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THE HONGKONG TELEGRAPH.
NATIVE BANKERS.
12TH ANNUAL DINNER HELD
LAST NIGHT.
The 12th, annual dinner of the
Chinese Gold and Silver Exchange was held last night at Yee Woo Restaurant, and attended by about 200 native, bankers. In his open- ing speech the Chairman, Mr. Chung Tat-ching, said that the work of the Exchange last year was most antisfactory and was grently due to the efforts of the officials; and to the valuable help of Mr. Ho lu, the honorary ad- visor, and Mr. M. K. Lo, the legal adviser,
WEDNESDAY, AUGUST 1, 1928.
INSTONE BANK.
AN INTERESTING PROBLEM
AT CANTON.
Because a company registered in Hongkong has no preponderance of capital of any one nationality, it is without nationality, and in China la called upon to register as
a Chinese concern.
CORRECTION.
· PRESENT · OWNERS NOT LIABLE FOR DEBT.
Mr. J. Videro, the new propriet- or of The Cafo Pavilion and Bakery on Nathan Road, Kowloon, calls attention to the fact that the reports published regarding the claim against the concern for eggs supplled are misleading, in that they give an impression that the claim and judgment were against the present owner, where- as they were against Messre. Fof- prodist, Ltd., former owners, now.
That is the interesting situation that confronts the Directors of tho Instone Banking Corporation, an institution established in Hong- kong some months ago, registered here, and which recently opored branches at Canton and at Shek-in liquidation.
ki.
The usual procedure adopted with foreign firms which establish themselves In China is that the appropriate Consul notifies the Chinese Government that the firm In reviewing last year's work, has been duly registered with the the. Chairman said that although Consulate. The Instone Banking; the Association had existed for Corporation is, however, partly many years, it was not until last British, partly American and part- year the spacious, and modern ly Chinese. The British and Am- building, now housing it, was erican capital in sixty per cent of erected. The year had its trying the whole, and the Chinese capital episodes, among them the native forty per cont. Accordingly, nel- ther the Brit nor American Con. bankers' joint appeal to the com- pradores of local foreign banka suls at Canton could accept the ro regarding the abolition of the sya- gistration. The Directors of the tem of chopping all foreign bank Corporation accordingly opened their branches (on Chinese ter notes tendered by native hanks for exchange, and the Police con- ritors) at Canton and Shekki, without registration, The cus- Ascation of the large quantiles
tomary notification of registration of Kwangtung copper coins, imnot having been received by the ported from other parts of China Canton authorities from any Con- by local native banks. Fortunate. ly, due to the capable hon, adviser, ul, the authorities insisted that the Bank must be registered as Mr. Ho Tu, and the legal adviser, Chincse and pay the usual fees. Mr. M. K. Lo, these problems were
The Directors objected, insisting antisfactorily solved.
that the Bank was a foreign in- stitution. Thereupon the authori." ties closed bath branches and the Mr. Ho lu congratulated the As- Bank has reluctantly been compel Rociation for
safely led to cease business in those two having passed such a dificult
period ellica. which last Was
year, was marked by civil war in North
FLH
A Bright Future,
1:
Brancher Solvent.
"
China and Communist disturbances The Secretary of the Corpora- in the South. But this year, he tion, Mr. P. C. Leo, inform said, the clouds have passed over ed a Press representative yea once more, Communist elements terday that the management of have beng almost completely routed the Bank did not intend to obtain and what is most gratifying is that any licence from the Canton our country is now united under Government even if they had to
is the close., ong Government. Such bright prospect before us, and it is expected that native bankers will be able to reap a good harvest in
their business.
"However," said Mr. Leo, "It this action is taken we will see that all our Canton depositors re- ceive their money back in fall, for the funds in the Canton branch, are more than adequate."
Mr. Ho said that with such a prosperous time ahead the native bankers should enter into closer re-
Mr. N. 1. Brewer, President of Intions, both socially and commer- cially with foreign traders, as it the Corporation, returned from will certainly result in a great im- Canton yesterday, and in an in- provement in the local commercial terview made it clear that the market. Before concluding his Directors' were not resisting the speech, Mr. Ho expressed his wish Canton Government's closure nor to resign from is post as hon. attempting in any way to act them- adviser, but finally the irman selves up as martyrs. The situa auf other emetals of the Association in which the Bank finds itself tion succeeded in persuading him is however, novel and peculiar. to continue his work for the Ex- There has probably not been an- change for at least one year more.other case in China in which a firm Before dinner was served, he has been definitely foreign. yet
without nationality. new officials for the coming year were elected Chairman, Mr. Lam Kwai-sang of the Cheong Kee na tive bank; vice Chairman, Mr. To Koon-ying of the Chuen Hing bank, and Treasurer, Mr. Li Chit- yuc of the Tak Wing bank.
