Entimation.
Powell's
GRAND
XMAS BAZAAR
NOW OPEN
TOYS
Powell's
Bazaar
ANIMALS
OWELL'S
DOLLS
50 Cests to Siggó Back.
THE HONGKONG TELEGRAPH WEDNESDAY DECEMBER 18 1967.
PER GRIMASINVESTMENT
CORPORATION.
[Concluded from yesterday,.]
To the Editor of the
| successfully to-day, with increasing.
increasing security, nad
¡dance. That some), bava
als,, date of the bond which is always issued, when- Corporation's bond, and in verbally challang-
stalment payments begin. The maximum" ing an investigation.-ED.
Imit;
a
[ of our contract, is the months, all our ditions specify this extréma time limit, and none bit a radically hostile spirit could con- ströð the ambiguity you mention. Certainly, no court would.
the
Auctions.
PUBLIC AUCTION.
"HE Undersigned, have colved instruc
tiani from MrK STEWART, to sell by,
PUBLIC AUCTION –
FRIDAY, CANN 20th December 1907 at 2.30 F.M., within Her residence, No. 4, Lochial Terrace, Kowloon,
THE WHOLE OF HER MVALUABLE HOUSEHOLD FURNITURE
"MR. DENEY'S POSITION, Anxiety on the part of the President of the China Investment Corporation to hate thn al- tigde of the United States Consulate General Mardship upon a supposed bond bolder in towards the Corporation clearly stated led to a England, because his heir have but thirty rep: sentative of this pape: being rečeiveil by days to file netics entitling them to immediate Mr C. lienby, Consul General.
* Mr. Denby said that be desired to stata.iba't" receipt of the total paid by deceased, with four per cent interest, is hypothetical and a the Consulate General Certificate in the pras- very attenuated complaint. Our company pectus of the Corporation was a statement of was formed to operate in Shanghai, its bond. fact only. He was not responsible in any way
THEREIN" CONTAINED bolders were expected to be local he or any inference drawn from it, any more than
Confprising ANS PLUSH COVERED DRAWING ROOM sident or near, and should we expand our he was responsible for inferences drawn from business to England, a slight alteration would the registration of a birth or mariage n the SUITE TEAKWOOD OVERMANTELS cover this new departure. Further, the loss Consulate. Mr. Cloud's connexin with the with BEVELLED GLASS, SILK EMBROI
"DERFD FICTURES, SCREENS, TEAKÝ marked, would be a trifle, as the fairs hare uix Corporation was entirely personal, though the WOOD SIDEBOARDS with BEVELLED months in which to resume the payments de- use of his offieisl ile might lead to unjustifiable GLASS, DINING TABLES and CHAIRS fanied by death, and if more that a payments inferences it did not involve any effisist con DINNER WAGGONS, DINNER SER have been made by deceated, the heirs, cao-nexion between the Corporation sad the Cap-VICES, GLASS and E-P. WARE, BRASS. MOUNTED IRON BEDTEADS and demand a paid-up bond of the table valge, insulate-General Then counts of the CorporUEDDING, TEAKWOOD WARDROBE 'with BEVELLED GLASS, MARBLE-TOP
ditated, in the event that they do not care to tinn said Mr. Denby, are not subject to the ex- continos payments,
amination of a US Consular official, "It is a long cry from Shanghai to Alizons,ot, as sted in the fatest report of the Corporation, a subject to the examina you say. Most of the companies operating tion of a chattered accountant. Mr. Debby here, we believe, have their home offices more alen said that he had consulted the U. S widely separated from the scene of action, District Attorney with regard to the Corpora tion's Charter, and he was advised by him that it was apparently organized regularly accord. log to law, and that in his opinion the business of the Corporation appeared to be legal under the laws of the United States of America. - As to the promises held nut" by the "Corporation, to the investors, Mr. Denby could only say
so bave banks, insurance companies trust com- panies, loan societite and ivory form of depo- "NORTH-CHINA DAILY NEWS."
kiting, or investing concem. Yet the public Sir-Acompaådent, algalni Woo Yinhas not discarded, banks or insurance-com- hing, is given space in your litus of the 11th
pasics. They fail when improperly managed, instant for several insinuating queries about as any business must, including gold mian this China Investment Corporation. In the When you try to insinuate that our company course of the carefully worded commusic has probable failure ahend, you surely reach an ation (which smacks Patrongly of foreign extraordinary conclusion that should be hazard composition), it is said, "and", thereed by only a most extraordinary expert in in fore, request with all friendly feeling to the vestment affairs. We could pint you to a corporation, that full publicity be given to the multitude of newspaper enterprises that have exact respossibility aunching in the registra-filled, yet we did not feel impelled, because of tion that has been made at the United States this, to go before the public in no attack upon Consulate Genera","
your business.
