THE RIGHTS, DUTIES AND LIABILITIES OF
SHAREBROKERS,
[Copyright.]
(Continued from last Saturday)
In the case of a certificated transfer of sharce, whore the oorti- ficate itself cannot be handed over in exchange for the purolase price, if the broker inducos his principal
THE HONGKONG TELEGRAPH SATURDAY OCTOBER 28 1911
no way froes him from liability
for actual misrepresentation. AK
Prepaid
broker should therefore always be Advertisements. particularly careful to ascertain
that ho person who authorisoa 25 WORDS $1 for 8 insertions or him to onter into a share contract.
$2 for ons wook. į is entitled to do so-that is to say that such person is either capablo of contracting to purchase shares; or, if a seller, is the real owner of the shares intended to be sold, or is the proper ropresentative of the roal owner.
A broker, would not, however,
THE CHINA SQUADRON.
Following are the vessels of the China Squadron:-
Bubmarines:
No. 38, Lieut.-Commr. Godfrey RESIDENCE.-- BOARD AND
Herbert. "HOMEVILLE," Morrison H, aplendid view of the barbour, 10 No. 37, Lieut.-Commr. A. A. L. minutes from Post Office by elestrie Founer... cars i entrands 153, Wachai Road, No. 38, Lieut. Commr. J. R. A.
[1280 Telophons No. 312.
Codrington.
Public Company Alacrity, despite boat, Com dr
A. Lowndes, 700 tons, 4 GULA-KALUMPONG RUBBER,
guns, 2,000 i.l.p. / ESTATES, LIMITED."
Astraá, žud class cruiser, Captain E. B. Kiddle, 4,360 tons, 10 NOTICE TO SHAREHOLDERS.
guna, 7,000.i.h.p.
JOTICE is heroby givan thist, the i
N TRANSFER BOURS of the Atlas, admiralty Lug, Master S. Company will be CLOSED from the West, 615 tons, 1,400 i.h.p. 23rd to 31st October, 1911, both daysBramble, gunboat, Lieut.-Comdr. inclusive
B. G. Washington, 710 tons, By Order of the Diradors,
990 i.l.p.
LOWE, BINGHAM, &
MATTHEWS, Colonial Register.
obrane and proof of the transferor's title, implied warranty of authority if that broker would, it is submitted, the other party, at the time of be held liable, should it subse-outering into the contract, was quently appear that the transferór aware that he had no such author- had no real title. But he could fity (llalbot v. Lens (1901)1 Ch. not be held so liable if he fully ex-344-Nor-would-ho-bo-so-liable- plained to his principal the risk if the other party were made fally entailed by accepting a certifient acquainted with the facts which od transfor in performance of a the brokor bolioved gave him contract for sale; und if the prin- Authority, as where the broker cipal agreed to take that risk on produced to the other party tole himself. It would, however, in graphic instructions which sub- such a case, be the obvious duty sequently, turned out to to have of the broker to rendorevery assist been wrongly sent, or to be in ance to his principal in enabling correct (Lilly r. Sales (1892) 1. Hangkang, 10th Oct., 1011. (1583 the latter either to perfect his Q.B. 450. title, or to recover datinges from The ability of a sharobroker to account to his principal for all A broker who makes a contract | secret profit made by him in tran- for the purchase of shares on setions outored into on behalf behalf of an infant principal, of his principal, hans already is ander the samo liability boon dealt with. By ̧ˆ tho' to the seller dg in a jobber interni 'secret profit' is meint not England who gives the name of only the commission or brokerage au infunt as that of the purchster which the broker may, without of tho shares ho has himself con- the knowledge and consent of his tracted to buy. He must make principal, have obtained from the good to the seller muy loss which other party to the imusaction, but the latter may sustain by reason also any commission which the. of the contract not being perforni- broker ny have elarged on the al, or by reason of the seller boing sale of his own shares, or of shares compelled to pay future calla on in which he was personally in- the shares which calls could not|loreslød.
the seller of the shares.
bo rcovered from the infant pur- chaser. Aninfant is incapable of
being a principal to a continet for
.
