L
THE RIGHTS, DUTIES AND LIABILITIES OF
SHAREBROKERS
[Copyright]".
(Continued from last Saturday.)'
THE HONGKONG TELEGRAPH SATURDAY OCTOBER 7, 1911
CANTON-KOWLOON RAILWAY.
DOWN TRAINS.
STATION,
Cantoni (Tai Shadep.
Tou) def.
Che M.
Wa Chung
It is no part of the duty of a sharobroker to actually effect the registration of transfer unless expressly required to do so by the principal, ne was the caso in Hope. Glendinning (1911) A. C. 410, where Lörd Atkinson statod (p. 424) that the Appollants (brokera) "woró om- ployed and paid, in addition, to got the transfer registered." From this it is to be inferred that Nam Kong... if the broker is instructed notonly Sen Toma to purchase shares, but to undor-Tong Mai. take to do what is necessary to got Nga Vee. them transferred into the name of Sien Tur his principal, he is entitled to charge something in aldition to. his commission for taking this extra trouble and responsibility. But where a brokeris eo employed, and undertakes, for a considera-Wang Li, tion, to complete the tranefor by Sheng Ping registration, it is obviously his
Shek Ha, .......
Stick Tow
Shek Lik Kon
7.55
כנון
TIME TABI E.
On and, after 5th October, 1911, until further notice.
Throurk
גו
No. 5 Joint
Previous Time-Tables cancelled.
17-32) 14-09
Sectional
Sectional
STATIONS
Kowtoos, ... Hung Hom.
UP TRAINS
for Canton
Prepaid Advertisements.
+
26 WORDS $1 for 3 insertions of $2 for one work.
Intimations
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Telephone
518..
10, Des Voeux Rd., Hingkong.
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WANTED. FLAT or SMALL
[1280
DIRECT AGENTS OF THE MANUFACTURERS
L
OF ALL KINDS OF
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ACCESSORIES, TELEPHONES, Wires and Apply to Q.Q., ejn Hongkong Telegraph."
Auction
(14+8
PARTICULARS and CONDI
TIONS of the letting by Pallio) 17 Auction Sal, to bo boki on MON- DAY, the th day of October,” 1911, at 3 pm, at the Offers of the Public Works Datment, by Order of His Excellency the Governor, of One Lot of UROWN-LAND at Cansoway, Bay, adjoining Inland Lot No. 1740, in the Colony of Hongkong, for a term of 75 years, coinmonoing 1st May, 1900, with the option of renewal at a Crown Rent to be fixed by the Surveyor of His Majesty the King, for one further
dep
14.23
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17.09
11.04
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art.
13.55
11,48
8.19
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14.39
8.11.20
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14.31
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11,59
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16.18
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14.51
9.26 11.34
17.50
*No.it
air.
7.58 86.27
7:54
“kep.' 8.75
4.58 14.95
Vai 159 Muskettes.
ATT,
10 12
10:56
8.29. 13.00
36.44
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542
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15.45
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12.40
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27:51
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30:50
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11.54
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9.00 15m
17,50
102
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12:53
18.43
AM.
11.57
$7.59
12.15
1234
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10.30
12.29
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1.13
£8.14
11.37
27.10
10.39 17.79 18.22 Che Pi, ALI
12-46
to.8 77.968.79 Shek Pal,"
17.
30.9 177
25.17
1.50
Castory (Tal Sho) air.
1544
31.03
duty to comply with that under-cheung. Muk Tarr.
little-dolay as Turi, isking with ns. possible. He will not lose his Tong Toy Hep right of general fion should testet K..........
so dolay (Hope. v. Olendinning), Tin Tong Wai, but in the event of his principal Pay W, suffering actual damago, in direct consequence of such delay, the broker will be liable to nake good.
that damage.
1. Lan
mult,
12.3)
Hang Host
ts.gf
12.00
12.39
By Unter.
1. Lindsey
Manager,
વાસ્તુ
Brithali Section, Cantor-Kowloon Railway.
Passengers for Spun Chun and Dritish Sention go by No. 1 Throuză. assengers for station
and Hongkong enly go be
Lung and to Shun Chan, Hung Ho
Through.
