*
THE RIGHTS, DUTIES AND LIABILITIES OF
SHAREBROKERS.
(Continued from last Saturday.).
Defendant did not intend to take
up,
THE HONGKONG TELEGRAPH SATURDAY AUGUST 19
But tho Act of 1892 doba not Pply, and has not been extended, to Hongkong, and therefore the law in this Colony is as it was in England, prior to the passing of that Act. Consequently the cases
POKER.
Arkansas City Routs Poker
ders
"There is them, said old man.
16-
oiled of Thacker v. Hardy und Greenhut, with considerable- and for the sale of shares Read v Anderson may be said to which the Plaintiff know the be conclusivo authorities in Hong perity, what most anythin' Defendant did not possess, Akong to the effect that where a man be liable fo to say about broker has been, instructed by a em wouldn't bò fit t' out. Pears
a
like they don't give yo no chiangt sayin' nothin' decent, when yo' mention 'em.".
That's whni thought," said THE COMING OF THE Bollers, on, I was thinkin' how if
OLYMPIC I was to set in
'Th ain't no lat ög'iu jilayin' A Ship That Has Caused Ship poker if a man's got a whil," was yards And Piers To Be the reply.
Enlarged And Harbours
Be Dredged.
lookin fo
"An there's sume friends o mine done come to town what's
Mine kind of "koite ment," continued Bollore. How if I was to fetch 'em round?"
"Sho," interrupted Blaisdell. Fotch om along.
Bellors looked at him a little
By FREDERICK A. TABOT
Reseed a little Intent power. How could this be liarnessed and turn- ed to valuable account? It could not be used again to advantage in a reciprocating engine-tlut was ovident. At this juncture the possibilitiesof tho Parsons turbine
A SHORT SERMON.
Serving God. Through, Man.
If a man say, I love God, and hatoth his brother, he is a liar
Johu, iv. 20.
From out the years long gone
come to mind. Would it be poscones this little story." aible to incorporato a low pro number of contracts wore ontored principil to speculate on the local
A vertain
being inuol sure turbine, and this consume troubled over past misdeeds, into, which, unhappily for the Stock Exchange, ho may recover Defendant; turned out to bo most from that principal any losses he
The Olympic'e in't voyage the remaining energy of the ex-sought solace in religion. With this summer marks a now high hauststeam from the reciprocating desired to make sure of sharing faith came comfort, but soon he disadvantageous to him, and he sustigs by reason of his obeying failed to meet his engage there-instructions provided that Like enough that's nigh about
record in shipbuilding, inharbour engines? An attempt had been the eternal reward of the just. ments. Tac Plaintiff was also such lasses are the necessary or right," olmerved Jake. Winter-
construction, in dry dooke, in made in this direction upon a ! Whore can I find the koy to untble to carry out the contracts Ponsonable result, and that the bottom disparaionally, but was doubtfully, but turned back to almost everthing that appertains small sole, but it was not con- the gate of heaven ?* ho dekod made by him with the various bei tured by she got us shem sentiments intended fo to the old man and said, with some to the trans-Atlantic trade Whos sidored to be sufficiently con- of a pious friend. jobbers, and under which, by the have been known to the principal. he took by an' largnor was yo'all hesitation, "I reckon there'd she was planned there was no elusive. The builders dotorminod rules of the Stook. Exchange, he in 1891 an Ordinance (No. 5 thinkin' o' some p'tie'lar person oughter be a rakeoff fo' me long yurd in which she could be built to find out for themselves, was personally liable; and he of 1801) was passed in Hongkong specific? 'Ponra like yo' all must.
a'mo fetchin' 'em." And become a defaulter.
He which is almost precisely upon have somepin' onto yo mind."
They were building at the time "Th' ain't but one rikeoff into was no dock in England or on twister ships for service be- thorcapon sned the Defendant the same linos os Leemar's Act.
The old man lookel at Mr. no game o' poker in my back this side of the ocean that would tween Canada and Liverpool, and for commission and for an in- (30 and 31 Vict. c. 29), but which
incurred broker mual.
.61
When she was laid down there
Your
neighbour has it, swerest the friend..
