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STAR
Commencing FRIDAY, 27th
At 9.15
R. B. SALISBURY
Presents a Series of
STRAIGHT PLAYS
AND
MUSICAL COMEDIES
FRIDAY, 27th -----
"THE GIRL FRIEND"
Booking at MOUTRIE'S and The STAR.
THE PRIMITIVES CACHED FOR SAFETY
X
X X X
X. X
The primitives were crafty men. They always maintained a reserve food supply cached away in case of need. We may as well take a hint from them-saving, not food, but ENERGY. KEEP A RESERVE OF ENERGY BY DRINKING
STILCO
MILK STOUT.
Sole Agents:
H. RUTTONJEE & SON, 15, QUEEN'S ROAD CENTRAL
HONG KONG DAILY PRESS. MONDAY, JUNE 23, 1930.
RIGGING THE SHANGHAI SHARE MARKET.
REMARKABLE ALLEGATIONS.
LITIGATION OVER TRANSACTIONS IN EWO SHARES.
see why I should suffer on account of the illegal affairs of such a clique. Besides, these brokers who gambled with me in forward knew shat I was playing a fair gaste and if not for this illegal corner and rigging of the market, I would not have failed them.
"I ask the Court to dismiss the claim with costs."
5
His Lordship: But you seem to be able to recollect all the things which are not evidenes,
Judisial Patience.
The Russian Jarasion. Giving evidence Mr. Solomon said that the months covered by the daim against him were mouths of financial stringency because of the invasion of China by the Russians. Mr. Harris: Is there no limit Despite that fact the Stock Ex-t Your Lordship's patience? We I was not like a Stock Exchange of parros-like repetition change had continued to prosper.have had one hour and 20 minutes shout at all, but more the nature of gambling and rigging the market,
"Wheel" He produced a stack but no evidence. of papers and asked permission to
In H.M. Supreme Court, Shang- ness. A business man understands,
No Jurisdiction in Chicago. hai, on June 17, the hearing was of course, that if he cannot cover
Mr. Solanen then tried to intro-read therefrom concluded by Judge Sir Peter Grain before Settlement Day he has to of the action in which Mr Julius do so on Settlement Day, which is duce newspaper cuttings coutaining
similar to the business on the Gold Stock Exchange reports,
What the Soldier Said," Rosenfeld (carrying on business "25
He was A. B. Rosenfeld & San) claimed Bar Exchange. "In my case, there-informed by his Lordship that | His Lordship: Statements made against Mr. M. E. Solomon for Tls. fore, it was natural that if I could newspaper cuttings or newspaper į in newspapers are 'not evidence, 2,237,48, said to be due in respect not cover my position before Settle comments were not evidence. One nor are newspaper comments or of transactions on the local Stockment Day I had to say I was cover- of the cuttings which he insisted cuttings. Nor is evidence some Exchange..
ing by cash shares on Settlement His Lordship should see contained a thing whith someone else has told Judgment given for Mr. Day. The procedure, which I know report from Chicago. His Lordship you someone had told him, vide From long experience, is as follows: said he could not go so far as that.eace is what you know yourself If on Settlement Day I owe Mr. T any case, his jurisdiction did not and what you are prepared to Brown 20 shares of Ewo, while, Mr. extend to Chicago, and the lengthys prove. Brown owes Mr. Smith another 20 address made by Mr. Salomon had shares, and Mr. Smith owes me a Ead little to do with the real issues
was
Rosenfeld, with costs.
It was alleged that Mr. Solemion had failed to deliver to Mr. Rosen- fold 3,000 Ewo shares sold on his behalf previous to September 21, 1929, and had simultaneously re- fused to take delivery of 300 Shang-actual delivery really takes place,
Cotton Manufacturing Co., Ltd., new shares purchased for him although in a few caset shares may
hai
in the same way.
The defence to the action was that the transactions involved gam- bling and consequently were out- side the jurisdiction of the Court; that Mr. Rosenfeld had conspired with others to "rig the market; and that the fiduciary relationship between broker and principal had not been established.
