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The
GIN
CHINA YEAR BOOK
1931
EDITED BY
H. G. W. WOODHEAD, C.B.E.
"A Mentor Superb... It is not an exaggeration to say that the "China, Year Book" is one of the most remarkable productions of its kind in the world.....No-one who pretends to desire to discuss or study affairs in China can afford to do without this
· book.”—North-China Daily News,
+1
The China Year Book" as it is presented to-day, is a volums that no newspaper, commercial, government, in fact any offee ean do without.”—China Prous,
"There is no singls work containing such a mass of varied and most useful information on things Chinese as the Chinn Year Book." Similar publicacions exist in many other countries, but few can compare with, and sons, croels, the latest issue of this work.”—Finance & Commerce.
ON SALE AT
MESORS. KELLY & WALSH, LTD.;
CHATER ROAD, HONG KONG,
COMMERCIAL PRESS, LTD., CANTON PRICE: $20.00 Net.
HONG KONG DAILY PRESS, THURSDAY, AUGUST 20, 1931.
LORD KYLSANT GIVES EVIDENCE.
HONG KONG STOCK
"MARKET.
YESTERDAY'S TRANSAC,
TIONS.
The tone of the market yesterday morning was again' steady, with an outstanding-featurca.—-—--
Banks had a nominal quotation of $2,040.
Bank of East Asia shares ad. vanced to a buying rate of $135, but met with no response.
•ness,
Steamboats were again wanted, but the rate of $28 did not lead to BRIOL
Waterboats changed hands at les with buyers prevailing.
Providents (ald) had sellers at $5.15; buyers offered 6.05, but nothing eventuated. “
BELIEVER IN SHIPPING TRADE CYCLE.
DENIES SECRETS FROM CO-DIRECTORS.
London, July 97~The defenceThere was not a shadow of ground;- was opened in the Kylsant trial at looking at the prospectus, for sug- the Bid Bailey yesterday, Mr. Jusgesting that the paragraph had, tice Wright having ruled, that there any taint of criminality from be was a case to go to the jury against ginning to end. both the defendants.
"Lord Kylsant's. Evidence.. Union were done at $560,"with
Questions for a City Jury Lord Kylaant was then called. further sellers at the figure.
Bir Patrick Hastings (for Mr. He said he was born in 1883 and Underwriters were in demand at Merland), resuming his submission entered the shipping business in 8.10, which did not, lead to basi-that there was no case to go to the Nowoastle-on-Tyne in 1880. In 1689 jury, quoted from a pamphlet he formed the King Line, Ltd., and, written by Lord Plender, who was acquired his Brat steamer. Ha be.. in the witnessbox earlier in the came a director of the court of the wock. It stated that the account-Royal Mail Steam Packet Com ant must be satisfied in the light pany in 1902. He also became of the evidence available to him chairman. He was still chairman, that the balance-sheet is properly but had been given leave of ab- drawn up in accordance with cus-sence, tomary usage." Counsel said bo Sir John Simon: With the keen- thought there could not be a fairer competition is it in your view in or more accurate view of the pur- the interest of the company and Pose of a balance-sheet or the prin- the shareholders to announce in ciples underlying its preparation detail the state of your own trad- Although three or four professioning affairs year by year 1-No. Humphreys (old) advanced some- el men had been called on behalf what, and with sales transacted at of the Crown, not one, had suggest 822.10, there were still buyers ated that in any respect, after ex $221.
amination of the figures, thin balance-sheet or proft and loss count was (1) untrue or (2) mis leading in any way whatsoever..
There were sellera of Hotels (old) at $17.40, with the new shares in the same category at $17, but there were no deals in either..."
Lands showed a slight decline. Sales were reported at 800 and 800), sellers asking $901, but buyera would not offer higher than: 3001,
Realties and buyers at 817.21, but there were no sales put through. Ewas were dang at Tis. 15.25 and Tls. 16.30, but there were still buyers at 15.20.
1
Trams were negotiated at 20, and at the end bayers wanted shares ∙at-8211;
Btar Ferries reported sales at 864, with buyers. unsatisfied at this quotation....
China Tights were the medium of sales at 27, with buyers still in the market at this rate.
Telephones (part paid) were again done at Tuesday's quotation 8331-buyers prevailing at the close. Canton Icss further advanced to a buying quotation or 881, at which sales were reported.
The Judge: There is a difference between no evidence and no suffi- cient evidence. I must be satisfied as a matter of law that there is
Assuming that you were for some yours doing badly in trade, it would manifestly stimulate com petition and in any caso give them a great deal of information -It does.
Has that view of the matter heen recognised by the board and, so far the shareholders 1 —
as you
Tes
would regard it as quite no evidence. You talk about pro- | obvious that it would be injurious fessional usage and matters of that to the interests of the shareholdera sort. Those are eminently ques themselves -Yes. tions for a jury in the City of Londen.