***But my neighbour is a poor cobbler," exclaimed the seeker,
Then I am sure he has the key you wisli."** **
So the sealer went straight to
domnity, The defence raised relates not only to slinres in Bank- Winterbottom fixedly for sotue.room," said the old man, decided hold her, and no dry-dock in thoy equipped one with only the his neighbour and asked him for ::
was that the contracte for tio sale ing Companies, but to sharos in and purchase of sires were gamall publio companies, and where- ing contracts, and wore therefore by it is provided that gontreet- voul under the Act of 8 & Vict. for the sale and purchase of shores c. 100, and that therefore the shall_bo null and void unless the Plaintiff was not entitled to re-mbers of such shares are sel cover anything in respect of such forth in the contracts.. contracts, which were unlawful.
"It was for a long time general ly believed, and it may to the prosent day be Believed by muny,
moments.
**
"Yet he lie it," answered tho
wagering contracts could not be that the effect of this Ordinance the. glasses had been filled and better get a rakooff unten them. $10,000,000, and Lord Pirrio, ment she set off on her maiden afflicted with à raging fever unil :
It was, however, held by Lindley J. that, although gning and enforced, they were not illegal was to render it impossible for a |emptied Joe Bassett said I
and ho pitod the case of Piké r. share broker to recover from his Be yo' worried 'bout somopin.' | out." Jonea. 5. E. & B. 238), and that principul, in a Court of law, Greenliut? Peurs like somepin
in answer to the argument any commission he might have was cutin' yo' all consid'able that a contract which is void earned, or any lossos he might | Vi'lent." and nontocable cannot be made buvo sustained, in rolation to con- the foundation of an implied tracta for sale and purchase of promiso to indemnify it is suf-sliares, in which contracts the ficient to say that an obligation numbers of such shares were not to indemnify, is created when set forth But, as shown in the over one person employs another judgmont in the cabe cited of to don lawful act which exposes Seymour . Bridge, this is fui him to liability for this reason rum Leing the fact, it cu the learned Judge held that the also the others cited of Heud v. Plaintiff was entitle to indem-Anderson and Thucker a. Hardy,
ty, an' that goes to the house." which she could he laid up for ordinary reciprocating engines the key to the guts of heaven. Finally he said very slowly
"Mebbe I bolter not fetch 'em, repairs. There was no place for and put the combination arrange-And, the cobbler said he had like that sort of clears the air." "
Have a drink, boys. Poors them, but hold man with some her and no lack of people to say ment upon the other. The never oven seen it,"
spirit but the old man know his so. But place or no place, Mr. Laurentio carried; the combina- He has never oven seen it," advantage. No person in the room express-
Bruce Lemay, the controlling tion, and the Megantic the reported the secker to his friend. "I reckon," he said, anooringly, ed any, disinalination to accept "what if there's any reel apota genius of the International Merample reciprocating sys'om, friend." You did not ask aright, the unusual invitation, but all into that gang o you, yo' all oantile Marine, saw a profit in an Both owners and intiler care. Go back and see if the poor were plainly puzzled, and after couldn't keep em away I'm here 882-foot ship. He was willing fully guarded. the engine loom of cobbler has any great noed."
with guns. Alobbe yo' .dll"'d to?
invest the necessary the Laurentio, from the mo- The cobbler did have a great need. His little boy was soro Likely they reckon on winnin
perhaps the greatest shipbuilder journey. Marine engineers were there was nono to care for this į
of the age, was willing to con- on the tip-toe of expectancy, child while the cobbler worked, A Meeting Move.
struct such a monster. Ho looked threateningly to- The beginnings were made in ing to issue from the test, and asooker forgot all about the koy
Thoyanticipated something strikthe mother being dead.
When he saw the child, the ward the corner where he kept Belfast, not in laying the keel of other large ships were building and forthwith tended the little mobbo 'tain't as serous ne laimed, suddenly, "Pears like the ship, but in making a slip in they sought indefatigably for tit-one and nursed him through the "Well," said the old man, is bungstarter, but Bellors ex- ouked first ok but I sho' did it's a long time atween drinks," which she could be built. That bits of nows of what was going fever into health. And when he hear some disquietin news tonal, having paid for a second sost a good many hundreds of day.
[round, he slid rapidly out. wint Hank Bellera is al'ays beenko sam Pourally, who intent with altering the shipyard the most active in this search-neck and said to him, 10, sir,
"Yo' all knows well 's dowThink he'll come back?"
The German engineers were tears running down his cheeks, threw his arms about the scoker's tol'ablo fair citizen. Th' ain't been listening with chuckles to in which she was built, the in at the bar, but he's a goo no gre't profit to be made offen the conversation.
