THE HONGKONG TELEGRAPH,
OFF TO SHANGHAI.
CHANG TSO-LIN,
TUESDAY, MAY 17, 1927.
HONGKONG SHARES.
COURT SEQUEL TO LOCAL SHARE MARKET CRISIS.
In H. B. M. Supreme Court at hanghal on May 11, before Judge
SIR MILES LAMPSON LEAVES TO CONFER WITH MILITARY
PEKING.
Peking, May 10.
Sir Miles Lampson and party etor, Grain, Judgment was re- left Peking for Shanghai this rved in the caso, in which a afternoon.-Reuter. arebroker's liability is Involved,"
hen a principal's name (buyer
LEADERS.
Peking, May 16. Chang Tao-lin is intending to leave Peking about May, 20 on a trip to Pengpu and afterwards Ho- nan, in order to Investigate and discuss the situation with mill- tary leaders. It is expected he will be absent from Poking, for ten days.---Ecuter.
had given it to him. He thought, however, that Mr. Ellis should do think? something for him and it was meant. agreed that $3,000 should be knock-
Boller) is or is not divulged gard to these shares. Regarding afore or at the time when a share the $3,000, witness said that in ontract or purchase noto is sign- 1 by the respective brokers or January, 1926, Ellis had asked him for a loan of Tis. 1,000 and he lents. The plaintiff is Emanuel E. Ellis,
I don't know what he stock and share broker and a mem- er of the firm of Ellis and Co., of
Another letter says that Mr. hanghai, and the defendants are arry O. Odell and Jack Behar, algo ed off the settlement of 1,000 Hong-Ellis is going to deliver the shares. ock and share brokers, formerly of ongkong but now residing in Shang-ng tramway shares. Witness Why did you not write and deny was certain that the $3,000 was not liability?-I settled the Septem- to be knocked off when all settle- ber "Trems." ments had been completed. He-re- member showing the note to Mr.
The plaintiff was represented by
Plaintiff's Brother Inquires. IM, Rouder Harris, of White-
What about the August trams"? Roper and Co., and defendants are presented by bir. R. N. Macleod, of Victor Gensburger. He could not-I was always working on them. explain the note had been lost! When the advertisement ap att and Crises out of the Gnan-exe how to making inquiries, peared in the Hongkong papers an- al crisia, which obtained in long-Witness had done further business nouncing a dissolution of partner ong during 1926 and the amount in- plved in this action: a Hongkong with plaintif during 1926 and the ship between you and Mr. Behar, plaintiff had failed to meet his did you not receive a letter from 164,821,
It had plaintiff's brother asking what you When the court rose on Tuesday obligations to witness. fternoon, the second defendant was been definitely agreed between wit intended to do about a settle-
ness and plaintiff that the new ment?Yos, the course of being cross-examin-
by Mr. Render Harris and his business should have nothing to ross-examination was continued,
And did you not reply that you
In reply to questions put by plain.do with the old outstandings. I hoped shortly to make a proposi ff's counsel, witness said that he have, however continued wit-tion? Yes. On behalf of
ness." always tried to get the buy-clients.
my
let the shares to clients for plain-
What about Lammerts?--You' ft and
he gave a sale note to Lumers of these shares to meet Ellis ert Bros. (one of the buyers). Ile and to this day I have been trying know as well as I do, Mr. Harris, mitted that by so doing he ren do not progose, however, to that Lammerts west bankrupt and bred himself personally able to ayers to deliver the shares but ha not consider himself liable to the
faintiff if bayers failed or went into inkuptcy.
Counsel: Then your ense really sts on thist You are not respon- ble to the man who is selling but deliver the ly to the bayer to ares. What do you mean then hen you write on the contract "I nder myself personally responsible carry out the contract"s it
or le it true?
Witness: do not know whether am responsible.
Different Form for Broker.
work for Ellis all my life."
palil two cents. I took counsel's This concluded witness' exam-opinion which was to the effect ination-in-chief, and counsel for that I could go to Lammerts! the plaintiff commenced his cross-clients. examination.
Mr. Gensburger's Opinion.
This completed the frac de. fendant's evidence.