FIERCE FOREST FIRE.
CARPATHIANS SET ABLAZE BY A HEAT WAVE.
Warsaw, July 31. Notwithstanding the energies of several battalions of engineering troops the great forest fire in the Carpathians, which broke out as a result of the heatwave, is still raging. Heavy damage has been done. Reuter.
The Carpathians are a great mountain system in Central Europe, extending in a vast crescent for 800 miles. They form the water- shed for the Baltic and Black Seas, the most important rivers rising in them being the Dniester, Vistula, Thelas, Maron and Szanos. Besides having more mineral wealth than any other mountain system, in Europe, the region of the Carpa- thians is rich and fertile and well wooded with oaks, beeches, ever- greene and frs.]
SALESMAN ŞAM
WONDER WHERE MY I HORSIE IS TONIGHT")
HERE IT
G'VINN
HOME!
15
IF SO, GET IN TOUCH WITH
SAMA
IF NOT,
NEVER
MIND.
Mr. Videro explains that he pur chased the business from the liquidators on June 30 last for cash, free of all liabilities, and that all his purchases are being made for cash.
to the Canton Government. This plan auggests itself as the best way out of the diffleulty.
J
Letter to Government. Mr. Brower has addressed the following letter to the Canton Minister of Foreign Affairs;
July 30, 1928. To the Minister of Foreign Affairs, Canton.
Dear Sir,-At the instance of your Mr. Liang, we write you with reference to the action of your Government last week in closing our Branch Ofees at Shekki and Canton (and of sealing up the funds contained therein) for the stated reason of our having failed to register and take out a licence therefor.
closing our business.
+
We beg to inform you that the Instané Banking Corporation is 1:ut A Chinese Company and cannot register as such; also that the full particulars necessary for registration were on the files of the British Consulate. prior to your That the been disposed to act on these par- Consul General should not have ticulars to the extent of declaring our foreign nationality to you does not alter our contention, since his lack of action may be erroneous and a majority of our shares are in fact possessed by American and British nationals and the Instone Banking Corporation, Ltd., is in- corporated in Hongkong.
We fully acknowledge, however, that ponding a declaration by the Consulate of registry by them, you are entitled to demand that regis tration as a Chinese firm shall be a condition of our continuance in. business,
:
But while omitting such a de- cision to be within your rights, we
ומטין]
ure under no circumstances pre- pared to admit that the Instone Banking Corporation, Ltd., is a Chinese firm, and we have not nor will not authorise any person or persons to deviate this position, Unless we pemitled to do business in China in our true capacity of a foreign firm, we prefer to discontinue our Canton and Shekld branches until 'our status can be firmly cetablish- ed.
are
Inconveniences. Unfortunately, the dilemma in which the Bank finds itself entails a good deal of inconvenience. For example, the Hongkong regis- try makes the Directors reapon- aible in Hongkong to the share- holders. These are entitled to Under these circumstances and ask that their property in Can-
In consideration of the interests ton, the Bank's assets there, shall of our depositors, we would request be protected for them by the Direc- that a responsible person or per tons. The Canton authorities
sons be appointed na trustee to have been asked to appoint a Trustee. It so happens, however, pay off all our creditors at Can- that there is in Canton no Ometal ton and Shekki. I have every rea- son to belleve that there is buf- Receiver, nor any machinery for fcient cash in the vaults to enable quidation of a firm. Who then this to be done without recourse is to act as trustee?
to our debtors, investments, or The Canton Government might property, so that the latter could, select a special liquidator of its be collected or disposed of he re- own choice, but the Bank's Direcquired in an economic and unhur tors must obviously be fully pro- ried manner for our benefit. tected, for, morally at least, they will be found that whilst the sup can be held accountable in Hong-ply of actual cash in Shekki s kong by their constituents, for alightly below the total of our the Cantón assebs,
Nabilities in that city, yet in Can- ton there is surplus cash aufficient to satisfy same,
The Directors might remove the assets, which consist of cash and loan documents, to the Shameen, and carry out the liquidation there, but the vaults have been scaled by the Canton Government and that course seems impracticable.
An alternative course would be to ask the British Consul General at Canton to recommend a trustee
WELL, FOR TH’"
·LOVA LOOTE!!
J
It
Our Mr. Instone Brewer's Inter- view at your Department of even date leads us to believe that this request will be acceptable, so that we beg to thank you in advance for such service to us.
Commending this letter to your earnest attention, etc.
A False Alarm
HOPE MY LEGS DON'T GIVE
OUT!
CAN'T KEEP THIS UP MUCH CONGER, BUT I'M GONNAY!
GH
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