Sir Patrick Hastings: 1 submit that there is no evidence that this document is false.
Sir John Simon Opens Defence,
Cements (combined) were wanted at $20 without leading to business.
Dairy Farms were done at $321,
Sir John Simon then opened the as wero Watsons at $10.40 · and ↑ $16.50, but buyers at the latter defence of Lord Kylaant. He re- figure had to remain unsatisfied, forred to the great prosperity of
Lane, Crawfords (old) had buyers offering $71, but there was nothing to record.
Constructions had sellers at $13 without changing hands.
STOREKEEPERS, BEWARE!
ہو
MAN WITH STOLEN CHEQUE BOOK IN TOWN.
the B.M.S.P. & few years ago, and asked why it did not distribute, as it might have done, everything it had in those years, Manifestly because they were dealing with a branch of trade which-has-great-
fuctuations. Many people believe
there was something in the nature of a cycle in trade, and they would be satisfied that Lord Kylsant, bas According to a Police report, a ing his view on a lifelong expori- Chinese aged about twenty-five and ence of shipping, was very strong of medium height and build, is in possession of a book of stolen chey of that opinion. ques which he has used in paymont The only joke. he bad tried to for goods purchased in certain make in the case that the profit stores in the Colony. The cheques and loss account had nothing to are on the Chartered Bank with the numbers, in the vicinity of 358000.- do with the art of prophecy-was The book is believed to have been one for which he had a reason. "I stolen from 1, To Lee Terrace. the cycle of trade had returned," It is stated the the man went to he said, "as many people in 1927 thought it would, then instead of Lord Kyleant sitting in d criminal dook he would be acclaimed as one bf the steady, sober men of British business who in prosperous times pursued a conservative policy, who in evil days took advantage of that conservative policy-in order to maintain his dividends, and who had got his fleet and company out of a neriad.
Sincere's where he inade some pur- chases and was about to issue a chequa in payment when he noticed one of the assistants telephoning to the police. He then went away. It is further stated that the man also obtained two electric fans from the Siu-Log-liardware-shop, Queen's Road Central. Those wore subse. quently recovered from a pawn shop.
The police circular states that the man speaks and writes English: well.
NEW BARRISTER IN HONG KONG.
MR. RICHARD CHUAN HO-LIM,
|
"What has happened is that in 1930, three years after the events we are how invited to investigate, contrary to the ecofident prediction of politicians-if indeed you set great, atorg by them, contrary to the anticipations of many persons," #catastrophe, a calamity, over-
came a large part of the trade of this country get anyon
- The Prospectus. Sir John next turned to the pros pectus, and said that be found it A new barrister was admitted to quito impossible to take the view practice in the Colony by the Chief that it put a new and more diff Justice (Bir Joseph Kemp) at the cult burden upon the defence. So Supreme Court yesterday, when far as there were any issuep yet to application was made, on behalf of be determined he thought they Mr. Richard Chuan Ho Lim, BA
were
|
Lord Kylsant said he was a be liever in the shipping trade cyclo. They were on the crest of the wave in 1913. In 1914, they paid no dividends, but, in the spring of 1920 they again got to the crest of the wave. From 1999 to 1995 the years were below the average, but in 1026 there was a considerable merense for the first four months in the quantity of outward cargo. He hoped that the following year would be the beginning of the up- grade, but the general strike and the coal strike had a seriously don
preasing effect.
Sir John Simon: I want to speak of the practice which under your guidance and that of the court of directors was followed in seeking view, is that a prudent and busi- to equalise dividends. In your
nesaliko coursa 7-Yes.
the beginning of the period of the It involves that going back to prospectus you confined dividends
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Sir John, addressing the Judge, When it was observed by the aid that he did not propose to board that the recent report show- ask Lord Kylaant any complicateded that the accounts indicated. "questions about what constituted heavy deficit, was it discussed how these reserves.
it, might he met -Always. That · The Judge: I do not think that was one of the principal things.
discussed.
is necessary at all.
Sir John next referred to the statement on the prospectus that the balance shown for the last ten.
terest on the new issue many times years was sufficient to meet the in-
over. "You are responsible for
to of 7 per cent, when it was posmaking that statement he asked Bible to have declared 13 or 17 per
Lord Kylsant: Fam responsible
bent-es.
Is that, in your experience, ́ ́a recognised practice, this matter ct equalising dividends in well-man ager. abipping concerne 1-Ye
Did that also have the approval of your board of directors Yes.
That involved setting aside re serves ?—Yes. **
it a fact that the published reserve funds of the RM.8.P.C were increased ze between 1511 and 1927-Yes,
The incidence of large publish
יי
for making the statement. I am not only responsible but all my col- leagues. I have five colleagues.
Is the statement in the fellowing paragraph true about adding to the reserve (--Yes,```
Did you' over. know that it WAR. untrue No.
Na.