Because we have not advertised the amoure, The "friendly feeling" is sadly marked. If say friend of the Corporation, possessing of paid-up captial stock, you and your enough intelligence to compose the inquiry correspondent indulge forebadings. The you publish, sought Information about the
amount paid up has been stated to all capital," resources and methods of the com- inquirers, and would have been to your amount pany, he would come to its officia's. They had you sought facts. The have always freely imparted such information; $40,000.00 is ample for the undertaking, and no one has asked any company official as to exceeds the railal capital of many large and the paid-up capital, without receiving a truth permanently successful insurance and lavest ment concerne. Some of the targest insurance ful reply. The modus operandi has also been frankly explained. We have opened business companies of the world started with no paid
Some hail from London, some Hamburg, some as an investment company, plain, pure and sim. up capital. In your own city of Shanghai, ple in method, all details of which have becu company very like the one we manage, was in Paris and dome New York. Why was on your furnished freely at request. If our "friendly augurated with a capital of bui 11. 8-dosensitive regard, stirred over these facts, as inquer has heard these, particulars, he must and after five years of successful operation, Arizona is nearer than any place mentioned ?
when its business aggregates more than Ts.". have doubled their veracity, else he would not
Reserve also disturbs you. Do you know have one for his foal confirmation to persons 50,000, the capital now is but Tis, 18,000.00. how long it takes a new insurance company to or concerns not constituted by Shanghai's Land Why did you not attack it, for inadequate capi-get its reterve established? Do you know how Regulations as the legal rbiter on fruth or tal? It has proved the small capital sufficieni, much reserve a Shanghai'investment company that the success of a business like this, as in legality of businets here. If he is a doubting and why will not ours--nently four times as had, when it started business with a total cap 'find," he errs in styling himself as one apgreat-prove more than amplo ?·
tat of Tii, 8,000.00 and the first year it did praiching the subject "in all fri "naliness." As You have kindly taken up the arguments business aggregating Thu. $5.718.053 Befor: be erra in pluming himself for public approval, of car bushes ravis'. You think there trying to destroy us, it would be well for you he also errs in purpose. If he seeks the truth,
is no analogy between our bond and a and wishes it viewed in suy fair light, he wou'd life insurance policy. The analogy is almost
There is no ambiguity in not specifying the not rush into public print with innuendo,covert complele, rave that our obligations are kind of dollars in which we will pay. There is stab and subite reflexion. If your correspondent redeemed in un'erical order, after matur but one kind of dollar in circulation here, but possessed any nicaturable quantity of that straight life insurance obligations are redeemed one kind of dollars, is a current medium of courtesy and decency that governs legitimate after death of the insured. Our payments, exchange, our instalments are in but and kind business affairs, he would not seek to injure alike pemium payments; our application of of dollars, and it would be a fantastic, hair rival or fellow interest without quoting the truth
funds is to creation of a reserve for redemption and to operating expenses; our reservs is in-plitting tribunal that would permit us to meet or k-owing whereof he wrote.
obligations in other currency. vested at the highest possible: interest, is in- crease the returns of the bondholders.
We eliminate the death risk and substitute fixed order of payment, of redemption insurance actuarios foretell exscily what percentage of the total insured will die annually and establish premium rates to theet these losses; our investment actuaries, know with certainty the number of policy.
dering our plan in conjunction with the endow ment or investment policy issued by insurance companies. These have been the secret of the enormous growth of insurance busit ess Their charge, above the straight life ris", "is rothing more than taking your money in small: Instal ments to invest for you.. The great
companies have amassed almost incredible, reserves and Assels, thus showing that they are able to repay a small interest with the principal, and yet accumulate hundreds of millions of de'fars for the reserves, Dar plan which it well tried and successful, is to pay less commission to agen's on premiums and invest reserves in local really yielding higher interest than is possible for the great companies investing hundreds of millions.
to have such information: 1:
Inspection by government officials is another point troubling you. How many companie organized at Hongkong or in China" enjoy government inspection in the sense you imply? None.