(To be continued.)
the sale or purchase of shares-he CINA MUTUAL LIFE INSUR-
is legally incompetent to give any authority to an agent to act for him for such a purpose. "Thore- foro wlioro a broker onters into a contract oslonsibly on behalf of
ANCE CO., LTD.
READ OFFICE, SHANGHAI
J. A. Wattie, Esq, Managing"Hercion. A. L. Jingles. Secretary.
6. B. Neill, Ear, Filis, Actanty.
A strong British Corporatio Rechstereit under
Companies Acts, England.
tance in Force 133.571.455.00
income for Year
16107) ·* Alasurance Fundrail... 0.57,ng.
LEFFERTS KNOX, Eag-District Útanager: B*W.TAFF, Ex-District bouserary. Hongkong, Canton, Macax and the Philippines,
a person who turns out to be anongkrug Ordinances and under Life Assurance infant, ho ie, in effect, acting as na agont without authority, and is consequently liable in damages for bronch of an implied warranty that he has in fact authority from a principal to enter into the con- tract. Thus in tlie case of lfarted v. Paine (L.R. 4 Ex..81) where a jobbor had given the name of a person as the purchaser of shares,
who had not in fact given authority
to make the contract which was ontored into, the jobber was held linble to the seller to indemnify him against loss. In the later caso of Nickalle v. Merry (L. R. 7 H. L.; 530) it was held by the Judgee of the Court of Appeal, and subse-
Alexandra Building.
C. LAWDER. Eug., Tapes, Hangkong.
Advis Bicard, Hongkong: Sir Paul Chuter, St., CMG, T.Flaugh, aqy C. J. Lafrenia, Emi
Hongkong, July) 1911.
(Bra
TSANG KWONG
COMPANY. ELECTRICAL AND GAS ........... CONTRACTOUS.
quently by the House of Lords, 230, Den Vroux Rond Central.
that where a jobbar had given.
the name of an infant ав
Tephone No. esù,
POWELL'S
FURNISHING
Britomart,gunboat, Lieut.-Comdr. J. M. Barker, 710 tons, 900 h.p.
Cadinus, British stoop, Comdr.
I. Lynes, 1,070 tons, i.h.p. 1,400,μf.d.
Chornb, water tank and tug. Masfor-W. Smith, 300 tons, i.h.p. 340.
DEPARTMENT. Clio, British sloop, Comdr. H. R..
Upholstery
OP
EVERY DESCRIPTION
RE-COVERING
and REPAIRS,
LARGE STOCKS OF
Tapestries, Velvets, Leathers, and Leathercloths.
REASONABLE PRICES.
PHONE 346.
William Powell,.
Limited
Voulo, 1,070 tons, i.h.p. 1,400.
Famo, torpedo-boat destroyer, Lt.-
Conid H. S. Monroe, 340 tons, guns, 5,700 j.h.p..
Intimations
THE GENERAL ELECTRIC CO. OF CHINA, LTD.
Telegrams
Sparkless"
518
10, Dig-Vœux "Ril., Hongkong.
HEAD OFFICE: 7 JINKEE ROAD, SHANGHAI, DIRECT AGENTS OF THE MANUFACTURERS OF ALL KINDS OF
ELECTRICAL MACHINERY, APPARATUS, FITTING ACCESSORIES, TELEPHONES, Wires and Cables, &c, &o.
Flora, 2nd class cruiser, Captain 1308].
:
J. Nicholas, 4,360 tons, 10 guns, 7,000 i.u.p.
·
Hauly, torpedo-bout destroyer, Lieut.-Conidr. Hon. Guy Stopford, 295 tons, 6 guns, 4,000 hp..
Janus, torpedo-boat destroyer, Lt.- Comdr. M. B. R. Blackwood, 320 tons, 6 guns, 3,000 h.p.
Kont, armoured cruiser, Capt. 8,
St. J. Farquhar, 9,800 tons,
14 guns, i..p. 22,000.
RETAILĮSUB-AGENTS—
WM. C. JACK & CO., \
14, Des Voeux Road, Hongkong.
WEATHER-FORKOAST AND STORM-WARNINOS 185DID. FROM THE HONGKONG OBSERVATORY,
METEOROLOGICAL SIGNALS.
