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THE HONGKONG TELEGRAPH, SATURDAY, NOVEMBER 30, 1929.
LOCAL COMPANY'S
AFFAIRS.
|SOME POINTED QUESTIONS BY CONTRIBUTORIES,
LEGAL PROCEEDINGS.
Mr. Leo d'Almada, senior, put no fewer than thirty-one questions to Mr. J. Hennessey Seth, of Messrs. Percy Smith, Seth and Fleming, who presided at the adjourned meeting of contribu tories of the Hongkong Develop- ment, Building and Savings Soolety, Lid (in Hiquidation) which was held at the City Hall yesterday afternoon.
Mr. d'Almada acted on behalf of five contributorice, the questions deal. ing with various matters of the company.
The Chairman said that the most. ing had been convened for October 26, and was adjourned until yoster- day in order that the meeting bo opened for discussion. He formal- ly proposed that the Liquidators* report and statement of accounts as presented be adopted.
This proposition was seconded by Mr. Chung So-yuet and was adopt-
zd.
Mr. Leo d'Almada said he was very grateful for the courtesy ex- tended to him as representing five of the contributoriés who desired to ask certain questions which hud been sent to Mr. Seth." He under- stood that they had been considered by Mr. Seth who had prepared answers to the questions. Mr. d'Almada continued he would put uno question at a time, and accept the answers subject to any reserva- tions that he or the contributories would have with regard to them. The questions were then put as follows:
Number of Applications, Q.From the records of the company now in your possession, please state the actual number of applications received by the Direc tors from persons desiring to ob tain the assistance of the company in building houses as mentioned in the prospectus of the company?
A. From the recorda in our pos- session 1,633 persona appear la have applied for sites...
QOn what date were the negotiations for the acquisition from the Government of the plateau below Jardine's Look-Out completed as stated in the said prospectus?
A.I regret 1 am unable to givė the date when the negotiations were completed, but this was probably before December 17, 1928, as there is a reference in the minute book. to the proposed engagement" of architects on this date. The chair- man continued that he was looking for papers. If he could find them, the contributories could have them.
.
Q. On what date was the grant of the said land made to the com pany as mentioned in the chair- man's speech to the shareholders at the statutory meeting of the company on March 20, 19247
A-I am unable to give you the date when the grant of Jardine's Look-Out was made-to the compuny as there is no record in the minute book of the date.
QIf no grant of the said land was ever made by the Government to the company will you kindly state from your records the rea- son or reasons which prompted the Directors to abstain from applying for same or the reason or reasons which prompted the Government to refuse to make the grant if such was the case?
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A.There is no record'among the papers in the possession of the Liquidators stating whether the grant had ever been made or that the Government refused to make one. Reference to a grant was made by the chairman at the statutory meeting held on March 20, 1924, when he stated that the original uren, 29.47 acres, had been Increased by approximately five times and later stated that certain
state whether the clded not to proceed with the de- members of the Government had position to visited the site with members of Directors abstained from applying velopment scheme at present."
No Record of Grant. the Board and decided upon the for this site but, ut a Board meet-
Mr. d'Almada asked whether Mr. extension on favourable terms. At ing held on October 28, 1926, the the same meeting the chairman chairman stated "We had only re- Seth had any record-in his pos stated that no grant had been made ceived nine or ten payments of session, showing whether at any made to of land upon which Chinese houses $1,000 each as a temporary deposit. time a grant had been could be erected. I am not in a In the circumstances It was de-The Company.
Mr. Seth replied that he took over all the papers that were hand- ed to him, and there was nothing on the recorde as far as he knew
Mr. Chung So-yuet-Arising out of your replies to questions 1-4 'you have absolutely no re- (Continued on Page 3.j
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