11
similar number of shares, the
brokers write. off the items and no
come into the hands of the investor.
Allegations of Unfairness, "In my alEdavit, I stated that I had no more expital and by this I meant that I had no more right to cover my other forward positions by contract. If I had done so, I would have had to be prepared to pay all differences on Settlement Day, which I would not have been
The NC. Daily Newa says the
able to do. In any case, I came action originally came before the
to know that the situation on the Assistant Judge on February 6,
Stock Exchange was not fair gam- when it was decided that unabling. I had nothing to guide me. davit setting out facts and state-
I had consequently to check my ments filed by Mr. Solomon on
activities. January 29 showed no grounds of defence, as called for by Rule 1011 of the Court. Jdugment was then given. for Mr. Rosenfeld for the amount aided. Against this de- cision Mr. Solomon appealed, his appeal being heard by H.M. Full Court, consisting of Judge Grain, Assistant Judge G. W. King. and Mr. A. G. Mossop, on March 29. Delivering judgment on April 14, the Full Court unanimously set aside the Assistant Judge's decision and gave Mr. Solomon uncondition. al leave to defend. He was then advised to obtain legal assistance.
Adjournment Refused.
Mr. M. Reader Harris represei t- ed the plaintiffs. The defendant appeared in person.
|
i
I have to point out to Your Lordship the wrong impression Mr. Harris made at the last hearing. He referred to the profit I made on 500 Shanghai Cottons. He said that I had nothing to say regard ing this profit and he repeated that because I lost on Ewos I was complaining. I certainly can con tradict this statement for "it would be ridiculous to think that because I have made a profit on Shanghai Cottons the transactions, involved were not gambling trateactions. As a matter of fact I received no profit from plaintiff on the 500 Shanghai Coltons. It was only a credit item which, if the debit were to be claimed by plaintiff, had to he shown in the account.
When the case was re-opened lasti week Mr. Harris said that he had! been informed that the defendant | had signed a submission to judg| ment, hut had subsequently destroy ed it.
Mr. Solomon acknowledged that he had done so, but only because he knew Mr. Harris intended to nake application in open Court for judgment for his client. He asked for a further adjourcment of the action so that he could prepare af adequate defence and file "further statements,
The Judge refused to adjourn the proceedings, saying that Mr. Salomon had been given every opportunity to avail himself of legal advice and that the time of the Court was being wasted, the action having dragged on for fully five
months
"The original writ was issued on his Lordship said, January 20,
and I caunot allow any further adjournment. You have made re- peated application to me in Cham- bers, Mr. Solomon, in that connec- tion. You appealed against the decision of the learned Assistant Judge before the Full Court and you had had ample opportunity of taking legal advice. You have been repeatedly told that the case would" be an extrcniely difficult one for a layman to conduct. You have been given every chance to see the documents the case. You have undertaken your own defence with your eyes open. I cannot grant any adjournment."
Mr. Solomon ultimately agreed to proceed despite his handicap. Be- fore proceeding, his Lordship said that he must confine himself to the allegations that the market had been "rigged." No other defence would be permitted in the circum-
stances.
The Defendant's Answer. Mr. Solomon then read the fol- lowing answer to the netion:-
The Question of Gambling.
Turning to the question of Mr. Rosenfeld, even if Mr. Harris could prove that his client, was not gambling in Ewas extensively I can assure him that that would be absurd. I am positive from in- formation which I have gathered that Mr. Rosenfeld's turnover in forwards thetween the September and December, 1929, Settlements) in Ewo shares was so huge that it ran to several millions of Taels, and under those circumstances it would not-te just to say that Mr. Rosenfeld was doing a genuine business. 1 certainly shows that he was gambling like others. could see myself that his daily busi
nest
was chiefly with his friends who were gambling, when he had so much interest in the business.
take it that he bought from me those Ewos which he says he sold at the same price not only to gain the brokerage thereon but 'to buy the same shares back or to parti cipate in the profit which he and his friends--those brokers who were rigging the market would gain confidentially. It was a commoN understanding between the clique
I will sell to you to-day and I will buy, back to-morrow or in some time to come."
at stake. "You go on talking, but you are not going on with the case, his Lordship said. "Are you going to give evidence yourself?"