-They report, have accounts audited by men shey employ and pay, and finish there. Can You conjure any reason why we should be dub
jected to more stringent jegulations ?-
Mr. Editor, you and the men who have in- spired this attack, are not afraid we will foil; you are af did we will succeed. To prevent success, you charged blindly into public areas, where your Don Quixotic duty began. You may construe this a proper fuäiction as editor of a privately-owned newspaper; but if so you failed to exercise it before and when inaugura ting your judicial regime have struck wildly, as well as blindly, without hearing the accused
China Investment Corporation,
H. J. BLACK. President.
1
We' basten to furnish information.as to the "exact responsibility aunching to the registra tion that has been made at the United States Consulate General." Correspondent could have brained a legal opinion on that paint at small cost, peships a free, authornative statement at the Conuolate General Registration there signifies that it is properly organized, properly constituted, under the laws of the Territory of Arizona, U.S.A., 'and has.the right to under-
holders that will continue their payments until take a lawful investment business in Shangbai, maturity, and fix the amounts that must be No greater attaching responsibility has raised by investment of funds to meet the cut been, or will be claimed: If we are not inlay. The analogy is me perfect when cons error, all foreign companies so register with their consuls when opening business here, yet I believe no uation maailes such companies BAZAAR with any other power when entering upon business here than asking fair business pro tection. We hope to get thy, even though "friendly feeling" carrerpondents are given Press space for unjust, insinuating attacks,
Reference to Judge Willey, and an alleged reply to a letter, are in keeping with corres pondent's manifest methods. Judes Willey is ajdicial efficer placed upon the bench of the Us. Court for Chinn. His fancting there is to decide such legal controversies in property in terests as are properly brought before him, and to pass on the 'innocence or guilt of men charged at his bar with violations of the faw. Jud, Wilfley would not be in a position to give any information", regarding any fair not gularly brought into his court. Correspond ent's wretched alimonion in using such a reply of the Judge, if made, as reflecting upon our company, is one of the most vicious men- dacities he could uiter. We have been accused of no crime before Judge Wilfley For has our right either to do business or exist been questioned before the bar. He ddst of necessity answer any inquiry that is not properly made, in the language quoted,
clearly here a positive animus, which would of our guarantee, It has been proved in every
Honolulu this year. In the firmer (to quote dsqualify bien in any fair tribunat, * ·
insurance or investment, company opened that from "The San Francisco Chronicle) the Mr. Editor, in three columes following Woo the company always realizes vasily greater company "wrote contracte with jodividuals Yin-hing's communication refèried to, we find profit than interest returns from the reserve who obligated_themselves to pay certelo sums a discussion of the China Investment Corpora investments, because of lapses, forfeiture's and for eighty weeks, at the end of which the in tion in language taking editorial form. We cash surrenders, An sure as the insurance | dividual was to receive his money back with ai assume you accept fall terpopsibility for it. So actuary table, is this earning. It'every man very liberal rate of interest." It would be far as you have sel forth facts regarding our insured died during the early life of his policy, obviously Impossible for us to have followed company, we thank you for the attention. insurance companies charging present rates the career of ill similar concerns. From Mr Wherein you pass to editorial conclusion, and would fail; yet to infallible is the martuary Black's statements it is clear that in spite of launch upon in attack against our interests, estimate that insurance companies are assolid untoward÷resu'is-at-Canton,--Honolulu-and- we respectively ask you to inspect the ordinan rock. Qui scruary eștiinate nf fo feitures, :: Känsas City the scheme has proved successful ance of God or man that places you in judge. etc. are almost equally unemi g
Our fair in This confirms our contention that, while there ment over us. Most people claiming civiliza-terest income promises enough to meet obligais no inherent reason why the scheme under tinn have properly constituted tribunals for addions, while the big profits certai› lo accrue Jadication. Amongst auch peoples, property from Forfeitures, dc, wi Umeet all ether expen. rights are not destroyed and lives blighted ditures and pay the bindholders a handsome upon the whim of individuals or in retaliation post abe the guarantee.." for business compet'tion. With this class of people, we would suggest further, that when rights come to arbitrament, the accused or do
heard. Then evidence is weighed, and then only, is judgement delivered. - You have oc- copied the bench of a self-constituted judge, and you have delivered judgement without our Fattached interests, being heard. You have an sumed the ability to pass on complicated lo- vestment affärs, which occupy the full lives of some men in laborious work,..
