THE HONGKONG TELEGRAPH, MONDAY, AUGUST 12, 1912.
MARKET PRICES.
Hongkong, August 9, 1912,
BUTCHER MEAT,
"Boef Sirloin«& Prim's Out,—Moi Lung Pa
Corno 1,-11am Ngan Yuk.....
Roast,-Shin
"
Soup, Tong Yuk
Steak,-Ngan Yuk Pa
Sausages-Ngau Chaung
Bullock's BrainsKnow
Tongao tronh ---Nghi Li
corned,-Ham Ngai Li
肉食
Salmon-Me Yan Y
Shark, Sa. Yu
Skato,-Po Yu
Shrimps,-Ha
Snapper-Lap Yu
Soles, Tat Sa Yu
Tonol-Wan Yu
Tb. 50
11
10
Hoaring and. Judginent-
THE LANKAT APPEAL. minded to frame a further lot of weighty dieta in favour of the articles, and they issued a circular, appellauis arguments, The in which they made slatemouts effect of the resolution was that as to what they intended to shares were to be issued intitling. In the Court of Appeal, before of the preference shareholders, 10 por cent., and that they would do. They said that the rights the bolders to a fixed dividend of the Master of the tolls and Lords as they existed under the rules of have no further rights or interest Justices Farwell and Konnoly, 1891, would be found re-ou bodi- in the profits. But then it was on Juno 20, the hearing was con- in the new articles, with al-said that the matter ought to be tinued of the case of Will against torations to make them more approached in a different way, aud United Lankat Plantations Com-clear. That was the notice that the court ought to say that, ne- pany, Limited, und Nelson, upon
the appeal of the defendants from was given to the shareholders, cording to the articles, the hold-
and, accordingly, tho aliareers had rights of participation: a judgment of Mr. Justice Joyce holders mot, and they duly pass-in profits with the other share- 气质
48
13
赋
45
...
59
3100
26
*24
23
沙雄
20
**
13
28
60
Turbot,-Cho How Yu
Turtles, small, fresh water,-Kork Yu
White Bait,-Ngau Yu Chai
FRUITS
| Applos (California)Kom Sau Ping Kho
(Chefoo)-Tin Chau Ping Kho -
4.
**
Zain the Chancery Division. The
plaintiff, suing on behalf of him-ed the special resolutions approv-holders after those shareholders solf and all other proferentialing of the new articlos. After had been paid a dividood of 10 wards the plaintiff looked at the per cont. If they wero onsitled 47 shareholders of the company,
菓子
Cis.
Ib. 30
***
**
4
26
15
A 15
113498
...oach, 10
柳子
brought the notion for a declara-now articles and found that rateably to all the profits, it was
had gravo alterations
boon said the rights of the preference tion that in the events which had inde to the old articles, and holders onglit not be cut down
happened the preferonco shares
were entitled to rank for divi- that the statements in the air-except so far ne they found some
oular were misleading, and thing equivalent to a negativo. dend pari passu with the ordinary taking the viow that the notice to thought there was nothing in
shares of the defondant company was fusullicient, ho commenced Article 115 which justified tho against any profits of the com- this action to have it declared court in coining to a conclusion.
pany available for dividend after that the now articles were not otherwise than in favour of the providing for a cumulative pro binding on the company by appellants. There was a fixed ference dividend of 10 per cent,
reason of the fact that no propor dividend, and Articles 115 and Bananas, fragrant, Canton,--Sau Shing Houng Chiu 1.4 on the preference Plates, or notice to alter them had been 111 gave no other meaning thin alternatively, after providing for the cumulative preferential divi- passed. Counsel submitted that, that the fixed dividend was the according to the true construction limit. The contention, of the land of 10 per cent. per annum of the resolution of 1801, whether plaintiff, so far as he was aware,
Ota."
... 1b: 20
20
20
15
21
Broast,-Naga Lam
16
4-B
"
15
20:
"
4
do.Sirloin Colom-Ngan Lau ...
30
"
4:00
'LDO
24
4:0
por sot
牛腦
Bagh 15
4-
B0
"
Hoad,-Ngai Tan
80
W
Almonds, Hung Yau...
"
Hoart,--Ngau Suin
12
4.
**
[J
Hump, Salt,-Ngan Kin
18
H
**
"
Small,-Hoi Tong
2>
Foot, Ngau Kask
'0
牛腱
Custard-Fan Lai Chi
»
Kidneys,-Ngau Yi
4-
#
Tail,-Ngau Mei...
