month's hard labour.
P. O. Box 530.
MADELEINE PEARSON
AFTERNOON AND EVENING GOWNS
CHARMING HATS AND FLOWERS NOW SHOWING:
St. George's Buildings, Ice House Street (Next to Cafe Wiseman).
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GRAND.
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AT
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