Shanghai, December 12. ** We re, ret that Mr. Black should have introduced such heat and much irrelevant mat- ter into a subject which clearly calls for a temp perate statement of facts, and we cannot admit the accuracy of the charges he would bring, against our corespondent, Mr. Wao Yin-hing," or e melves. The reference to properly Your example of our 34 mom hty $; payrights destroyed and lives bighted "can only ments, compounded for eleven year perind, is to be regardel as rhetstical ex ggeratios, as we the point, bu misapplied. You hve one bank understand by Mr. Black's authority, that, on advertising in your columns that it will pay on the strength of the explanations elicited since fixed deposits per cent, showing that the the appearance of the article in our columns, very lowest paid in the community is about our correspondent who originally asked for quil to your supposed eve. An average al 8-information is contemplating becoming one of per cent for the investment company is con- the Corporation's bondbolders. sérvative, for a much biter figure i being constantly ereed here. Take the $5 monthly inst Iments, for 134, months, compounded eight per cent interest, and the result is about
POWELL'S
BAZAAR vins les son are St. 10, 00-500.00, more than the ex. ct amount
GAMES
POWELL'S
Within a month, our company will have five well-known, respected trustees instead of one, Selection of the addition members had,
the case of all other businesses, depended upon the honesty and intelligence of the manage ment. There was no Government guarantee with regard to this business incorporated under American law.
Mr. Denby ako desired to point out that the statement in our correspundent's letter that Mr. Bassett, the U.S. District Attorney; form ally attended the opening ceremony of the Corporation, seemed to imply that an official of the U.S. Court was in some way responsible for the Corporation. As a matter of fact. Mr. Bassett attended as an invited guest, and purely in his private capacity. The statement, in our comments upon the letter, that the Corporation was conuelled by the laws of the Territory of Arizona was immaterial. The Corporation was as much under the control of American law in China es any Corporation incorporated in any of the Sties, or as any Company whose Charter was granted by the British Germ
ment was subject to the Supreme Court here. | As a matter of fact Arizina was not so fat fron Shanghai as the city of Washington itself. M3 Denby also expressed his surprise that a bons fide Chinese correspondent should address to this Paper an inquiry regarding Corporation upon the Advisory Board of which were Chinese of high standing in the community who ought to be readily accessible,
Entimations
PEAK TRAMWAYS COMPANY
7.90, sum...
LIMITED.
TIME TABLE.
WEEK DAYS.