18
PIG
#
Chestnuts, Chinese,-Foong Lut
+63
"
Livar,-Ngsú Kon
lb. 12
牛肝
Carambola, Young Tue...
***
ןלי
Tripe ( undressed),—Ngau To
.4:AE
Cocoanuls.Yoh Tso
11
Bet $1
HERENS
lb. 22
*
17
Log-Young Poi
22
***
A
H
Shoulder,-Young Shau
Pigs Chitlings, --Chu Chong-
20.
22
猪
11
J
Brains, Chu Know
Por sot 21
豬腦
lb. 121
猪脚
25
1X **
15
猎狐
++
9
猪籐
"
lb 30
"
**
·猪斯·
20
猪排
Calve Hoad & Foot,—Ngau-chni-tnu-kørk
Mutton Ohop,-Young Poi Kwat
Foot, Chu Kark
Fry,Chu Chak
Hoad, Cha Tau...
Bart,-Chu Sum...
Kidneys, Chiu Yiu
Liver,Chu Con
Pork,Chop, Can Pai Kwat
11
Cornod, Ham (lu Yak
Log,-Cl Po.
***
Fat or Lard,—Chu Vis
Shoop load and Foot,
"
19
Heart, Young Sum...
Kidneys,-Young Yiu... Livor,-Young Con
Sucking Pigs, To Order-Chu Ch..
Suet, Boof-Sang Ngau Yan ...'
Mutton, Sang Young Yau ....
Veal,-Ngau Chai Yuk
each 13
$4
1)
-4
24
15
09. 100
Buch ü
Sic
చ
(bridos), Macao-San Houng Chiu
Froshi,
JI
"
---
and also a dividend of 10 per cent. it were regarded in respect of had never before been raised, in
8 per annum on the ordinary shares
of the defendant company.
$3
lb 20
HM
15
21
ཎ 1 དུམྦྷ པ ནྡྷུཤྩ མཚོབ ར མཻ 1 སྡེ པ ར མཚོ ཅཤྩ ཤྩ བྷཱུ ཀྰ
Lemons, China,-Ning Moong,
America,Kum San Ning Moon
Lichoes Dried,-Lai Chi, small Stone
Limes, (Saigon)-Sai Kung Ning Moong ... each
Mango, Manila,Lui Sung Mong
Mangosteens, San Chuk Tao
Oranges, (Canton)-San-aling Tin Ching
Swoot
•
Poars, (American),-Kam San Shoot Lay
(Canton), Cooking,-Sa Lay
Peanuts, Fa Sang......
Persimmons Large,-Hung Chie
I
Pino-apples, 1st quality,Poon Ti Paw Law oach
2nd
It
Plantain, Tai Cheu
***
-Chung-tang Paw Law
Plume,-Swatow, llung Lai
Pumelo, Sian,-Chim Lo Yau
Shanghai, Lo Kwat
Walnuts, llop Tuo
Groon, Sang Hop Tuo
Water Molon,-(Am.) Köm San Sai Kwa
(China) Sai Kwa...
Grapes, Sang Po Tai Tse
-"
976.
·
**
+
++
***
VEGETABLES, &c,
Tuu Kark
HO
**
臘
Ib. 24
IF
22
41
11
20
22
1+
20
仔牛肉
Sausages, Ngau Ohai Chaung ....
20
15
44
POULTRY.
40
Tau
Ola..
11
Sprout,-Ah Cho
H
Long-Tau Ko
Chicken, Kai Chai
Capons, Large, Small,—Sin Kai
幾仟
>
Ducks,Ap
Doves, Pan Kau ...
Egge. llen-Kai Tun
Fowls, Canton,—Kai -
1]]
Gooso,-Ngoi
Hainan, Hoi Nam Kai
*
Geoso, Wild S'hai,-Shang-ho Yea Ngoi
Musk Deer, Wong Kong
Ilaro, Shanghai, Tu Ohai
***
+
...:
The Case.
capital or
of dividend, the argument, and, taking, the more true rights declaro were that modern precedents, they found the proference shareholders were that, in order to avoid any doubt The company was registered on entitled to a preferential dividend or question, words were often put March 20, 1899. Article 115 of of 10 per cent., and, subject to rein. On the other hand, special. the company provido that, sub ject, to any priorities that might cipt by the ordinary shares of forms had been adopted where it 10 por cont., the balance was wan desired to give the proforáneo be given upon the issue of now livisible among the whole of the shareholders a right not merely shares, the profits of the company shareholders in proportion to the to a fixed dividend, but to parti- available for distribution should
amount paid up on the respectivo cipate with the ordinary sharo be distributable among the mom-
shares.