צנ1 103 010
"Mukham,
Nam Sangi
c.186.a7.30 Sus Tong,
9-36116.36 17.1
9.40 5.4 17.4.0
27.018 Wa Chups,
10.03 axs
10.0 17.0 18.34
10.3037-30
By Order,
has no such right in respect of transfer of shares upon the appli- shares which lie is instructed by cation of the transferor in the This principal to sell, but which 'some mauner and mibject to the shtiros he has reason to believe "same conditions as if, the appli- are not the netan! property of such "cation were made by the trans- principal. So, in the case of free. Therefore unless the Pearson & Scuti 9 Ch. 1). 198, a i Articles of Association expressly Solicitor had employed a broker empower the directors to refuse to in many sliare transactions on his register a transfer for any special own account, and was indebted to reasons, or for any reasons they the broker in respect of such may think fit, such registration transactions. This Solicitor acted may be enforced by the transforor, for certain executors in the wind- who should be so-advised by the ing up of an estate, and instruct-broker employed by him to sell ed the broker to sell a number of tho shares. shares belonging to the estate,
The bokor's ordinary duty to Fat Po Market, - his principal for whom he pur-14 Yo...... chases shares ends when he a Sin obtained and delivered to his principal a valid transfer, toge- ther with the share certificates, Koulou. and thus placed the principal in a position to registor the transfer, or to otherwise donl with tho shures as he pleases. But it is submitted that, in such a case, the broker ought to point out to his principal thand visability of com pleting the transfer by registra tion as skin as possible; more especially if the principal has ac- cepted a certificated transfer, for should thero be undue delay in applying for registration of the transferilmay have happened that, in the meantime, equitable rights in respect of the shares have been obtained by strangers, For in stance, the original transferor many have succeeded in obtaining back the certificate lodged by him with ↑ the Socretary, and may have plodg- ed it as security for a loan, or le may otherwise have disposed of the shares absolutely. And in the case of an ordinary transfer, ac- companied by the share certificate, it may happen that although at the time of lis, execution and doli- very to the purchaser, it waxa por- fectly valid transfor, the transferur may subsequently become a debtor to the Company, which may-con- sequently refuse to register the trausfor.
Where the principal for whom a sharebroker acts is a sellor of shares it is the duty of the broker to receive payment from the par- chaser in dashi, not by cheque, and he should not deliver up
the trapafor and cortificats without receiving cash (Page] v Westacull (1894) 1 Q. B. (279) 1 is, howey, an almost invari able rulo atany rate in Hongkong, for the broker to hand ovor his own cheque to his solling prin cipal, after having received pay- gent for the shares sold, and having deducted therefrom the amount of his commission; or, ocoasionally, to pay his principal; out of his own pocket in the first instance, before obtaining the -transfer and certificate. But if à broker accepts a cheque in pay- ment of the purchase price of shares deliverail by him, and hands the cheque over to his principal, | he will, on the authority of the case cited, be liable to make good the amount to lita principal should the obeque be dishonoured,
•
Although a broker has a general lien on the scrip in his possession belonging to a principal who is indebted to him (Hope . Glen- dinning (1911) A. O. 419), and is entitled to pay himself what is due to him from his principal, on a sale. by him of shares belonging to that principal, he
Upon the principle already-
The shares were sold, and the mentioned that it is the duty of a broker retained a very large part aharebrokór to inform the person
10.17 714.40
1!T,4,5
w་" H*
1742 14:54
tu,56 14.59
13.49
11.50 15.13
15.3 0.00 $15.70
Passengers for stations beyond Shek
ta Sectional
9.30
1.
to.l
#.37 18.00
ptermediate Stations between skum
Imperial Chinese bection,
Canton Kowloon Railway.
To Let
TO LET
"UREGGAN," 39, The Peak. GODOWNS, 161 to 155, PRAYA
EAST.
THE HONGKONG LAND
LIMITED."
INVESTMENT & AGENCY CO.. Hangkong. Ist July, 1911.
[189
4
torm of 75 years.
PARTICULARS OF THE LOT.
10. 1893 | Registry bu
LOCALITY,
Houndary Mearartments.
jw.
EL,
IL
25
-About
Lealente in
Alt
B 70 55 4,300 44,290
Hongkong, 30th. Sopt.. 1911. [1415
B.
G.
PARTICULARS and CONDI
TIONS of the letting by Publio Anction Salu, to be hold on- MON-
[308]
Cables, &o, &c.
RETAIL SUB-AGENTS-
WM. C. JACK & CO., 14, Des Voeux Road, Hongkong.
MANCHURIA
SOUTH
RAILWAY
DAY, the Pth day of October, 1911 SHORTEST & QUICKEST ROUTE
nt 3 r., at the Offices of the Public Works Department, by Order of His Excellency the Governor of One Lut of CROWN LAND al Kennedy Town in the Colony Hongkong, for a terin of 75 yours, with the option of renewal at * Crown Reat to be fixed by the Sur vegur of His Majesty the King, for on- further torm of 75 years.