7.30 am. ta 9.30 am... Every 10 miDaler 9.30.a.m. to 11.00 am....Every 15 minuter. 11.30 4.m. to 12.45 p.m... Every 15 minuter. 2.45 pm to 1.15 p.m....Every to minutes. 1.15 p.m. to 1.45 pm."...Every 15 minutes 1.45. p.m. to 2.15 pm....Every to minuter. 2.15 pm to 3.00 p.m....Every 15 minuter. 3.30 p.m. to 500 p.m....Every 15 minuter. 5.00 p.m. to 8.00 pm....Every te minuter,
NIGHT CARS,
¿
every half hour. SUNDAYS
On one point it is necessary to correct Mr. | 8.45 p.in, and 9 pm, 945 p.m. 10.11.15 nim Black's interpretation of our remarks. The two instances referted to by usof similar schemes in different guises proving failures in America and
Hawaii eccurred in Kansas City in 1935 and at
careful management should not succeed, such careful management is a si guz nom. Loosely drawn bouds and prospectuses➡of the inter, as
·will be gathered from the remarks; given below, pi Mr. Denby the United Stater Consul-General, the Corporation has already been under the necessity of publishing an amended version
BAZAAR fendant-is-noi-condemned-until-his-cats-in-best in process a month before you chose constitute legitimista field for criticism,
FANCY GOODS
to criticize for having only one, and these • We adhere to our costestion that the word- facts would bays been stated' to you, hiding, of Cluase '7 of the bond admits of no you inquired, Witli one trustee, there was alternative construction to the one we have no Jeopardy of company securities, for an able placed upon it. Further, in the case of foreign. advisory board, a board of direc ors and the investore, some at least must be expected to trasfee had to act jointly in making invest have left Shanghai beford the expiry of eleven ments, Current receipts, which are banked years; so that our comments on the notification daily, are protected by a bad of £5,000 of death are not hypothetical, nor do they have Your closing paragraph is a firel, apparently string
referenca lo ady extension of the Company's'. legal libbl, and if not leg y libellous, morally You make a point about the; bondholder | business in Europe or America. 80. You say: "In conclusion, we may point losing by drawing out annually interest on his (but that, although the scheme now introduced' investment. The company loser, rather than to Shanghai by the China Investment Corpore- the bordholder, Interest so withdrawn an- tion is new to the Reulement, it has appeared; nually takes that amount of investment capital before in various vuiser in America and from the compidy's operations, and prevents Hawaii, "where, 'unfortunately, it has been our compounding interest on interest; but the bondholder gets it, the presumptivo privilege of using it for other investments," By the law governing our company, we have to pay the in- in operation has not been marked by "The tereft profit on our reserve annually if des speedy collapse of each concern," "Your state-manded. nap
POWELL'S brought into bad repuls by the speedy collapse.
ALEXANDRA
BUILDINGS.
of each concern entailing serious losses upsu, the prozer class of investors. This “scheme?
ment' is wholly erroneous, You libel on here I'ooseness of construction in Paragraph 7, is by saying, that all companies organized in | merely loosenom of interpre on your part „America and Hawaii have failed, "Thay have. Parsgraph 7 providos for paya
clied at a maximum of 134/monthy
When working out compound interest at 8%. on the instalments received Mr. Bilck Igabres the f.ct that according to the bond is ls after eight months' instalments that gevanly five per cent of the monoys thereafter received, are' invested i
Finally we would state that what Mr Black characterizes as our“ altack" upon the Corpor- stion was not inspired by anyone...... Fe himself invited our criticism, not only in requesting the sitendance of the Press at the Corpor tion's opening ceremony, but also in visiting this office to learn why we had omitted report that ceremony; lö leaving on
sion for ourse
8,00 am, 10, 9:00 am....Every 15 minutes. 9.00 am to 9.30 am, .....Every 30 minuter. 9.30 am, to 10.30 am.... Every 15 minutes. 10.30 am to 11.00 am.... Every to minuter. 11.45 am, to 12.00 DOD... Every 15 minuter. 1200 Noon to 1.00 p.m....Every to minute!... 100 p.m. to 5.00 p.m....Every 15 minutan 5.00 p.m. to 6.00 p.m....Every to minuten 6.00 pm to 7,00 p.m...Every's minute 7.00 p., to 8.00 pm Every 10 minute
NIGHT CARS as on Week Days. SATURDAYS.
Extra cain at 3.15. p.m., 11.30 p.m. and. 11.45.pm. SPECIAL CARS by Arrangement at the Des Voeux Road, Central. Company's Office; ALEXANDRA BUILDINGA
JOHN D. HUMPHREVB & SON,
General Managers. Rengkang, 4th Jurie, 1907,
(soil
A WONDERFUL DISCOVERY.
Tuo palenge of resea chans paperiment, when, ail nazdrs, ko tu speak, jo ransacked lay the selen." site for comfort and happ pes of men, Science bas izdomado ginut strides during ska pasi seutues, and among themby no meani lossi ja portadoerks in medicine com as that of
THERAPION.