holders after that fixed divi- bers in accordance with the DR
The Muster of the Ralls: Do lend had been paid. Mr. Justice, ampants paid on their shinro. At
you claim cumulative right as Joyco hart hold that the profer- a general meeting of the company regards the ordinary shareholdere ence shareholders were entitled a rosolution was passed providing
Mr. Youngor: Cumulative only to rank pari passu with the or that the capital of the company after the profurence rights have dinary shares after the 10 por be increased by the creation of pre-been discharged. We can get cont. por annum had been paid 紅製
of should be entitled to a cumula until the ordinary shareholders regard to the torms of the resolu
nothing beyond our 10 per cont. on the ordinary sbures. Having Etivo preferential dividend of 10 por
have received 10 por cont. also, tion, he thought that was a wrong. cont. per annum, and that such and then we share any surplus decision to arrive at, and with hares should rank, both as rewith them. The learned counsel respect to the loarned Judge he each 15 garded capital and dividend, in
3 西瓜
priority to the other shares, and further argued that it would be thought the appeal should be subsoquently proforsuce shares contrary to the principles govern- allowed. word issued. In 1909 the company were to read into the contract Justice Konnody agreed and the Lord Justice Farwell and Lord ing such cases if their lordships gavo notice of a meeting to be
doz-
1b 30 40
甜正
30
10
10
15
#L
10
S
***
**
10
*་་
Bacli
15
17
Ib 15 合桃
lb 32
"
ench 20
1233
Artichokos, Shanghai,-Sheung-hoi Ah Chi
Cheuk.
Beans, (French), Macao,Oh Moou Pin Tau
(French) Shanghai, Sbourg Hai Pin
Best Root,-Hung Choi Tau
Brinjale, Green, Ohing Yuan Red,--Hung Ker
A
Cabbage, Chinoco, com,-Kai Choy
Cabbage Rod,-Hung Yoo Choy
Cabbage, Shanghai,-Yeh Choi
Cane Shoots, bunch, Kau Shun
Cauliflower, Large size,-Tai Yeh Cho Fa
*
Medium size, Cheung You Cho Fa
Small size, Sai Yen Choi Fo
Carrota,Kam Bhum
Celery, Chinese, Tong Kan Uhoi
English,-Young Kan Choi
"
Chillies Dried-Gon Lat Chiu
ཚུདཿ3.1[།[3a} ! |༄༄། ། |
HEMS
per doz 24
雞蛋
lb 30
32
12
27
N
pair
上海茚糖
enoh
鬼仔
Partridge, Che Khoo...
臼纖
Phoasant,-Shan Kai
W
**
pair $1
Pigeons, Canton,-Pak Kup
***
25
H
單口台
31
Red, Hung Far Chiu
Quail,-Um-Chun
+49
91
21
***
<
dozen
Snipe,-Sa-Choy
onchi
lb. 05
No ...
**
含量
14
Hoibow,-Hoi How Pak Kup,
Rice Birds, Wo Fa Choul
Turkeys, Cock-Phor Kai Kung
Hon,
Wild Ducks, S'hai-Shang hoi Sui Ap
Ter, Sui Áp Ohui,
***
Wild Ducks Cantou-Sang-Shing Sui Ap
FISH.
Barbel-Ka Yu
Canton Fresh Water Fish,-Hoi Bin Yu
Bream,-Bin Yu
Carp,-Li Ya...
•
++
Catish-Ohik Yu...
...
Codfish-Man Ya...
Crabs,-Hai
Outlle Fish, Muk Yu Dab,-Sa Mang Yu Daco, Wong Mei Lun... Dog Fish-Tit Tu Sa... Eela, Congor, Hoi Mann
340
Fresh water,Tam Siu Yu Eels, Yellow, Wong Sin Frogs,-Tien Kai
Garoupa,-Sek Pan...... Gudgeon, Pak Kup Yu Harrings, Teo Pak...
**
Halibut, Cheung Kwan Kup Labrua-Wong Fa Yu...
+
111230
each 32 A
Cia.
፧፧
416
*
菜蔬
lb
**
$1.75
foronco alures, the holders whore.
held to consider proposed altera- with regard to the preference appeal was accordingly allowed." tions of the articles. Such altern- which was actually contained in
haros anything other than that j
tions, it was stated, being morely he contract under which prefer
such as were necessitated by the onco holders had equal rights
alteration of company law since with the ordinary shareholders
the incorporation of the company after 10 per cent. had been dis- could not affect the rights of the,
COMMERCIAL.
