THE HONG KONG DAILY PRESS,
Mackintosh's ANNUAL SALE
WINTER
Starts Tuesday, January 4th
FOR THREE DAYS
Mackintosh
MEN'S WEAR SPECIALISTS ALEXANDRA BUILDING.
&Co. Ltd
DES VOEUX ROAD
DAIRY FARM NEWS.
Just Received
KAMCHATKA FRESH SALMON
60 Cents per lb.
Delicious and. Appetising.
THE DAIRY FARM, ICE & COLD STORAGE CO., LTD.
Rolande Serrault
22, QUEEN'S ROAD CENTRAL (late Alberts)
Just Received
SPLENDID ASSORTMENT OF
LADIES FRENCH SHOES,
At Various Prices.
'DON'T MISS SEEING THESE.
WHITEAWAY'S
STANDARD VALUE in LADIES HOSE
THREE KNOT HOSE
"Three Knots
HOSIERY of QUALITY
The Celebrated
"THREE
KNOTS ART SILK HOSE. For Value and Wear Cannot be Beaten. In Black, White and all- Popular Bhades
STANDARD VALUE
PRICE $2.50 pair.
THE LUSTREX." ART SILK STOCKING is ear latest standard line and is without doubt most remarkable value, full fashioned legs with extra atrengthened Heels, Toes and Tops of amper Lisle thread, all sizes in shades of Nude, Peach, Flesh, Sunburn, Teak, White or Black.
$1.25 pair.
LUSTREX ART SILK
HOSE
THE
BRAND
LADDERPROOF RE-INFORCED HIGH SPUCED
HEEL.
ONE OF WHITEAWAYS STANDARD VALUES.
NEW GOODS FOR THE NEW YEAR.
CALL AND INSPECT...
WHITEAWAY, LAIDLAW & CO.,
TONG KONG
THE PROBLEM OF SINGAPORE.
NAVAL BASE THERE OR IN AUSTRALIA?
SIZE OF ITS GARRISON.
We give the following article from & recent number of the
necount of the im Spectator on portant hearing the development of Singapore ass naval base has on Far Eastern problems:--
The fact that the Dominion Prime Ministers, before they separated, considered the problem of Siaga- pore and discussed how far they Arere concerned therein, is in every way satisfactory. It shows that the Tamperial importance of the matter is fully admittel. The British Government has accepted the con ditional offers of help from Do- minions and Colonies towards the burden of enlarging the naval base at Singapore, for which the Prime Ministers have apparently admitted an obligation.
to the
WEDNESDAY, JANUARY 5th, 1927.
CHINA PROVIDENT 18 Article provides that trans-
LOAN & MORT:
GAGE CO.
NEW ARTICLES OF ASSO- CIATION APPROVED.
DIRECTORS INCREASED FROM
SEVEN TO NINE.
4 fers must be left at the Re gistered Office of the Coar pany together with the certi ficates as proot title before the transfer
10.
Article 44 provides for payment of a lec on the issue of new certiäcates.,
20
21.
Article 47 (b) provides for the withholding of dividends in certain cases.
Article șa dents with sub-divi-
sion of shares.
9. Article makes provisions for the modification of rights of shareholders. Ärticles 35 to 60 deal with the borrowing powers of the Coa pany:
SHAREHOLDER'S OBJECTION | 931.
TO PRESS EXCLUSION FROM
SECOND MEETING.
24. Article or enables the Company to call two meetings by one notice,
2.
There were about 120 shareholders present at the extraordinary gen eral meeting of the China Provident Loan & Mortgage Company, "Ltd., held at St. George's Building, yes- terday afternoon, for the purpose resolution which of considering a excluded all the existing Articles of Association of the Company and approved of the substitution of new. Articles of Association.
eventually
27.
28."