* BETWEEN
THE FAR EAST & EUROPE.
Via DAIREN.
SUMMER SCHEDULE.
(Effective from May 1, 1011,)
THRICE WEEKLY EXPRESS TRAIN SERVICE, composed of
PARTICULARS OF THE LOT. excellantly equipped Sleeping. Dining and Ist Class Cars, is operated between Dairen and Changchun in domection with the Trus-Siberian Express Traine nd with Dairen-Shanghai Direol Steamer Service by the 8.5; "Kobe Mara" and "Saikio Maru" fosch 2,877 tons) as follows:
|18ga | "Registry No.
LOCALITY.
Kennedy Towa
ll starr
Stenen m.
1
leet feel leet Feet
NORTH BOUND.
† Shanghai (Steamer) ................Lv.
Dairen (
...Ar.
¥14.95 (M.R. Train)... Lv.
Sun. Wed. Fl.
st Class Farca
10 LET.
ODOWN No. 5,
-STAZET.
'DUDDELI
50 7,000 8, 2
$10
Thurs. Bun. Sat. Thes
6.00 .:
Mukden
Hongkong, 2nd Uc. 1811.
[1417
Y11.50
...R..9,60..
Changchun
(Russian Harbin
Ar )... Ly.
Train)...Lv.3.90
...An *9.10 a..
1.60 p.m. 2.05
1
11
"P
H
J...An 8.30 17
17
11
11
Th
Mon. Thurs. Bat
HONGKONG TECHNICAL
Apply to
THE HONGKONG LAND
INVESTMENT & AGENCY
COMPANY LIMITED.
Таг let „July, 1911;"
of the proceeds in payment of the employing him to buy sharon of "Rengkong debt due to him from the Solicitor. all the facts within his own know-
He had no certain knowledge of lodge which may influence the
the fact that the shares did not judgment of such person, whore.
TO. LET:
belong to the Solicitor himself, it is expressly provided in the THE BUILDING now in occupis
Lion of The Mercantile Bank of
but he had very strong reas Articles of Aspciation of a Confulis to be ist from 1st January, 1912. son. for supposing that they
pany
that its directors may refuse, OFFICES on 1st and 2nd Floors
INSTITUTE.
QUEEN'S COLLEGE,
were the property of the Solici- at their discretion, to registor any now in course of eration, at No. 6|VENING CLASSES in the fl
Apply to
lowing subjects will RE-OPEN
ENGINEERING SECTION--en
Building Construction.
tor's clients who signed the trans-transfer, it is the duty of the DES YEUX ROAD ́to ́be let. on MONDAY, October 9tli --- fors. Under these circumstances broker who is aware of that: the broker was held liable to pay provision to inform his principal
DAVID SASSUON & Co.
to those clients the balance, he of it. As already stated a con- Hngking. 18th Bopt., 1911. [1087 the sale of the shares. had retained, of the proceeds of tract to sell shares does not
import an undertaking that the CREDÍT FONCIER D'EXTREME,
ORIENT
I
NOTICE.
As appears in the judgment in transfer will be registered by the the case cited, a broker when in Company; therefore if, by its
structed by a Solicitor, or other Articles, a Company is on- agent, for the real owner of shuros powered to decline to registor
to sell the same, hasa porfect right a transfer in the discretion of its A BRANCH OFFICE of the above
A
fused registration, lins no right of
· Drawing
Field Burveying.
Machine Drawing..
Bleam.
Mathematics.
and
Connecting at Unili's with -
State. Wa- Beate
Ex-
.BOD Ex- press Listor praes
for Mos- For St. Moscow cow. Pet'g.
SOUTH BOUND.
Concesting at Harbin with press
State Stats Wagon Ex- Ex- Lits prasa
from fromst from Mos
Pet'g. Moscow CON
13
11
"
# 9.00 (Harbia (Rucsian irain)...1.v.q *11.20 a.m.. Mon. p Wed.
Changchun ( ...A 8.25p.m.
S.M.. Train)...Lv. 10,80, Muldin
...AL 5.10a.m. Thes. Thurs, Y...Lav. 6:20
Ar 1.80 p.m.
Noon '( Steamer )...Lv. Shanghai
Applied Mechanics. Physics.