Meteorological signals are hoisted an the mast in front of the "Water Police. Statiema Tel z. Sha Tsui fos the informa« len of messer: of venicia Inaring the out. They do no ascessarily imply that food's auther is amp cted here) Jam
KPA CONE,
polat
A COXX point of"
DUN below
adicalor a Ty- ybom to tha "Marth; of that Colony.
Indicates a Ty ("padd; 'to tha
Mort?«lust
of the Colony,
Indicates a T- phous to the Kast of the Delony.
A 0.32
POLL GENRE wards and DRUM below
1. A CI
po Et down.
wards and
·BALI belon
Indicates a TT- padbi to the Kouth-East
of the Colony.
indicates a Ty
Zimb of the
indicates a Ty- phu to the Bouth-Well
of the Colony.
5.
A CONE polat dona
MANCHURIA RAILWAY
SOUTH
Kinsha, river gunboat, Lieut SHORTEST & QUICKEST
Comdr. T. J. S. Lynn, 616
tons, i..p. 1,200,
Merlin, surveying'ship, Comdr. B. 0. M. Davy, 1,070 tons, 8 guns 1,400 i.h.p...............
Minotaur, armoured cruiser (flag-
alip Vice Admiral Sir A. L. Winsloe), Capt. G.O. Gayley, 11,600 tons, i.h.p. 27,000.
·BETWEEN
ROUTE
THE FAR EAST & EUROPE. 4.
via DAIREN.
WINTER SCHEDULE
(Effective from October 28, 1911
THRICE WEEKLY EXPRESS TRAIN SERVICE, composed
A BALL
A GOST
蕊
polnu up-
wards and BALI. below
indicates a Is ghoul, to the West of thà Colony.
indicates a Tj- phons to the Worth-Wet- of the Oulary.""
Red Signals Indicata that the centro is believed to be xiêre than yoo miles away from the ColonT.
Black Signals indicate that the cenŁO ls hallowed to be fam. than sco_milles. (away from the Colony, gd
The abova signals will, as heretofors,
bs holated only whan typhocre exist fo ch positions or ure moving in such directions that. Information a#gn+ding"
Tongkang, 20th Oct., 1911, T1048] Monmouth. armoured, oraiser, excellently equipped Sleeping, Dining and 1st Class Cars, is operated between them is considered to bi of importance
GREEN
ISLAND CEMENT COMPANY, LIMITED.
PORTLAND CEMENT.
In Casks of 375 lbs. net. In Bags of 250 lbs. net. SHEWAN, TIMES & 00
General Managera. -Hongkong: 18th Ang., 1970. [8
THE ALEXANDRA CAFE
PERFECTION BREAD"
the purchaser, shares, the Mongkony, Tuł Jonx, 1941.' case was not distinguishable on principle from Maxted . Paine, Thore a person's name was given "without authority. In the pre- ecat-case the infant-was legally "incompetent to give any au- "thority" (Lord Chelmsford at p. 545). The same principle was followed in the more recent case of Starkey Bank of England (1803) & 0.714 where a broker was held liable to replace a num-| bor of Console which he had sold: on instructions apparently, given
CRISP AND CRUSTY. DELIVERIES TO ALL PARTS.
16 Dos Voeux Road Control, next Hongkong Hotel,
by the stockholder, but actually WARM
forged. To had no knowledge, or auspicion, whatsoever that any. thing was wrong, but he was nevertheless held liable on the principle, laid down in the old
Tel. No. 909. ·
YOUR HOME
this coming winter with one of our
(0-15, EW
(8 E. & B. 647):-"If a man "makos a contract as agent he "docs promise that he is what| "he representa himself to be, and "he must answer for any damage "which directly results from con "fidence being given to the repre-
• "Bentation," (See also Harper v.. "Vigers (1900) 2 R. B. 649.)
Therefore if a broker makes a contract as agent, lie reprobentu himself to be possessed of author- ity to do so legally given to him by a competent principal. If the per- Bon by whom that authority pur ports to have been given is an infant, and consequently legally incompetent to give any suol authority, the broker by entering into a contract as ngent for that person makes a misrepresentation to the other party to the contract,
NEW PERFECTION" BLUE
FLAME OIL HEATERS.