A distinguished soldier of strong Imperial inclinations lately put the far-reaching character of these responsibilities
present The resolution was writer with such free that he feels adopted, after being slightly amendo. he cannot do better than piss on their substance as they were givened with regard to one Article...on him. We do not quote him ver- the proposition of Mr. J. M. Alves batim, but employ a paraphrase: Does the Spectator realize what is the effect of applying to Singa pore the principle it has an eften Applied to similar problems. Le, saying. The plan is good in itself, hat how many men will it take to carry it out and where are they to come from?
It is quite sound to build a commercial dock at Singa pere and to protect it with the necessary arsenals and barracks; naval and military, and other de fensive works, for it would be absurd to spend several millions on Singapore and then leave it to be carried by, say, a Japanese roup de
main.
Comparison With Port Arthur. It is obvious that it is the Japan ese, and not any other Power, who would look upon the naval base at Singapore as a menace. The data
At the close of the meeting, the Chairman announced that a second meeting-a private one-would be. held. Mr. N. V. A. Croucher, a shareholder, objected, however, to the morubers of the Press being asked to withdraw.
Mr. R. G. Shewan (Chairman) presided. He was supported hy. Sir Robert Ho Tang. Mr. C. A. da Roza, Mr. A. L. Alves (members 23.
of the consulting committee), Mr. D. L. King (secretary and manager) and Mr. W. E. I Shenton (the 34 company's solicitor).
Among the many shareholders were noticed Mr. J. M. Alves, Mr.
35.
for arriving roughly at the military. P. Braga, Mr. A. L. Shields, Mr. and naval strength required are in existence; for during the War be. J. Carroll, Mr. P. Tester, Mr. tween Japan and China similar E. Rouillon. Mr. E. Abraham, Mr. problem arose. Russia fortified and
hess of yearly meetings. Article 66 deds with the busi Articles 71, 14 and 73 make pro
visions for" rating and the holding of poils.
Article 76 varies the rating "powers of shareholders.
Articles 79, 80 and i contain special regulations in respect of voting. Article st provides for the ap. pointment Directors in place of the Conaniting Com-
garrisoned Port Arthur, and the C. B. Brown. Mr. F. M. Crawford, Japanese attacked it. After a long Mr. A. Nissim, Mr. N. V... Croucher, struggle they aptured it. But the 3. G P. Lammert, Mr. J. A. Tar- Russians in their unsuccessful effort
37.
36.
Chairman's Speech.
to hold it put in a force of some rant, and Mr. J. P. Bagrara. 47,000 men. Where are we to find the men for such a garrison? The 10swer sounds utterly fantastic, and yes it must be given. As soon -as-there was any risk of hostilities. we should have to mobilize our Expeditionary Force and send re lays of it week by week to hold Singapore. Our needs would be higher than those of Russia. This world mean making ourselves in expable of defensive action in Europe. It would also paralyse
The CHAIRMAN: This meeting bass. beea convened to consider and, if
thought it, approve the draft-new
Articles of Association of the Com-
pany.
10.
H
mittee.
Article 30 axes the Directors' remuneration at $7,000 per annum to be divided between them as they shall determine, The present remuneration is $5,000 per annum.
ל.
Articles 100 to 11a make prov
sions for the appointment of Managing Director and General Agents in place of General Managers.
JL
KAIPING COAL
FOR HOME, FACTORY, & POWER HOUSE
HOME, FACTORY
AND BUNKERS
For Price Apply to
POWER
HOUSE,
TUGS &
LOCOS.
THE KAILAN MINING ADMINISTRATION DODWELL & CO., LTD., Agents, Hong Kong.
Assurance Wanted, Mr. W. MORLEY. referring to Article 100. in which Directors were given power to appoint a Managing Director and General Agents in place of General Managers, asked whether the Directors would give an assurance that the first general agents would only be appointed after approval had been obtained from the shareholders at a general: meeting called for that purpose.
"The CHAIRMAN: I am afraid we cannot do as you wish, as this meet-
pose, to pass the Articles.
COMING STRUGGLE FOR SHANGHAI.
CHANG TSUNG CHANG'S POSITION.