Flah Prices In Siam.
The price of sea-fish, which was the highest on record in Bangkok a fow wooks ngo, in re- In giving judgment on July 1ported to be gradually falling.
ordinary or preference share-tributed all round. holders. Subsequently the pro-
The Judgmont
posed alterations were annotioned the Master of the Rolls said that
by the company in general.meet the appeal raised an important ings Article 111 of the now question as to the rights of pre-
Rubber Outputs
Tho. Ostimated output of dry
artioles replaced Articlo 110 of ference slinroholders-n question rubbor of the Chempedak Rubber the old, and provided that, sub which must have a far reaching and Gambier Estate, Ltd. for the jest to any priorities that might effect if the judgment of Mr. month of July, is 3.171 lbs. and be given upon the issus of now Justice Joyce was to be supported. that of the Tebong Rabber and shares, or might be subsisting. The company in question was a Tapion Estate, Ltd., for the same the profits of the company avail limited company which had the month is 9,000 lbs. able for distribution should be power under its articles to issue Coffee in F. M. S. applied first in payment of a
newshares, including preferences. cumulative dividend of 10 per cent. The company did, in 1801, issue in coffee at the end of 1911, in the Over 11,000 acres were planted on the preference shares and, sub certain newehares, and the validity Falorated Malay States, or nearly
2ject thereto, should be distributed of that issue was not for a
"
៩
"
8
豆角
1400
140
**W
each 2
I
***
5
Þ
1
$1
0
10
"
***
12
*** 33
*
***
(0)
.12
.
Bach-
"
1b. 10
***
10
20
+42
15
+
紅花
12
10
2
10
苦瓜
"
***
8
**
11
茶斯
***
5
#F
11
8
老
10
13
Indian Corn, Suk Mai
Water Chesnuta,-Ma Tai
Lettuce, Young Sang Choi
**
1
T
#
Ib. 0
沿路
**
10 桂林牌路
12
Bach10
lb 15
10
"
6
4394
Grosn,-Ching Lat Chiú
E Curry Bluff, English, Kar Lee Chu Liu 沙滩
Cucumbers, Ching Kwa
Ritter Squash,-Fu Kwa
Garlic,-Que Tau ...
***
***
ExGirger, young.-Sun Tee Koung
水鴨仔
old.-Lo Koung
Horse Radish, Shanghai,-Lik Kan
Okroes...
ITT
18 METO
17
Mandarin, Kwai Lum Ma Tai
Mushrooms, Fresh,-Sang Cho Koo
Mush Melon. Amer.-Kam-san Hong Kwa
+44
...
TE
Onions Bombay,-Yeung Chong Tau
Groen, Bang Cuong
Shanghai, Shang-hoi Chong Tau
Papaw, let qual.,-Tai Man Sau Kus...
2nd
10 Parsley,-Kun Cho,
Green Peas,-Ching Tau
Shanghai,Shang-hoi Shu Tas
Japan-Yat Poon Shu Tea
American,-Fa Ki Shu Tea
Foochow, Foo-chow Shu Tasi
21
ཛ་བ ོ་ ;
#1
***
***
lb 9
17
壁烦
17
$1
海飲
22*
專家
醴圾
20
11
赤您
**
20
LI
**
16
17
17
•
BEA
Chung
E
D
10 海暖
Potatoe, Sweet,-Fan Bhu
17
悲师
32
30
W
"
00
要
Ti
12
Pumpkin, Tong Kus
**
++
***
JJ
1
24
Radish,-Hung Lo Pak Teai
***
"
40
... 21
Sage, Teo So
Rhubarb (Fresh),-Tai Wong ·
Ma
01
...
***
F4
***
'82
Shallots,-Gon Chung Tan
求
**
45
Spinach-Yin Choi
***
量
**
dia
DAI
32
急动
Tomatoes,-Fan Ker
*
DIJ
"aros,~~Wu Tan
*
14
...
***
28
+
...
***
403
20
DID
22.
English, Young Lo Fak
TDF
*** *
20.
燒魚
Vegetable Marrow,-Chit Kwa
1
**
***
HJ
***
*
17
(American), Kam-san Chit Kwa
Pike, Fa Paw Foong
0
花糖
Water Crees,Bai Young Cho
* •
***
**
Plaice,-Pan Yu...
20
班您
Lily root-Lin Ngau
*
***
Pomfret, Black,-Hak Ohong-
20
Pomfret, White, Pak Chong
Pawns Ming Ha
謝銀
Ray-Pal Pa Ba a sú m
Rook Finh, Bok Ka Kung ...