Mr. Gensburger's Evidence. Mr. Victor D. Gensburger was After commenting on the fact that the pleadings showed a differ- then called and stated that he re- ent construction of the $3,000membered Mr. Odell showing hing
air than that placed upon it by the note for $3.000. It was some- witness, and eliciting from witness time after settlement day in Janu- that he had seen the defendants, 1926. He was quite sure that pleadings in Hongkong before they it referred to the 1,000 Trams. were filed in the court here, ccun-Cross-examined witness said that Therefore if your legal positionel asked witness why he showed the note did not state that $8,000 that, it is you are replying "on the note to Mr. Gensburger, wit-was to be allowed when all the ness replying that Mr. Gensburger Trums were settled. Asked how untruth in one of your documents: I cannot answer that.
was an old friend of his and he he could remember the incident so Suppose you are selling to a client wanted to ask his opinion about the well, witness. said that $3,000 was such a small amount to have given ad not to a broker, don't you use matter.
as an allowance against all tho e-same form of contract-No, we
What did Mr. Censburger say?Share transactions. It was well e a different one. I put it to you that is deliberate le-aid--was an idiot to Jund. Ellis known-that-Emmanuel Ellis said
can you produce this form of Tls. 1,000. ntract? Well, the wording may be
8 same.
Referring to a letter written by o witness in which was stated "we all give you a credit not legally dorsed freeing us from all liabi- counsel asked witness: What Ability were you referring to-you' y you have no liability-I was erely doubly protecting myself. But you say you are freeing your if from liability, what liability? hore was no answer from witacts to is question and counsel
ཏ་
that defendants owed him large Oh! How much do you owe Mrsums of money. "Everybody in Ellis?--Witness.-This
account Hongkong owed money.on account shows Tis. 41,000--I don't admit of the smash and all brokers were responsibility in respect of the involved after June, 1925," con- contructs Mr. Ellis is now claim-huded witness. ing for.
His
Grammatical Nonsence, Do you know Mr. P. Tester of Counsel then addressed Ilongkong-Yes. He is chair Lordship, reviewing the evidence at length and citing reported cases) Do you agree with what Mr. Pand the law. In this connexion it man of the Stock exchange. Tester said in a recent case in is interesting to note that both
necount rendered to defenced Ilongkong that when the buyer's counsel agreed that the wording |
plaintiff which showed another mount due to plaintiff of $11,000, hich witness admitted was due. Witness then schnitted liability in spect of some shares. set out in "carrying note."
Desire for Double Freedom. Why are you responsible on this arrying note," if you are not liable the sale note Why don't you at on the carrying note that you e responsible?
There was no answer from witness
this question.
Did you sell some 50,000 H. and S. ptel shares for plaintiff during De- mber 19247-Yes.
Did you put the name of the buyer some of these contracts? Yes. some of the Inter ones.
I put it to you, that the reason you t the name of the buyer on some
those contracts was that you had to a certain party
id a large number
d were not prepared to accept any rther responsibility?-1 put it on make ourselves doubly free,
Ahy did you not put the buyers'
on the contracts which are subject of this hetion? I did not ink that Ellis would have the au city to disclaim my statements-
has lied in this ense.
Did you not propose a compromise th the plaintiff, offering $4,500 in
sk and $32,500 in a promissory
te? emphatically deny that, I
d this, I went at Ellis' request to
latt and Co. to prepare an agree- ent. Witness then went on to say that could not account for the note ven by plaintiff to defendants re- rding the cancelling of $3,000 of ir liability being lost. He thought might have been lost in the post t could not say definitely what had come of it. They were still mak
inquiries,
First Defendant's Story. This concluded this witness' ex nimation and counsel called the st defendant (Mr. B. 0. Odell) the witness hox,
Witness stated that he had been member of the Hongkong share- okers' association and was now member of the Stock Exchange ving been admitted during No- mber, 1926. All Hongkong knew at he had refused to pay- Mr. to He and ha was elected embership of the Hongkong Stock kchange by ballot. The ballot. g committee consisted of five embere. He had been away from ongkong at the time when the are transactions had taken place don his return had received a ter from plaintiff and he Im- adiately replied by telegram say- that the was doing his best. itness had always tried to get fers and sellers together in re-
name is disclosed 1 is put on the of clause 55 of the Hongkong sale note?-1 do not agree with Sharebrokers' Association, walch Mr. Tester's statement. He is not refers to the liability of members an authority on Stock exchange in regard to transactions, and law.
which appears on the back of the
Witness agreed, however, that asate notes or contracts, is not buyer is not bound to accept a pur-sense grammatically. There is n chaser,whose name has been dis-direct antithesis, said Mr. Macleod, closed by a broker. Witness said and the word "for" in the last line that he did not take Mr. Ellis' les- but two must obviously be sub- ters seriously and that was why he stituted by the word "to" did not reply and deny-sponsibi-sel was reading from the clause lity.
as printed on the back of the sale
A letter which Mr. Ellis wrote mutes. to you says: "why don't you hold these people to their contracts, the same as I am holding you to yours" What did he mean by that do you
Coun
Judgment was reserved, hist Lordship remarking that he would deliver judgment as soon as pos-) stole.
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