NINGPO DECLARES
INDEPENDENCE.
Changes of almost momentous importance have taken place with- in the two provinces of Chekiang and Kiangsu during the past week
Articles 116 and 117 vest importing is called for, one, specie pur-and more especially within the past
ant powers previously "exer- cised by the General Man- agers in the Board of Diree
tors.
Articles 123, 184 (c), 125, 127 (h) and 30 make special provi sion in respect of dividends and the retention thereof. Articles 131 (4), 133, 134 and 133 are new Articles dealing with the accounts of the Com-
pany.
Article 138 provides for one or
more Auditors. Articles 141, 142, 143, 148, 149 and 130 make special provi sions as regards the notices to members.
Mr. MORLEY: You wish for an amendment.
three days, says the Shanghai Mer- cury of December 29th. First in, importance is the declaration of in- Mr. MoaLey then proposed an dependence on the part of Ningpo amendment that Article 108 co which has severed connection with amended as to read that "in the " case of the first appointment of Marshal Sag Chuen Fang and Managing Director. Managing thrown in its lot with the Hang- Red." A portion of the Directots, or General Agents, the chow Independents who are already Directors shall only do same after virtually an extraordinary resolution has Chekiang First Division, formerly been passed at an extraordinary one of the most important divisions general meeting of shareholders under the command of Marshal granting the proposal of appointee | San, is stationed at Ningpo and or appointees."
others are already on the march to Hangehow in order to link up with the balance of the First Division stationed in the Chekiang capital, according to information obtained in Shanghai from a reliable source. Marshal Sun Chuan Fang is Mr. Alves' Amendment. Carried.
estimated to have about 10,000 or The CHAIRMAN then put the 18,000 of his original army scation- original resolution to the meeting, ed along the Shanghai-Hangchow with the addition of the amendment railway. They are said to be not proposed by Mr. Alves, which read by any means loyal to Marshal Sun Article 154 makes special pro- that all the regulations submitted and it is not expected that they visions as regards arbitration. in the printed document to the will put up any sort of resistance Article 156 deals with the indivi- meeting be adopted as the Articles when the Southerners choose to turn dual responsibilities of the Association of the Company to in the direction of Shanghai as they
the substitution and exclusion for obviously intend to do. officers of the Company.
Mr. E. NOUILLOX seconded. The CHAIRMAN put Mr Morley's amendment to the meeting, and it was lost, the voting being:-ror, "Article 131. contains special pro-20: Against, 91.
visions as to imparting in- formation.
Articles 13 and 153 make pro- visions for liquidation and winding up
The Chairmah the invited ques-
from shareholders.
your late Conmiting Committee tions and the Investigation Committee have come to the conclusion that
the troops would swallow up sea are
antiquated and should be
Mr. Alves' Suggestion.
and to the exclusion of all existing Refugees from Hangchow and Articles thereof. save in the case wayside stations are at present of Article 87, that unless otherwise pouring into Shanghai by every determined by a General Meeting, available meats, principally by the the number of Directors, including railway
Mr. J. AIVES First of all, I the Chairman of the Company. The influx of refugees into Shang- shall be increased from 7 to 8, and hai is always a sign of a pending that the remuneration of Directors struggle in the districts being be increased from 87,000 to $9,000 racunted. Fighting has in fact per annum.
already occurred at Hargchow; The amendment was then put to when the Chekiang First Divisies, the meeting and carried nem con, stationed on the banks of the Chien- shareholders voting in favour, and tang River, opened fire upon Mar-
skal Sun's troops. none against.
our naval force. The transport off the present Articles of Associationwish to compliment the Company on power, for we could not leave the brought inte line with Articles of the New Article No. 126 in foresee: ing and providing for the eventual Singapore Garrison and Dock in
public companies generally curren:
ity which is surely to arise sooner in this Colony. -
or later, for having only one firm of auditors dealing with the Com- pany's books.
the air."