The number of Teutonic passon-I would I had that key you Olympic caused all manner of nity, uptwithstanding the gam-hows ofourly that where a printendy drinker an' al'ays pays 15 with conviction, houten they one English railroad. The 190/tia in the endeavour to pick up one that would let mo in at the "Sho", will," said the old man unusual performances on at least gers who sailed by the Lauran desired, for if it were the only. bling naturo of the transactions. ipal deliberately instructs a what he gets houten askin' fo
gate of heaven, I would make it On appel the views of Lindley broker to speculate on the Stock
io, credits
put chains onto him.
ton stern frame was cast in a some useful information was de-thine gladly. 1, were approved by Branwell, Exobungo, and for that purposs
This proved to be correct. To foundry in England. There was puishing. Some travelled first "And now you have, it," said Brot, and Cotton, L. J. J., the to enter into contracts for the More Valuable In Long Run., last named stating that The purchase of shares, without num- Anyways Hank was al'ays ward o'ulock that night four not a freight car in the kingdom class, hoping by matter-of-fact the friend, when the secker told essence of gaming and wagering hers, he is liable to the broker reckoner to bo nigh 'bout right's mon entered the saloon, Bellers that would hold it proporly. It conversation with the captain and him of what had happened,
officers to gain what they so "For the key to the gato of is that one purty is to win and under an implied contrnet of in-fur's he went, an if he didn't do being one of them. the other to lose upon a future lemnity. The Ordinanes of 1891 10 mon'n ho did 'twa'n't long!
"Howdy," he said, as he came protruded over every side. At desired; others patronized the heaven is moulded of loving ovout....... But that is not the does not ronder it unlawful to en- that's what makes it all the marching his purty to the bar, he to the coast, while the traffic on succum by hobnobbing with the him not bein' right minded ; but no one answered, and, four miles an hour it was hauled steerage and sought to achieve no cussed what he's done done." called for drinks.
both tracke of the railroad was artificers in the engine room, What's ho done done?" The order being indefinite, stopped. Even that did not give But ono-und all were foiled. asked Jake Winterbotton averybody in the room responde, suflicient leeway and stations had little impatiently, Mr. Ballerend after setting out the glasses
he
latter having enterol
zenta,"
71
1)
t
thousands of dollars. Not con-
on...
L
came to leave, the cobbler, with
17
service done for others!"
things for men and women to This is one of the really great, learn, and to put in practice
when they have learned it. This
is
one of the fundamentals of life.
}
state of facts hero. The Piain- ter into contracts for the anto o tiff was ti dorivo no gain purchase of shares without stating from the transaction; his umbers, but merely randers if gain consisted in the commis unlawful to wilfully insert false sion which he was to receive, umbers, or iso names of the
Daring a recent journey on the whatever might be the result of owners, in such contzefs. Thero and always been reckoned well id man Greenhut said, "Where's to be altered to let it pass. Laureutic some amusing anec more than tinkling brass and To say we love God is nothing the transaction to the Defendant, fure a contract for the sale or mough in his way, but not in- yo' friends?"
But the Olympic is moro dotos of the siege of the engine sounding cymbals. To love God Therefore the whole element of purchase of shares without nuin-portant enough to attract siten- Here they bo," said Bellers, in than just another bigger boat room were related to me. Only is to serve man. And to love gaining and wagering wou absent bors is not vilegal, but it connoition, and so much discussion of some surprise.
She represents the culmination fow persons live been perihitted man is to serve God, from the contract entered into bo sued upon. This boing so, im seemed uncalled for.
"Oh," said the old man. "I'm of a type at least as important, to descend into the engine room between the parties,"
"Fm what I done heer'd a what I heard, was looking fo'a if not as spectacular, as the record of that vessel, and the writer is centuries of lip service live sat Many persons do not fully (where a principal instructs his This romained the law in En-broker to make contracts on, his pelt, ago," said the old man, ull colort."
this. Succeeding appreciate gland-until-1892, up to whichbehalf for the sale or purchinse the pears to get together a hull
breaking ships. For years the one of the privileged. One of multitudes on the wrong path. ime an agent must always have of shares without specifying the band q pirates what's rockoned 'em," said Bellers, but they contest between the English and
"Well, there was to be moon publie has watched the speed the officers related that one Ger- These mistaken ones want to do been held to be entitled to numbers of such shares, or where he best poker players there.js lidn't come." ecover from his principal, undore accepts contracts so made outsiden Arkansas City, un' ho's
man was particularly pertina- the thing that is right; they want in implied contract of indemnity, his hehalf, he becopos liable to comin' 'round with 'em, rock'nin'
“Oh, very woll,” said the old German "greyhounds. Those cious. He sought admission into serve God, but they do not
know how. ny loss which might be the his broker, not on theso contracts,
"Mabbe, they
lips. correspond to the 18-hour n doin' yo' uns up 's bail 's ho's man cheerfully.
