THE PENINSULA HOTEL STORES
KOWLOON.
GROCERY DEPT. Fresh Stocks of European and
American Products,
Order now" for the approaching Festive Season.
No increase in Prices.
BUTCHERY DEPT. Furnishes the best for your Table. Everything for a Snack to a Banquet.
Speciul Treins to large messes upon application.......
THE HONGKONG & SHANGHAI HOTELS, LTD.
SANITARY EQUIPMENT
OF EVERY DESCRIPTION.
LEE YU KEE
SHOWROOM
245, Das Vœux Rd, C. Tal, 0.1688 PLUMBING WORKSHOP 14, Moon Streal, Tel. C. 4775
CEMENT TILE FACTORY 03, Wakefield R4. ' Tal.' C, 1488
THE HONGKONG" TELEGRAPH,
"LOCAL COMPANY'S
AFFAIRS.
(Continued from Paye 2.). cord of any grant having been made? Everything points, to, the fact that no grant was ever made?
Mr. Seth replied that at one perted the managers had a talk about an extension on favourable terms, and therefore it had to be assumed that there must have been sume sort of grant.
Mr. Chung:-But" from tlie re- cords, so far, no grant scenis TO have ever been made?
Mr. Seth: Not so far as I know. Mr. Chung-I don't suppose you have found from the accounts of the Company any premiums paid?
-No.
Mr: Chung-So that would point to no-grants having been
| made 7-Quite so.
SATURDAY, NOVEMBER 30, 1929.
A.-From the list supplied it la not possible to give the information asked for
Q-If such list is incorrect, will you kindly furnish us with a cor rect list with the particulars asked for in question 9.
"Mr.' d'Almada said he was very much obliged for the answer as it led to something else,
Quesiton of Borrowing Powers.
Q.-If the reply to question No. are general powers" can you tell us whether the same included Borrowing powers for the purpose of borrowing money to lend the and carried up to date with parti
culars of loans and repayments has same out at a higher rate of interest than the interest payable by the been drawn up and is open to ins
the spection. company on auch loans on security of shares in local or other marketa?
A-I am not prepared to express an opinion as to whether the power conferred on the Directors cm powered them to borrow money in order to lend out at a higher rate of interest on the security of shares. QWe have reason to believe thut the following are the amount lent out and securities obtained by the Society:
Combined.
$12,000 500 Ching Lights com- bined.
$40,000.2,500. Humphreys,
Mr. d'Almanda continued:
Amount of Loan, Security.. Q. What was the amount pay-
$100,000-6,666 Macao Electrica. able to the Government for pre-
$47,502.16 150 China SugarS. $75,000 400 Malabons, 50 Shang- mium under the 40 years' lense in the event of the Directors obtain-hai Cottons, 100 Shanghai Docks, ing such a grant for the said land? 50 Orientals, 100 Shanghai Lands, A-If this question refers to 100 Dairy Farms, 2,000. Cements Jardine's Look-Out I regret I am unable to reply to it, but if it re- fers to Inland Lot 2454 ele, at Wongnolchong the premium pald to the Government was $8,200.
Mr. d'Almeda:- am Aorry. The question
regarding Jardino's Lookout,
Mr. Seth was not quite sure. Q.-Give the names of the per- sons (Directors) who were appoint- ed to manage or control what the chairman stated at the Arst ordin- ary general meeting on January 17, 1925, to be a finance department of the society?
Was
$4,000 10 Hongkong Banks, $29:000_160 Wharves.
AA correct list showing out- standings at 31st December 1924.
Q-If, after such loans were made, the shares or any of them de- steps taken by the Directors to ob- preciated in value, what were the tain further margin or to cover!
AI presume the Directors took what steps they considered neces- sary to obtain further margin on the loans, as from the minutos it would appear they were pressing the Managing Director, to take stops to protect the Company's interest.
Mr. d'Almada:Arising from that answer I take it that you are satisfied from the minutes which you mentioned that the Directors. had practically laid all the blame on the Managing Director?
Mr. Seth:-Well, they certainly looked to him to protect the Com-
pany's interests.
Mr. d'Almada:-I assume that.
\`. Question of Repayment;
Q-If any of such loans were
$5,000 Government War Bonds..repaid, can you give us the date or
(Contínued on Page 74.) $185,000 600, Wharves and 900 Shanghai Docks,
$14,000 Providents, new and old. The Un-Wisdom Of Delay. $7,000 500 China Lights Com
bined.
341,000 1.750 Taxta and 100 China Sugars.
$60,000-175 Wharves and 2,000 Cementa.
With many people delay, "even of a day, to evacuate the body's waste disturbs and distresses the
$3,000 100 Hongkong Ropes Com.whole system, and to all auch Pinkettes, the gentle, non-habit- bined,
$101,000 600 Hongkong, Lands forming, dainty little laxatives, and 100 China Sugars,
are the surest and best safeguard $25,000 Peoples' Bavings' Cor of physical well-being.
A-The following gentlemen served as members of the finance committee:-Rev. Father L, Robert, Mr. R. Shewan, Mr. H. A. Cart- wright, Mr. C. E. H. Beavis, Mr. Chau Shiu-ki, Mr. Sam Pak-mingporation. and, presumably, Mr. Fred Elilla, the managing director.
Mr. d'Almadu asked Mr. Seth if he would look into the records and let him know whether Mr. Robert Shewan held the required number of shares to qualify him under the Articles of Association,
Q.-What were the powers, if any, given to such persons by the Board of Directors as a body 7
A. No powers appear to have been delegated to the members of the finance committee, who acted In an advisory capacity. The powers of the Directors are clearly set out in articles 119 to 125 of the Articles of Association, which give the Directors power to raise, borrow and to invest, lend and otherwise deal with any moneys.
|
"
$10,500 Mortgage, $31,000 4,000 New Engineerings and 200 Malabon Sugars.
$30,500 5,000 Hongkong Ropes Combined.
$73,000 800 Hongkong Lands. $50,000 250 Wharvon. $40.000 200 Wharves. 352,500 1,000 Hongkong Trama and 100 Hongkong Lands.
$35,000 100 China Sugars, $80,200 100 China Sugars, $35,000 100 China Sugars. $30,000 Mortgage,
If the above list should be cor rect will you kindly furnish us with the names of the borrowers, tho respective dates when such loans were made, at what rate of interest, and the period Auch loans res-: pectively?
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Lane, Crawford, Ltd.
Sole Agents for Hongkong and South China.
E. HING & CO. SHIPBUILDING MATERIALS, SHIP OHNDLERS
HARDWARE MERCHANTS. ・・ PHONE: CENTRAL No. 1116.
'Wing Woo Streat
Tel. Contral 25.
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X'MAS
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NOW ON FTS for HER NOW ON
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SPECIAL SALE OF LADIES' HATS. Prices from $3.25 to $15.00
ALL THE LATEST ENGLISH AND AMERICAN
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Now is the season
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BUT THERE IS ALWAYS "
THE PROBLEM OF WHAT TO GIVĖ? A VISIT TO OUR
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DREDS OF SUGGESTIONS.
NEW
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Also for Gentlemen.
very latest Hand-Bags.
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A. P. C. BUILDING
TEL. 6. 2432.