Our answer to this nightmare is () that the matter must be regard- ed as concerning the whole Eihpire, and (2) that, rather than submit to a reductio ad absurdum, we should carry Singapore, as it were, to Australia and place it where it would be perfectly secure from at tack. If we placed a military and naval arsenal on the south or east 2oast of Australia near Sydney, it would be impregnable from capture, even if our friends the Japanese were our enemies and so unwise as to send out a huge expeditionary force: Whoever were our enemies they would in such an event be grently weakened at home, and would, in fact, he attempting to get security by stirring up a hornet's nest. Of course, a base in South- East Australia could not perform all the functions expected of a base half-way between Malta and West- ern Australia.
An Imperial Problem.
In view of these considerations, we are not the least alarmed at the ultimate result, which we have en- venged, but they make us more than ever determined that the pro- blem of Singapore is an Imperial problem, nad must be considered. and decided by our Federation of British Nations as a whole, and not by any one of them alone.
part
The More Important Alterations.
Vader the draft new Articles of Association the following are the more important alterations of the existing Articles:
1. In Article 1 various new inter- pretation clauses have been introduced declaratory of the Companies Ordinance and by way of interpretation of the
2
3.
4.
5.
Articles.
Article is declaratory of the Companies Ordinance and states that the Company can. not purchase, or lend on its
own shares.
Article 5 is declaratory of the
Companies. Ordinance.
Article B. gives power to pay a commission for placing shares. Article 7 states that shares may he issued subject to different conditions to calls.
ment
Unless otherwise determined by a General Meeting the number of Directors-including the Chairman
As to the advance of the South- erners upon Shanghai, while many believe that the Cantonese fear to
The CHAIRMAN: Gentlemen, thai contludes the business for which In connection with Article 87 I this meeting was convened, but as beg to propose the following amend-you are aware, the notice convening come nearer owing to the menace this meeting also convenes a second of the Shantung troops stationed at extraordinary general meeting for Pukow, and Nanking, others, with the purpose of confirming as
more complete information as 10 special resolution the Resolution the real state of affairs between, which has just been parsed as a Marshals Sun Chuan Fang, Chang
which
Teung Chang and lesser loga! of the Company-shall be not less Extraordinary Resolution, than three and not more than 9" second meeting will, as indicated, unlitarists, declare that he march
in the notice, be held bere instead of 7.
Thursday, January 20th, at 2.30 upon Shanghai will begin within a "
very little opposition. p.m., and I shall be glad if you will week and, moreover, will meet with kindly attend same.
•
The Press Withdraw.
on
Object: I am of the opinion that the composition of the Board of
There is one fly in the ointment Directors of this Company should include as many persons us possible
in these parts which is going to who are in a position to bring in or
Continuing, the CHAIRMAN Bid: assist the Southerners very materi influence business in the interest of I will not go on with the business ally. General Chang Tsung Chank the Company. We should have on of the next meeting, and I will ask is now in Nanking with some of his
But at Changchow and w the Board various business interests
the gentlemen of the Press to re-troops. such as regular importers of Rice, tre, as this tweeting is private,
Chinkiang, according to the same Sugar and other staple Flour,
Mr. N. V. A. Crouch: Why are information, General In Hsiang To have all these interests the Press leaving, by whose re. Ting, a close ally of Marshal Bua articles. represented on the Board of Direc-
Chuan Fang, bas a little forte of tors is act too many. There should quest?
The CHAIRMAN: This is a private loyal troops encamped beside the be no particular hurry for the
railway line General Lu is by no Board to be fully constituted, but meeting.
Mr. CROTCHER: It has not been means in sympathy with the Reds," but he is it still less in sympathy by adopting this amendment we advertised a private meeting. give power to the Board to take
The CHATEMAN re-iterated that the with Fenglien and his stubbornness advantage whenever an opportunity meeting was to be held in private, is likely to prove beneficial to the Article 11 provides for the seal. presents itself to add to its num and ever-ruled Mr. Croucher's ob Southern attack when it is made.
upon Shanghai. ing and signing of share cartier such influential ficates.
judged advisable for the good of thejection to the Press retiring.