the ordinary way. "What for?" ecessary, or the reasonable and but on an entirely sepurato im-been did tip reponted.
lon, woll gettin' oold fect afo trains betweon New York and he was asked. Mere idle into show my Maker how deeply I "I wish I could do something robable, result to the agent of plied contract of indemnity.
"Says he's tired of losin' all hay bogin. Make yo'selfs to home, Chicago. But in railroad circles In order, however, that the the time-an' p'poses to fetch out- ato contract which was not broker should be entitled to sidors here ag'in the native to there being too many players fustest trains on earth if they morning he was caught in the
men will tell you that they would Lorest, he replied. But his ro appreciate all He has dons for They did. Inside of ten-minutes, gladly forogo all the glory of the quest was refused Was he re-mo aid a young man to the but which could 101 recover from his principal the sant. Pears like he ain't got no legid,
writer not long ago, buffed? By no means. Ono
"And what would you like to isolf be enforced in a Court purchase-money for shures, con-
for a game of draw, Jim Blaisdell
do?" f law, but which was tracted to be bought without public sperrit."
wes donling stud to sight on could gain thereby traffic for the middle of the engine room look-
"I would like to build an altar nterad into by the agent on his umbers, or the differeure be "Well, if that's all he's done thusiastic gamesters, all of whom trains that run a little slower and rincipal's behalf, with the know-ween that and the market price,
lil, I reckon th' nia't no reel
od only too well that he was by "But you cannot do. there dge by the principal of its it is necessary that the principul necessity fo" to get red-headed," were plentifully supplied with at a good deal less expense. In ing round with un oye that show-or a church, if I could."
bserved Jim Blaisdell coolly.
money and chips.
Englishshipbuilding circles there ature, and of the effect on the should, at the time of his employ |›,
Whatever might have been said wore those who felt the same
no means a stranger to such things. Perhaps it is well for you that this is so. For if you gent of its breach. But in 1892, ing the broker, or accepting the Fetchin' outsiders. in here to
environment, and his visit was were to carry a little help to oubtless with the main object of share contract, be aware of the play Loker 'pears to ho nigh of Blaisdell on other occasions, it way. The Olympic is the
's certain that in this game there
rudely out short.
some poor mother who is in need, etting rid of the decision in Read wroker's personal liability to carry out as beneficious as anythin' was no one who could complain culmination, so far, of tito pas-
Anderson, an Act was passedut that contract, and takeup the c'n be did. Leastways, weuns of not getting good hands. It senger-freightor type-a typo tic justified the builders hopes, your feeling."
The experience of the Lauren God might better understand England, 55 and 50 Vict. o. 9, shares, if he (the principal) dooss al'ays lookin' fo' 'em."
was really remarkable how many that gains revenue from every It was found that the vessel ut
God doth not need hereby it wasenacted as follows: not do so. This was so held in "That's all right enough;" straights, flashes and fulls were source, because it is constructed speed corresponding to Either man's work or his ow
Any promise, express or ime ense of Perry v. Burnett, 14 aid the old man gloomily, "ilillet in a game in which such lied, to pay any person any sum Q. B. D. 407 and 15 Q. B. 1). 388, they on'y comes one or two to a hands are usually rare. And for carrying capacity, comfort, that of her sister slup had gifts
It is man who noods the help money paid by him under or in where it was proved that a por- time. An' th' ain't no call fo' to strangely enough, it was to the economical operation, and speed a coal consumption of 14 per
cont. less. The crux of such a of man. And as we do for man, spect of any contract or agree-on in Bristol, who instructed his get rattled if there's three toutsiders that for the greater not for speed alone. Lent rendered void by the Act of brokers there to purchase Bank oncet. But Bellera is done got a number of winning hunds fell so
The Olympic has been de problem as this is the precise we do for God. and 0 Vict, o. 109, or to pay any shares in London," was ignorant multitude.”. 1...