10
Loach,--Wu Yu
***
Lobetara,Lang Ha
LED
***
Mackerel,--Chi Yu... ...
***
Mulles, Chai Yu .....
Oyatera,Sang Hoo
Monk Fiah, Mong Ya...
Parrotfiel, Kai Kung Yu Feroh,-Tau Loo
**
Tu Fanti, (Long),~Lo Pak
39
Yams,-Ta Bhu
The
***
**
Among the ordinary sharoholder moment in question. The com total only 150 acres were planted | double the area in 1910. Of this
in proportion to the amount paid 浒
on their shares. Mr. Justice pany, he gathered, was now vor in coffee alone, the balance repro- Joyce held, upon the construction prosperous, and was in a position
of the articles and the resolu- not merely to pay the dividonde sonting the coffee grown as a tions, that the preference shares upon the preferential holdings, cateb-crop ansier rubber and coconuts. By far the larger part but substantial dividends on the ranked for dividend part passu ordinary shares as well, and the of the acreage under coffee is in
with the ordinary shares against question was whether the prefer Selangor-9,575 out of 11,313 any profits of the defendant company available for distri
once shares were, or were not,
#bution as dividend after provilontilled to further dividends after
the ordinary shareholders kad ing for a cumulative proferential
received a dividend equal to dividend of 10 per cont per an 10 per cent.
and
прод
acres.
Shanghai Bullion.
August 3, 1912. Bar Silver
.27.5-8. That depended Mex. Dollars M'ket Raton Tls, 7.45 num on the preference shares,
the articles of associa Copper Coal........per Tla. 17.70 and a like dividend on the ortion so fas as they were applicable S'hal Gold Bars...S'hai Tls. 385 dinary shares. From this deci
to the point. The resolution upon Bar Silver Tla 111.15 sion the defendant company
which the question had arisen Sovereigns: Bk's Buying rate Mr. Nolson, representing the or was that the capital should be
Tl6. 7.38 Odinary shareholders, now appeal increased by the issue of pre- 10 Aed, contending that the preference farence shares, the holders of shareholders were only entitled to which were to be entitled to a ten per cont. dividend, and no
cumulative preferential divi- moro.
donda. Such shares as regards Mr. Upjohn, K.C., Mr. Gore Browne, K.O., and Mr. H. E. capital and dividend were to have Wright appeared for the appel-What was the ordinary prima-facio priority over the ordinary shares.
8
FA
#
̇薯薯仔
土日州
lants, and Mr. Younger, KC., E
I
多瓜籽
紅期白
981
pricos necessarily vary from day to day and the Sanitary Board has no power to compel stallholders to sell at the prices quoted,
BOWEN-ROWLANDS,
TACK HING
Death of Well-known Chinese, Interpreter,
"Lo Courrier d'Haiphong" an perference nonnces the death, on August 2, and Mr. Tomlin for the respond shares having a fixed dividend of M. de Luc, formerly known as
ont.
Argument for Respondent.
of the meaning
of 10 per cent. por aunum. The Tack Hing, one of the most in- Mr. Gore-Browne contended ordinary meaning was that the fluential Chinese in Haiphong that Mr. Justice Joyes had put a resolution defined the limit of M. de Lug was 72 years of age. wrong construction upon Artiole dividend which the preference After having been an interpreter 115. He contended that the shareholder was to be paid. It in Canton, he removed into Cochin resolution of 1891 gave the pre- was generally assumed that such China, where he was government ference shareholders 10 per cent, shares had no right to further interpreter for many years, render and no more. They had no fur-dividend, and, in his opinion, ing valuable services during his ther right to participate in the that assumption was well found tonure. Later he became Cus profits of the company.
ed, and this had been so for many tome-interpreter at Tonkin; mul years. It was more than half a sequently holding the post of Mr. Younger, on behalf of the century since the judgment was compradora to the Haiphong respondeat, said that in the court
given by the Court of Appeal in the branch of the Indo-China Bank, below it was contended on behalf case of Henry v. the Great North-Three years ago he applied fun of the appellante that the original ern Railway, and since then the for French naturalisation and wa bargain had been got rid of The position of preference holders atraiting his papers at the time preference shares in
| his doath; ~ M. de Luo was j question were had been well recognised. created in 1801, pursuant to re- Effect of the Resolution. member of the Catholic Religio. solutions passed by the company The claim now set up, however, lle leaves one son, a comprado o In July 1801. was not until had never previously been brought of the Indo-Chinn Bou 1000 that the company was forward, and there were