Mr. CROUCHEB Will the membera Company.
of the Press kindly, make a note of thia.
6. Article 8 makes previsions as to payment by instalmcats on allotment of shares.
7.
8.
Article 9 deals with the liability
of joint shareholders.
9. Article 14. provides for the pay ment of fee on issue of new certificates in place of old
We have said nothing of the which America would be likely to play as the power in control at Hawaii and the Philippines. We verture to think that she would consider the moment favourable for 10. an exhibition of the racial con- sciousness of the English-speaking 11.
and for applying & Coolidge form of the Munroe 12. Doctrine to the Far East. The Japanese would be warned, as wa Spain a hundred years ago, not to 13. her political system" "apply
nitions
the Far East,
одев.
persons
Should the above be adopted and
The Fresamen present then with passed, then of course the re- numeration of Directors under drew from the meeting.
A small number of "Shantung troops have been seen in Bhanghai within the past week. They re present, in fact, but the bodyguard for several of General Chang Tsung Chang's officers who have been sent to negotiate with Marshal Sun's effort is being made by the Shan- tung tupar to persuade General Lu Hsiang. Ting to come to termas and permit his entry into Shang hai. At all events the present silence means much wire-pulling in preparation for the "big push" scheduled for the near future.
87,000 to 80,000. · Article 15 provides for the de-Article No. 50. shall be altered from
livery of shares in joint names,
The CHAIRMAN: Before I put the PORTIA IN EMPIRE COURT. officers. It is probable that every Article 10 is declaratory of the resolution I must say that I think
Companies Ordinances
Mr. Alves suggestion is a very good Articles 19 and 20 provide for one, and I think we are quite will.
the giving of notice in respecting to accept it,
of calls..
not paid.
14.
:
15.
2
the
YOUNG WOMAN'S
DISTINCTION.
The Cauni then proposed the
At the beginning of last month Article 23 makes provision for following resolution as an Extra- to
proof in cases where calls are ordinary Resolution, namely: "That for the first time on record a woman the regulations contained in the barrister appeared in wig and gown Articles 30 and 31 deal with the printed document submitted to the before the Judicial Committen, of forfeiture of shares. #Meeting and for the purpose of the Frivy Council which is the
late Dorsetshire Regiment, ad Empire's final court of appeal. identification subscribed by
She was Mise Joan Clarkson, and Mrs. Clarkson, who was a daughter Article 37 provides that divi Chairman thereof be approved" and
denda on shares shall not be adopted as the Articles of Associa- she was briefed in an appeal from of the late Sir John Eldon Gorst, paid where the member is intion of the Company, in substitution New Zealand which concerne at himself a distinguished member of
the Bar, default.
for and to the exclusion of all exist Miss Clarkson was called to the. It is understood
that Miss Article 38 provides for the mode ing Articles thereof."
Bar at the Inner Temple as the be Clarkson, who is a member of the of signing transfers.
ginning of last year. She is the Midland Circuit, has been briefed, Article 41 provides that no
daughter of Lieut. Colonel Bertie in another Colonial appeal to be transfers shall be made to an
Bt, John Clarkson, C.M.G., D.8.0. heard by the Judicial Committee infant or person. of unsound.
(Continued at foot of next columa next week. mind.",
We have written in a way which may at first sight seem sensational, but we do not believe that we have thereby done any injury to the cause of peace It is uncertainty that is dangerous. When once the conse quences of a particular action are made clear, such action ena be, and 18. as a rule is, avoided Uncertainty helped to bring about the Great War. It is essential not to let the 17. problem of Singapore.merely alide. The Empire must face it.-The
༄
Mr. C. AA Roža, seconded. Mr. N. MOUERIz soconded Mr. Alves' amendment.
(Continued on next column.)
assessment on income-tex.