that there seemed to be no reason signed to meet the requirements moment when the steara should Incidentally, one of the castest- hm of money by way of com of the usages of the London Stock
"Well, I reckon if so' all keeps to suspect the dealer of any un of that lange section of the travel-be taken from the reciprocating working keys to the good things ission, fee, roward, or otherwise Exchange which rendered the nigh hund with yo bungstarter fair manipulation of the cards,ling public which likes a moder engines and turned into the of this life is Service. It is with- respept of any such, contrnoj, | brokers personally fiable. He thore won't be no call fo' uobody Thorofore, it must have been ate speed vessel so long as it is urbine. In can be taken too in the reach of every individua of any services in relation | never accepted the contract, be- olse to come tip to the help o' we owing to some freak of fortune oplete with every possible luxuryBoon or too late. But the too fublaje agg posatoor in connection therewith, canse, before the contract note ans," said Blaisdell contemptu- that it happened in the court of of twenty-one knots an hour is certained the exact moment when and convenience. An average Olympics designers have as- hall be null and void, and no was brought to him, the Bank ously, but just as old Greenhut some two hours play that the out all that is expected of her. To the desired end can be achieved stion shall be brought or main-hal suspended payment, and he began reproving him for "wrysidors almost invariably won from attain this speed she has the with the greatest efficiency inod to recover any such sum therefore declined to accept it.bald an' blasphemous talk" the one another, whereas every time largest engine room that has The reciprocating engines are the crew of the Russian steamer money," 1
It was held both in the Court of door opened." The result of this Act was to Appeal, and the Court bolow that
one of the home talent held the ever been placed, on the the largest that have ever been Lembit, numbering twelve hands endor practically useless, there- the principal was not liable to the room ho looked around as if visitors would be severely punish as it is gigantic, for she has a sys- energy is 30,000 horsepower, Atlantic last week by the Red When Hank Bellers came into winning hand one or more of the water, and it is as interesting built, Thoir total output of all told, were succoured In mid- fter, the authorities cited of Read indomify his brukers for the loss doubtful of his ivaloome, and ed And after two of them lind tom of proptilsion different from while the low pressure turbine Siar liner Krooaland. The Lem- Anderson and Tucker v. Hardy, they suffered through being consoring no sweet smiles anywhere been forced cut of the gamo Sam that of any other liner that comes cast exert a further 10,000 horse-bit was 65 days out from Laguns, d to make it impossible for an pele, either to take up and pay he spoke somewhat hustily, gent, or broker in-England, to for the shares themselves, or the
Poareall had three deuces show to New York, a combination of power.
bound for Falmouth. Calms habis principal on an implied be declared defaulters on the "Let's liquor," was all ko said, ing ngainst three other hands hig ontract of indemnity, to recover Stock Exchange The reason for but the utterance was enough to enugh to induce their holders to reciprocating engines and a steam To carry the greatest amount delayed her for sixty days, and honey paid by the agent in re-this decision boing: (1) that the propitiate the party, temporarily take their entire piles,
businesslike, practical move economy and the greatest became exhausted. The crow turbine. It is no experiment, but of freight with the greatest then bar supply of provisions pect of any contract which is in principul expected, in ordinhry at least.
Then he uncovered the fourth The reciprocating engine has been number of pussongerd with the were so famished that they he nature of a gambling contract, Fourse, to get a valid contrići, While he was paying for the deuce and took the pot, it brought to its highest standard greatest coufort--that is the ob- scarcely set sails and hois uch as one for the sale or pur-and did not know of the usage of drinks he said to old man Old Man Groomhut treated the of perfection at the Belfast yards, jest of the mpio's builders,
Cand luise of alinros on time, where no the Stock Exchange to neglect to Greenliut, **I was thinkin' mebbe losers several times, and as they and, the bugbour of vibration has and that lumbers of the shares pre stated; follow the stipulationsof Leoman's there mought be a poker game slunk sway be looked after, them been elim
nd it is ma le known to the broker Aot, and (2) that he did not know goin' on here to night,zivárosing within smile,
his principal that the frangso, of the, rules, and usages of this] // Alebbe there mought," "wimite⠀⠀ "Melbe I w on is a gambling one, which bis Stock Exchange whieh rendered to the old man, cautiongly, o'that Beller 27
incipal has no lutention of (the brokers si personally liable, 3)." Most geny y there is when there's; rookon:lie's
(To be continued next Saturday) anybody hlarini
་་
Bone
rate and the size of the
The combination of re
for
PERILS OF A CALM News zonohod Plymouth the
declared
thwhen