Y11:50
COMMERCE SECTION :-
$14.95
English,
Dairen (
has buon npenei, thầy chạy nợ Nam 2
French.
¥40.00
Chinese (Cantones e Colloquisli Shorthand.
Book-keeping.
[1119
SCIENCE SECTION:-
Chemistry Theoretical
I'ractical.
and
_L_JABERNIS,--
Manayor.
to pay over the proceeds to such directors, & transferee who is re- Queen's Building, Hongkong. Salicitor or agent, but it in his duty to make such payment in action. whatsoever against his full, deducting only his. comunis transfer or Stray r. Rusarll 1 E&Hongkong, 4th Oct., 1911. sion. He cannot claim to be on E888, London Founders Associa-
tion v Clarke 20 Q. B. D. 570).j This being so a purchasor of
titled to retain any portion in
sottienient of a debt due to him shares which he has had no rea from the Solicitor or agent if he
Lor.
Just Unpacked
BALL BEARING.
Metallurgy...
Physics.
Electricity.
Firt aid to the wounded. TEACHERS' CLABSEB :-
English, and Methods of Teach-
ing.
Kindergarten.
Now Students should attend at the Instituto toba onrolled TO-DAY, of
.
17
Wed. Pri
Suck
Russian Train Time is 25 minutes ahead of the S.M.B. Tims. For instanc
6 p.m. by the former is 5.37 p.m. by the latter.. Supplementary Charges of DAIREN-CHANGCHUN Services EXPRESS EXTRA FEE....Y3.00 SLEEPING CAR SUPPLEMENT...... Y5.00 TICKET AGENCIES-The Company's railway and steamer tickets are sbtainable at all the Agencies of the International Sleeping Dar & Express Trains Co., the Nippon Yasen Kaisha, Shanghai, Messrs. Thos. Cook & Boa, and Reisebureau der Hamburg-Amerika Linie.
RAILWAY HOTELE YAMATO HOTEL (Tel. Add.; "Yamato") at Dairen, Port Arthur, Mukden, Fashon and Changchun, all under the Com pany's management. ̧
SOUTH MANCHURIA RAILWAY COMPANY DAREN.
TO-MORROW, (October 5th) between Tøl. Add. "Moutetsu."." Cod : A.B.C. 5th. Ed. A. Í, & Lieber's
6 and 7P..
Copies of the Prospectus and entry
SKATES forms for intending students may bu
has any reason at all to believe son to believe be could nu, a BEST ENGLISH MADE that the shares are the property of of right, get transferred to him- others, and omits to take steps to self on the register of the Com- ascertain the real facts of the mat-pany, would find himself in on awkward position should the Company refuse to register the On a sale of shares, the broker rausfor, and he would doubtles for the seller should always advise blame the broker who noted for ROLLER his principal to insist upon the him on the purchase, but who re transfer boiug registered if the frained from mentioning possible shares are not fully paid up, I difficulties in effecting a transfor is no part of the contract by the of the aluros. There is no direct seller with the purolaser that the authority to show that the broker former will get the transfer regis-would be liable in damagen to tered, but it is nevertheless of the his principal in such a caso, if greatest importance to him to see any were-actually sustained, but That the transfer of simres not ful- some such liability may be in- ly paid up is completed by rogis ferred from the authorities by tration, and it may therefore, in a which it is laid down that it is DRAGON CYCLE sense, be said that it is his duty to the duty of an agent to make doso. The Company can be com- Known to his principal every mate- pelled under Section 28 of the rial fast known to himself. Companies Ordinancs to register a
(To be contigued)
in
ALL SIZES
DEPOT.
jobtained en application to the nnder-!
Algood.
E, RALPHIS, Director Hongkong, 4th Ost., 1911. [1420
CTE
LOUVENCOURT EXTRA DRY. $24.00........ per caso.
FRENCH STORE,...
6. Queen's Road.
* {41 | Moeghing, 17th Jann, 1911-
***
FUSHUN
COAL
THE BEST STEAMING COAL IN THE FAR EAST,
Output 8,500 tons per day.
Freab locks. Always on band at Dairen, Newchwang and Tranota and also at Chefog, Shanghai, Hongkong, Blagapore and lening.
MINING DJ PARTMENT,
SOUTH MANCHURIA RAILWAY COMPANY,
DAIREN,
T-1. Add." Manistan," Codes: A, B. C. 5th. Ed., A. 1. & Lisber's
Agents: MITSUI BUSSAN KAISHA, LTD
Zongkong, tpk Apil, 1911,