This preparation is dougqustionatig one of the most goasize and reliabijs B'ažent Riedicines over intens „duced, and has, we understand, been used in tiso "Contioratal Hospitals by Ricord, Rosian, Jobert Volpeak, Malsomavery, the well-known Chaisnīgi sar, and indeed by 1.1, where regarded as nothực arities in auch mattan, including the celebrated Jallemand, and Roun, by whom it was some tima ance usiformis adopted, And that it is worthy the Attention of those who require such a remedy wi Kink there is me doubt. Krora the Era of Aristotle dawkwards, a potent agrul in the removal of these diseasen has glika the famed philosopher's stone) boca 120 cifret of searchind somo hopeful, generous mindst and far beyond the mere power- if such could stor kare boen danwired of tranq«. muting thebeur metalsfulo gold is purely the da Daventromalý no polent aš lo pršen'ah the fail. Éng merglas of the confirmed ned in the enɛ CAM, And in the other so affactually, opemliy and saldy Lo espai Froes The system without the bid, or evig the knowledge, of a second party, the palions of acquired or inherited-diaraäe ja all their protens forma su ferlokvi do isleszy trace belliit)? Buckis THE NEW PRENOM, REMEDY.
THERAPION
Hwkich may certainly each with, if not taka piutoDA: „dence of, in day of the discoveries of our day about (which no kike ostentation and noise have been 1 suda, nad the astmedra and ever-increasing day?
ever introduced appears to prow that. Le is daar doed je cast lato oblivion vill these questionable) romidential were formade the sole relianEO DÍ
• modina) men.; Therapion may be a taimed of the /princión | ghaiflas and merchants throughơn; the **& Diamond Bielki Akvarier Kinareter.
Sold by all Chamissi
BUREAU with BEVELLED GLASS, CHEST OF DRAWERS, &c. O COTTAGE PIANO One Sebu,
S
ALSO
by: F. Dorser &
A quantity of PALMS in POTS. Catolo, ues will be jasnádi TRAMS—As usual,
HUGHES & HOUGH, Bank), Auctioneers.
[icga Hongkong, 13th December, 1997,
PARTICULARS AND CONDITIONS of the by Public Auction Sale, "to be held on MONDAY, the 23rd day of Decem ber, 1997, at 3 P.M., at the Offices of the Rablis Works Department, by Order of His Excellency the Governor of One Lot of CROWN LAND, at 1 Causeway Bay, in the Colony of Hongkong, for a term of 75 years, with the option of re- newal at a CROWN RENT to be fixed by the Surveyor of His Majesty the KING, for ons further term of 25 years.
No of Sale
PARTICULARS OF THE LOT.:
Inland Lot Na 1,180) Registry No❘
ribe Lot No. 193
LOCALITY.
Boundary
Neurom
1000 1.M
KL. 魏 TL
Price
Contents in
* Annual Rent.
*Upset Pri
Hongkong, 14th December, 1907.
Intimations.
THE
EASTERN CYCLE Co. 3, ARSENAL STREET, WANGHAI.
BICYCLES--BICYCLES.
SPECIAL OFFERS DURING
XMAS AND NEW YEAR FORTN GUIT,
4;
MACHINES
FOR
LADIES, GENTLEMEN and CHILDREN OF ALL GRADES and GUARANTEED ENGLISH MAKES.
All Prices to suit individual requirements,
BICYCLE ACCESSORIES; LAMPS(gas and oil), BELLS, TYRES, CYCLO
METERS, INFLATERS, SPANNERS, AND EVERY OTHer ́RequisiTE FOR CYCLISTB.
NEW BICYCLES FOR HIRE,
REPAIRS UNDERTAKEN, EXCHANGES. EFFECTED,
THE
EASTERN CYCLE CO.,
3. ARSENAL STREET,
WANCHALMER
Hongkong, 13th December, 1907.
0. C. MOOSA,
1 & 8, D'AGUILAR STREET,
FURSI FURSI FURSI
"¬VARIOUS-SHAPEI-AND-COLOURS,
PRESS FABRIO
NEWEST PATTERNSÄ
SERGES,
TWEEDS.
VOILES
LADIES" & CHILDREN'S UNDERULOTHING, HOSIERY, OLOVES,
|:NOVELTIES IN SEQUIN AND LACE
ROBES,
oples on
port orders o