ELEGANT,
ODORLESS and
ECONOMICAL.
Prices from $5.50.
Samples on view at our Offices.
Captain L. E. Power, 9,800 tous ih.p. 22,000.、 Moorhen, river gunboat, Lieut.- Comdr. G. P. Leith, 180 tons, 2 guns, i.h.p. 800.
Dairen and Changchun in connection with the Tmas-Blbarian Express Train and with Dairon-Shanghai Direct Stenater Bervice by the 8.3. Koba Meru and "Baikio Maru" (uach 2,877 tons) as follows
Newcastle, 2nd class cruiser, Cap-Fares
táin Goorgo. P. E. Hunt,
to whom he is liable for an STANDARD OIL CO. OF NEW
damage.directly resulting.
The case cited of Starkey v. Bank of England is ales a con- clusive authority to the effect that however, innocent a broker may be of any intention to misrepre sent A authority, this foot fu
* 4,800 tons, turbine. Nightingale, river gunboat, Lt.- Comdr. Clando Hillersden- Woodward, 85 tons, 240 h.p. Otter, torpedo-boat destroyer, Comdr. Lambe, 385 tons, 6 guus, 0,300 i.b.p. Robin, river gunboat; Lt. Comdr. Cosmo A. ODouglas, 85 tons, 2 guns, 240 h.p. Rosario, depot ship for Sub- marines, Lt.-Comdr. N. E. Archdale, 980 tous, i.h.p. 1,400.
· Sandpiper, river gunboat, Lieut- Comdr. E. J.J. Southby, 85 ions, 2gane, 240 h.p.
YORK, Hotel Mansions.
Hongkong, 28th October,
[1452]
Slope, river gunboat, Lt.-Comdr. Maurice B. Leslie, 85 tone, 2 guns, 240 h.p.
Taku, torpedo boat destroyer, Gunner E. J. Trillo, 305 tonyf.h.p, 6,000,"
Tamar, receiving ship, Com
modore Eyres, 4,850 tons, 0 guns.
NORTH BOUND, 、---
Tok Ulme
$4c.no.
Skanghai (Steamer) ................Lv.
T14.85
(S.M.R. Train)... Lv.
8,00
Thun, Sun. Bat. Tueă. Bun. Wel. Fr.
Mukden
11.50
D
Changeliun
...Ar J... L.v. An
8.50 p.m... 4.05
#
11
"
**
R 9.00
Harbin
(Bussian Train)...Lv. Ar
10.30 12.80 a.m.
8.10
..
*
· Mon. (Thurs. | Sat.
#
፡፡
·State Wa State Ex- gon Ex- Connecting-st.Harbin with press Lile for press
for Mosfor Bt Moscow cow. Pat'g
SOUTH BOUND.
:
to the Colony or to shipping' leaving the harbottr
These signals are repeatad at the Hate bour Office, HMLS. Temar, Groan Is- land Signal Mast, end, the Flagstaff on be premises of the Hongkong and Kow- icon Wharf and Godows, Company, se Kowloon,
URGENT-SIGNAL
In addition to the above, when it ju 'ra posted that the wind may increans: to all typhoon force at any moment, the 'st'owing Usyem Signal will be jääda at The Water Police Station, and repeated it the Harbour Office':
THREE EXPLOSIVE BOMER, AT INTER
VALE OF TEN SECONDS.
A Black Cross will be hölsted at the mama¬tima, soparios to-tha'other sharks
NIGHT HANALE.
The following Nighi Bignals will he State Wagorxhita, od from the Tingstad on the roof/i
Liu
fthe Wate Police aston st Kowloon, ́de Harbour Cies z tagmal, andr1⁄2.M.S. from press
Tamar, fromSt Troka Mos Pet'g.Moscov dow
Fri Mon. Wed.
Scata
Th Conpreling at Härbin with < | prose
Moklep Y1496 Daizon
Y40.00
Shanghal
JimAr Bleant... Lv. ...dr.