So far as you are concerned had you the smallest intention of put cd reserve, would be an important ting a atatement that was not true? consideration as security to those who lond money to the company I---- Yes. My practice has always been to debit more. for insurance than- it actually este.....
Tho Internál Reserves. Quite outside all published re- serves there, werd in edition some, internal reserves ?—Yek
Did You Beb any objection at all · to the creation of an internal se cret resolve —No, huma
No Intent to Deceive.
Had you ever any intent to de coive or defraud any member," share holder," or creditor in the matter at all -- No.
I want to put this wren great. solemnity, because your answer is one on which much may depend..
ere you ever a party to making
it in your experience a part of the prident management of great businesses of this sort-Yetatement in this prospectus with longues. Is have five colleagues, intent to induce a person to be
If there is going to be an in-
come a prospective subscriber to the terhal reserve, is it in your view in the interests of the shareholders debentures by means of à false that you should publicly annousies statement1-No. how much it is No
Your shareholders have shown
The coming in of E.P.D. and income tax, which were all profits, was a very useful thing, Lord Kylsant said, and added that their
the
holding in outside apart from mounted t did not ir justment Morland
out £12,000,000,. He the expression "ad Luxation reserve," Mr.
ought it was a proper
it was a prefectly proper phrase. phrase to use. Bo far as ho knew
"I can see no objection to 15 per sonally," Lord Kylsant said. "I -am-nob an accountant
Sir John: So far as you nader- stood at the time, or understand now, is there any statement what over which is made in that prof and loss account which is false-
Nothing whatever.,
In putting forward this profit and loss account and balance-shecti and the report which goes with it, did you have any intent to deceive or defraud anyone !---- For mislood
No.
Hever Spocuinted. Would the same saspor apply to the corresponding document 30 1087-Yes.
You are a man of great, affairs and inside knowledge. Have you. eror speculated in shipping shares 1
chip Lord Kylsant said that his board -I have never sold bad as a rule a fairly full atten-ping share in my life.
danca of members.
Bir John Did you keep any in ternal reserve a secret from the court-No.
Lord Kylsant added that he found compay, and twenty years ago thet there was a small family trust,
songs shares were sold, 1 – epis
Sir John-You are quite right to make that. qualification.
Lord Kylsant: I have never hepoculated
A graduate of Hong Kong Univer-1. Was it trus in the fair sense zity...
as between man and man that dur- In making the application, the ag the past ten years the average Attorney General (the hon. Mr. Gual Imlance available had been G. Alabaster. E.C.) produced aff-
£600,000 a year and over! much confidence in the beard, but 2. Was it true that between 1911s it the experience of chairmen davits, including 4 certificate that and 1027 after providing for all that supposing that it is unex the applicant had been called to xation and depreciation and ad- poeledly reverted that there are Mit Bar by the Society of the ding to the reserve and paying the el nora subs available the quiet Middle Temple on June 17; this prior charges, it had been possible Linn does arise. "Well, why should
The Chief Justice, in granting
to make these dividends
not more be distributed "Ye Was it falso to the knowledge of The existence of a secret or 16-- the application, wished. Mr. Lim a the persons who put it forward ternal reserve 24 2 reserve against successful carter in the Colony,
and was it said for the purpose of
apainy day is hest unknown Yes Mr. Lim, who is the son-in-law deceit. The paragraph saying And if there is an unpublished of Mr. Wong Kwok Shuen, Chief that over, ten years, after allowing or secret restiye it is additional Manager of the National Commer for depreciation; interet onde Yen were in Lateranera einl Savings Bank, Ltd., came to bentures, and prior charges, there he was in which these dividends Hong Kong University as the had been on the averaue enough to were maintained whe owing to the bolder of Straite Settlements just the inforest on what was heleninaldo that there were as well as himself would be string Government: Fcholarship, and took he
og sought to borrow five Limon
tornals reler vel to which recourte | Uie Voyage accounts from menth to his BA degree in 1997. The left | over was a true statement. A mil- could ha had 1-Yag.de for England the following year, low and a Salf pounds had boen I notice that in & Mutter at fect month general view was ga joining the Middle Temple. Later put aside for writing down the you did not remously deplete the thered from that. ho specialised in', research and in-value of the whips. Depreciation publlared reserves at alli-Except torontional law at the Genera in the company, was, if they liked that one in the year of the gener. School for International Studies to put it that way, being overdona, jual strike,
Tighter wrong, Lord Kyleant,
Lord Kyleant, mid that, when the accounts cums before the Court went through every item on both have sa regarded it as one of your aides, and also went through every opportunities and duties to try and itom of the proft and loss account maintain the prestige of British. The other members of the board antion of the world Yea
STATES shipping, in the face of compét
Standing thors on your trial sta you aware that you have failed in the discharge of that or any other obligation to your company or abaretolders Net to the know
Sir John: Have you ever misled or overborne the board at all? Nover
This closed the stamination-ih. chitf, and the Court adjourhed: