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THE BANQUE INDUS- TRIELLE.
Scheme for Reorganisation. There was a good attendance last evening at the meeting of depositors and other creditors of the Banque Industrielle de Chine, held at the City Hall to discuss
Not Binding.
of the last-zamed would take a The Chairman said he would} lang time-at kuel
the aptit like first to emphasize that if the filepositors were pakl off, siler theme were accepted it would which a greater percentage of the not be binding upon them. They protits would be availuide for the were not there to accept some, repayment of this section of the
Habilities thing which they would be bound
Shanghai Approves. to adhere to, but the proposal was
The Chairman asked whether the! being laid before them with a view Decabling M. Benoist to do some fcretitors agreed to that proposal. thing for them. Unless something in doing so, he repeated that Got bind them- the they would
Dat before
a scheme for the re-establishment tangible was of the Bank. Mr. G. P. Lammert, French Government, nothing eculd selves to accept, but they Chairman of the Hongkong anien be dɔce.
The assets, as would be
seen
give the people in Paris something tangible to present to the Govern.
Government would never be able to
of depositors and creditors, pre-from the scheme, were principallyhen:. Unles that was done the
ex-
sided, and with
him were members of the Committee and made up of Boxer Lademnity to he Mr. H. J. Silva, Hon. Secretary, paid by China, amounting to 320 5t to work. All parties would be |chasing around in circles, without million francs. There seemed to There were also present, to
coming to anything; and meantime plain the scheme, 31. Mentargis, no doubt in M. Bencist's all the money would be spent on focal Manager of the Bank, and mind that that money would be upkeep and salaries, etc.
available: otherwise he would not The Chaintuan added that be havi Mr. M. H. Turner, Solicitor.
have included it. Some people it un very good authority that the The Scheme. The scheme is one elaborated ad expressed doubts as to whe-Shanghai union of creditors had by 31. Benoist, Judicial Adminis-ther the Boxer Indemnity could be accepted the scheme, and telegr trator appointed by the Tribna
of Commerce in Paris.
Įver cent..
NOTICE.
TO HONGKONG RESIDENTS
IN RESPONSE TO NUMEROUS REQUESTS.
IZAL
THE IDEAL DISINFECTANT
IS NOW OBTAINABLE IN
ONE QUARTS
HALF
GALLONS
AND
ONE GALLONS
FROM
A.S. WATSON & CO., LTD. COLONIAL DISPENSARY. QUEEN'S DISPENSARY. EDWARD DISPENSARY. SINCERE CO., LTD, WING ON CO. LTD., SUN CO, LTD, BAKILLY CO., LTD.. SUN MAN WOD., NAM HING LOÐNT., YUEN SING HING, CHEONG WOO, &c, ka, ke PUT IT ON THE BOOK TO-NIGHT.
Icalled part of the capital of the knew that ene of the obligawere mad up, different condi-French creditors meeting Shangany interest would be received on
Bank, viz. 43,500,000.
F.258,000,000.
The Liabilities.
Unanimously
Three Schemes.
GA-
The Chairman said the decision
would be wired at once tu Paris
Closing the meeting, the Chair.
man said that
the lust meet..
This Benoist scheme," the collected: but he (the Chairman) had been sent to flapoi and other ment of 0 per cent, accesing to submitted that it was not for the places. No replies had yet been a special scheme: while the Govern: Sinabi report added, It is based upon arrangement creditors to doubt when a man received, but since the chercement is prosecuting the guilty quite workable. The French and which members of the Bank Industrielle. Chinese floveruments are invour- with the creditors and on France's like M. Benoist, in a very high offered 50
better than nothing.
So are the creditors. The the it must not forget to repair the able. share of the Boxer Indemnity. It20sition in France, said that those was
were the assets, which meant that other unins would probably ac damage done. When Parliament Barks would give sufficient delays. implies:
(C) The addition to the assets of the money could be get. In addi- cept. The idea of accepting this and Seante have agreed, why should It seems necessary to call the the Banque of the proceeds eftion to the Boxer Indemnity, there scheme was really to oppose awe wait? The French Goverment attention of the French Government to a vehem better than any other,'t the said Boxer Indemnity, viz. were 48% million frangs consist other scheme, which was the wind has not cabled to the Minister in
tag of calls due from share-ing up of the whole concern. and Peking to start the negotiations. The Question of Interest. F.320,000,000.
The Shanghai French union
A depositor asked regarding (b) The collection of the anholders. As business man they which would leave depositors very
little. Furthermore, if the Bankwent "the following telegram: paragraphie jol the scherue, whether tions of shareholders in every
tions altogether would obtain. The hai are indignant, after rote Parlin- the secotal half of the deposits. WAS to pay the ji-les of rievoting the Boxer Indem-meat and Senate, negotiations have
MMontargis: We don't know (c) The immediate repayment of company. the purely banking debts, such as calls that were made. Cashnity to the repayment of credi-not been started between French about the interest,
jhand amounted to as millica franes,tors was to carry on the work of overnment and Chinese Govern. telegraphic transfers,
The Chairman suggested that if drafts,
making the total svets 420 the Bank and to restore its prestigement. Now ali HOW delays depositors got back their capital. cheques, sundry subscriptions to
foi formar pears. Hegested faremore... and ___more__ pre-interest would be a small matter. bonds got delivered yet, illa franes. ete aggregating
that they accept the scheme, and judicial. banks debts,
require le proposed that the meeting
F,70,000,000.
Adding up the liabilities they that their acceptance be wired to ultimate staare pick polution. acceps 31. Befoist's proposal, which fle thought that in the end Would accept Benoit's scherne wall mean fast the meeting was (d) The immediate repaymeat would find that they came to far Paris. of 50% to the other creditors, vizore: but certain of them need acceptance would pay them better printed in paper Februars thepposel very strongly to winding up
unt at present be taken into con-than liquidating the concern and but will before everything and at the Bank.
total of 900 finishing with it. The Commit-all cost solution because French Mr. J.E Jeseph seconded and (*) The delivery to the creditors sideration. The
was carried paragraph (d) of a credit certi-million franes was divided into two tee bas bad as meetings spre zood and creditors good require it. the out State called "part beneficiaire," parts. One part was composed of the last public meeting. Hopes Have confidence Government foil animausis. redeemable at par and particip the purely banking debts, amount-bail been raised several times, and dilatory tricks which are speculated ing in 80% of the yearly net proing to 70 millions, and of the de- dushed again. until now they had upon by enemy French good in the psits, agnounting to 516 millions, seruething to go up. Father Far East, and to end the soonest fits of the Bank.
The Robert would be in Paris in a few the waste of liquid assets." () Delays for the repayment of or a total of 58 taillions
ing & multitude of people attended. the amounts due to the Free-hother part of the liabilities, for days. He was a staunch suppor
secondary consideration, were ter, full of energy, and for anything One of the Shanghai speakers and were very enthusiastic, want- Banks, aggregating F279,500,000 lehte owing to the French banks, they wanted one they could wire had explained that there were threeing to do this and that. Since
The great thing was arouating to 279 millions, and bira.
schemes: (1) Winding-up, which then, the Committee had appealed Banque of France. F.140,500,000 ong term liabilities amounting to strengthes the bands of sI. Benoist would give about 10 per cent; (2) for the very small sum of Su from due to the Consortium).
131 millions or altogether 33 and allow him o proceed without The refund of 50 per cent to the each depositor and creditor, to
waste" of time so that they would creditors () The designation of a ni millions of francs.
by another banking keep things moving. Many of Board of Directors and the diz
Leaving cut of consideration for get at least half of their money establishment; and (3) the Benoist them bad probably overlooked it. missal of all the unsatisfactory the moment this second part of the back
scheme of the 9th February. The Cables could not be sent without officials.
liabilities and considering first the Car of the depositore said be other schemes proposed in Paris money, and there werd other ex- The assets of the Banque will first part, amounting to foc million understol that if they accepted. were only to save time.
As pruzes. Now that they were gett wasing so neat it be buyed they therefore be: F.220 millions, to frames, that in itself amounted to the scheme would not be binding to the Boser Indemnity, it
than the assets of 4261 on them; but would it be binding explained in Parliarseat that the would not forget to send their So be derived from Boxer Indemnity: more
the bank? It 481⁄2 millions to be collected from millions. The proposal was that of un
was not total debt as agree upon in 1901 to the Honorary Secretary, Ma shareholders; plus 58 millions the 80 millions. the 70 millicos of quite clear whether it was just a by the Chinese Imperial Govern Silva, c/c Dodwell's,"
The meeting then terminated. cash in band, which will give purely banking debts should be tentative proposal and whether ment was 150-million Haikwan. total assets of 4261⁄2 million paid in full at once, as well as balf actual payment might not amount taels gold. France had to receive 15.75 per cent, with interest át.4 trancs. Out of this, F.70 millions of the deprsits 128 millions), to only a fraction of it.
The Chairroso said it stool to per cat per sunum, capitel and will have to be paid as per para-which meant that 323 taillions
DR. WANG CHUNG BOU graph (c) and F258 millions as would be paid right away. De reason that anything not binding interest payable within 39 years,
REFUSES POSTING 1921 the United States cancelled
Peking April 4-Despite the per paragraph (8), making a total ducting that from the assets of ca the creditors could not be bind-guaranteed by the Customs. In to be paid of F.228 millions from 120 millions, that would leave 84ing vo anybody else.
millions liquid cash with which to
Shanghai Views.
the Chinese debt. Later on the fact that Dr. Wang Chung-bui, F.4261⁄2 millions assets, leaving a carry on the business of the Bank. The Chairman rend a report of a Japanese Government cancelled Minister of Justice, has been balance of F981 millions 35. As to the remaining belt of the meeting of the French union of it also, The Chinese Government asked to resume his post by the working capital. Liabilities as deposits (258 millions), they were creditors in Shangbai, wherein the informed the French Government President and Mr. Tang Kang/: per paragraph (), viz. F270/zn be paid from the profts, 80 per present position was stated as of its desire to see the cancellation Acting Minister of Justices ever millions and F432 millions long cent. of which would be devoted to follows: Parliament and Senate af same; but on acerunt of the since, be rettheted to Peking from term liabilities, will be paid of repaying them, while the remam- agree to co-operate in the refloating Banque Industrielle failure it had Washington Die | Wang -- haá from 20% of prefits of new Banking 20 per cent. would go to repay of the Bank and for paying the been found necessary to me the Hitherto declined the dice and whilst balance of 80% will be the second. portion of the liabili creditors from the greater part Boxer Indemnity, and 820 million to-day submitted an official note weident) Brmly refusing I used to 'redéer certificates as per ties, the 828 millions already men of the Brxer Indemnity. The francs would be taken out of about w the
paragraph (0).
Itioned. Of course, the repayment creditors are willing to accept pay: 866 million, tranes for this purpose. I co take up the p
(viz. F.139,000,000
due to 28