Mr. Solomon: I will get evidence from some phople who know.
His Lordship Are you going to give evidence yourself? Will you
answer my question ?
Mr. Solomon: Is that possible f Would it carry any weight with
'you!
The Charge of Rigging. "Even though Mr. Rosenfeld can prove that he carried cash Ewo shares with banks or other institu- tions, such unsh shares must have been placed as securities against an overdrait. Of course, owing to the enhancement of daily quota- tions of Ewos, which was done by illegal methods and fraudulent transactions by the plaintiff and others, be trust have been able to bay and carry cash shares with banks, etc., against an overdraft. This will not show that he owned the shares of that be bought for investment, but that on the coa- trary he bought in order to do more
In order to prove to your Lord- ship that my transactions, with harm to those who sold short and plaintiff were gambling transactions to those who advanced him money
I have to produce before you all on such securities. It is a matter the contract for Ewo shares which of fact that while he did not really I settled last year with different own such securities, which werd brokers, jodluding Mr. Rosenfeld: placed against margins, auch sécuri I have these contracts in my ties were used for gambling pur possession and shill produce, them. poses just to assist him and his There are 3 contracts in all, all friends in further rigging the mar forward contracts involving about ot The repeated artificial and "30,000 Ewo shares valued ab, scv-abnormal purchases in Ewos are eral hundred thousand taels. None the main factors which influenced of these contracte was for the pur. the rigging.
Mr. Soleman But for the sake of all those thousands of innocent
people who have suffered as well as myself by the Stock Exchange these
evidence here.
*
His Lordship warned Mr. Solo- mon that if he could not produc valid evidence he must ask him to vaente the witacas-box Upch Mr. Solomon saying that he must have time to call other witnesses and prepare his defence, his Lordship asked him to stand down. He had been given every opportunity of preparing his defence, his Lord aip said, and every opportunity to call
witnessess
Judgment for Plaintif ship said: "The defendant in this Delivering judgment, his Lord-. newspapers should be admitted. ease has brought charges of ganibi." His Lordship: We do not knowing and rigging the market against that anyone suffered. Tha: again the plaintiff and other persons, "He is hearsay evidence. If you are has bad ample opportunity to ring going to persist in that attitude his witnesses before me to-day. The you must call, the sufferers to give writ was served nearly six months ago and the defendant has made m. in repeated application to Chambers for advice and leave to adjourn. He has been told that all he had to do was to take oat subpanns and witnesses were bound to attend. This morning he has. come here, the day set for bearing of the case, without, witnesses or evidence in support of bis conten- tions. I have very patienty listen- "ed to him for one hour and a half,' but he has not produced on serup of evidence to show that rigging the market was going on. I const der the time of the court has been wasted. The defendan; having "en- tirely failed to make out his case,
tiff, with costs."
Mr. Solomon went on to say that gambling and rigging the market had been proved by the fact that many brokers had gone on a visit to Tsingtao before the Settlement with the object "of arranging to cover all small transactions in Ewo at one shot." In this connection refererice to the newspapers was essential. he said.. He must "re- fresh" his memory.
His Lordship: Well, it is not fair to ask me if it will carry any weight. "I must hear you first. you are going to give evidence please say so. You have the right teal anyone you like in your defence. I must instruct you that a a rule the defendant starts his case, it is started for him by Mr. Harris said that it was ridi- Counsel. The defendant is called.
culous for Mr. Solomon to propose to refresh his femory with the 8oing into the witness-box. what do you 'want to "do i
aid of something which he had not Mr. Salomon: I will give evid-himself written
*3Fr. Solomon: But I cannot re- if you like.
dislikes in the matter,
o
Now
4J
His Lordship: I have no likes collect all the things I wish to there will be judgment for plain-
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