Harbin (Russian Train)...L12.00 am. 9.60 Changchun
).....AƑ¡ * 8.40 p.m.
10.00 (8.M.R. Train)... L TiL50
...As.!
5.00 m. Jusi. ThurĄ. | Sat.
1.20 p.m.
#
H
4.
Noon Wed.
KFH.
Вид Tues
1. Tiras Lights Vertical, Green Green, Prosa, Indicates that a typhoon, la bas svad to be situated mora ikää geomilai” 10m the Cut 10%
11. Three Lights Vas visi, Groen Rod 9 irena, Indicates that a typhoon lake- Jared so be situated less than you until from the Colony St, from ta
III. Three Lights ́ ́a tical, Red Grism: -ted indicates that the wind may: bɛ sɛ. jected to increase 10, inil ́typhoon" force
I any me fam£, 316-17
* Russian Train Time is 28 minutes fa ter than B.M.R., Time. For fustane. 8 p.m. by the former is 5.87 p.m. by the falter.
No. fil. Sigual will be accompanied Supplementary Charge on DAIREN-CHANGCHUN Service,
SLEETING CAR SUPPLEMENT......Y5,0) vy the Explosive Boziba, aš ubavi in illici Extases EXTRA FE .....-X8.00
ANTONG-MUKDEN LINE-Completely reconstructed into standard of information converad, w/
›his signal Seľu, kie pobilehed by gargo and open for traffic on Bed November, 1911.
:
41
Teal, river gunboat, Lieut.- Comdr. R. J. Buchanan, 180 tons, 2. guns, 800 i.h.p. Thistle, gunboat, Lieut.-Comdr. M. B. Baillio-Hamilton, 710 tops, 000 h.p.
TICKET AGENCIES-The Company's railway and' stanmor tickets are Virago torpedo-boat destroyer, abafable at all the Agencies of the International Sleeping Car & Express the the By Signald at sunset t
Lieut.-Comdr. Harold Drains Co.; the Nippon Yusen Kaisha, Shanghai; Mesra, Thos. Cook & Bon; Adair-Hall, 395 tons, 8 guns,
and Reiseburesa der Hamburg-Amerika Linió.
BAILWAY HOTELS TAMATE HOTEL (Tel. Add:" Yemalə "') » 0,300 i.l.p.
Dairen, Port Arthar, Makdea, Pasham and Chaigsbun, all under the Com Waterwitch, surveying ship, pany's anagement.
Lieut. Comdr. R.L. Hanocok,
፡
620 tons, 450 i.h.p. ́ ̧
SOUTH MANCHURIA RAILWAY" COMPANY
DAIREN.
Whiting, torpedo-boat destroyer, T. Add. "Monieten." Codes: A‚li,C. bili. Ed A. 1. & L'aba's
Liout.-Comdr. G.. B. Hart-
ford, 360 tons, 5 guns, 5,900 | h.p.
Widgeon, gunboat; Comdr. M. H. Wilding, 195 tons, 2 guns, 800 h.p.
Woodcock,
gunboat, Lions- Comdr. B. R. Brooke, 160 tona, 2 guns, 550 h.p.
Woodlark gunboat Leut
FUSHUN COAL
THE BEST STEAMING COAL, IN, THE FAR EAST, Fresh stocats always on hand at Dairen, Newolwăng and Tientals Depoi (and alzo at Cheloc, Shanghai, Hongkong, Blugaporeand Faning.
MIN UG DEPARTMENT.
Conidr, G. F. A. Malook; 150: Agents tons. 2 gans, 550 tr.p.
60TH MANCHURIA RAILWAY COMPANY,
DAIREN.
MITSUI BUSSAN KAISHA, LTU
Thus Night Signals will be substi
•«k«i/pocessary, be altered sight.
ECIFIES INTAKT "WASHINGK
For the beds of Nai ́ve Urah and.. passing. Ocean Morale, a Fenn wIJE" Lif urb"bited as rack oʻthi'tell wrg Ma daring the limi' "the" say "of-theg: Day Signala sea hoj t... “in the
GAP Rock Waglan Stanley.
Caps DollfaseK.
This will indicain that
nd that a Storm»WANG