Monday,
HONGKONG TELEGRAPH
January 23, 1939.
DONALD DUCK
By Walt Disney
गड
a
DON'T FORGET
OUR
WINTER SALE
is
NOW PROCEEDING
BARGAINS
IN
ALL DEPARTMENTS
LANE, CRAWFORD, LTD.
Par Ji Wae Beory Lore
IR30
BANK MEETING
Scheme Of Arrangement For Court Sanction
Meetings of creditors, "A" Preference, "B" Preference and Ordinary shareholders, of the National Commercial and Savings Bank, Ltd., were held at the Bank on Saturday, when a scheme of arrangement for the carrying on of the business was approved for submission to the Supreme Court.
Mr. Choy Hing, appointed by the Supreme Court, was Chairman at the Tour separate meetings which were held during the morning, an identical agenda being observed at each.
Messrs. Lo and Lo were present as Lolleitors for the Bank,
The Chairman said the Bank was registered in November, 1921, with a capital of $2,000,000, divided into 200,000 shares of $10 each, all of which were fully paid up in two
yours.
In February, 1934, the Bank in- creased its capital to $5,000,000 und 57,410 new shares of $10 each were paid up. At that time the total paid up capital of the bank was $2.574.100, During the first year deposits of the Bank amounted to $1,000,000, but later that figure increased to $10,000,- 000 and the
Bank was enabled to -establish branches
Shanghal, Canton, Hankow and Tientsin, In November 1924, the deposits in the accounts were savings
reat nad
Two Banks Closed
In 1935, the Bank received a heavy blow when two Banking houses in: Hongkong were closed, the first on January 4 and the second on Septem- ber 4, creating anesiness among the depositors of the National Commer- chat and Savings Bank, which led to considerable withdrawals of deposits.
The total amount withdrawn in that year was $3,100,000. In January the amount withdrawn was $1,500,000 und in twelve days in September $1,300,000 was taken out by deposi- lers. It became more difficult to meet the demands. continued with- drawals.
The property of
the bank wash mortgaged to meet the demand for cosh. The Directors were compelled to step withdrawals, and the doors of the Bank were closed on Septem- ber 16, 1935.
The Bank had enough properties to pay off all its commitments if they were sold, but this process would Over $7,000,000. During the 13 years take the liquidators a long time, since of the Bank's establishment, the totala rapid sale would feich less money profit exclusive of all expenditure on the properties were worth. The was $2,500,000 enabling interest of Directors were against closing the 7 per cent. to paid to the Bank, being of the opinion that if depositors.
business was resumed they would be
be
able to dispose of their properties more advantageously.
The Chairman then outlined the scheme of arrangement which is given below.
Acheme of Arrangement
1. That the stare capital of the Bank, ! nuinely $3,000,000 divided into 10,732 fully pakt up “” preference shares of 310 each ông 49.210 unissued like "A" preference · nhates of $30 each, 152,040 fully paid up
preference aliares of $10 each, and 34,544 uninuued lite "D" preference shares of $10 each), and 251410 fully paid up ordinary shares of $10 each, be reduced to $1,621,one divided into 20,752 fully paid upA preference shores of $10 each and 49,240 unissued like "A" preference shares of ste each. 152.046 fully paid up preference shares of -$5 each, ani 30.344 'unissued liķe “D” prefèrence abaren of 810 each und 237,416 fully paid up ordinary shares of $1 each, and that noch. reduction shall be effected:
in y cancelling the sum of 15 per
since on the mall 152,040 Issued "E"! preference shares of 10 each s being lost or unrepresented by available assets, and by reducing the nominal amount of the satừ shares to $3 per share, and
(b) By cancelling the sum of 49 per
share is the maid 257,410 Issuedi ortiary shares of $10 each an being lost or unrepresented by i available nasets, and by reducing! the nomtan) sinount of the said ¦ aliares to $1 per share.
Confirmation of Court
capital being confirmed by the Court and
2. That upon the sald reduction of i becoming operative:
(a) The 49,248 unissued "A" preferente i
shares of 10 roch shall be mb- divided into 402,400 shares of ș each and such #1 shares shall be regarded as formning part of the
Bank's ordinary shares.
(b) The 30.544 unismued "B" preference:
shares of $10 each shall be sub- divided into 303,440 shares of $1 each and such $1 shares shall be regorded at forming part of the; Bank's ordinary states.
(c) The 10,752 "A" preference at $10;
ench shall be subdivided into 107,520 "A" preference shores of $1 each, and that the 152,040 "B" pre- ference shares of $3 each elin e sub-divided into 700,230 "B" pre- ference shares of $1 each.
(1) The existing rights and privileges altached to the maid 101,038 "A" preference slinres of $1 each, the
Former Model FILMO
At
and now:
for 1939
WALT DISNEY
ceeding 10.000 in caca year so far
5.
That Clause 11 (a) and (b) of the)
on the profits extend to be uppited first scheme of arrangement be deleted
in redrenting the certificates for the and the following provisions be sub- time be outstanding.
(1) The capital of the Bank shall be
crensed to its former amount of $3,000,000 by the creation of an additional 3,078.020 ordinary slantes of Bench.
Sanction of Court
Latute:
(a) The qualifiention of a director shall
(V)
U.
Is the holding of 3,000 aliares in the Bank.
160.230 ""preference siinres of $1 rach and to the 237,410 ordinary ebates of $1 each resulting from the maid reduction shall be varled) by the amalgamation can from and) after July 1, 1938) of the said "A" preference shares, "B" preference states and the ordinary glues m ane class of ordinary share a by the extinguishment of all special
Unless otherwino determined by a rights or privileges attached to the
general meeling the number of the shares of those respective classen
nembers of the Boord shall not 3. That Clause d (b) and (c) of the
...exceed fleen or be less than nine, that the salt "A" preference schema of arrangement duly sanctioned
Tint the holders of the said "A" stintes. "U" preference shares and by the Court on January 11, 1930 there preference shares, the huiders of the said ordinary sharen shall 红挡 from after reterred to as "the first scheme of "D" preference shares and the holders ali July 1, 1830 beeume and be and arrangement") relating to the payment of the said ordinary shares shall accept the beardest as forming one class e Instalments to the creditors of the provisions herein contained in satisfaction of ordinary shares rankter part Hank be altered by substituting the word of their existing rights with respect of Bass for purpose of dividend and "twelve" instead of the word "six" when the preference and ordinary shares. return of capital and cntlling the ever appearing and the said Clauise & tb) holdern thereof on a pell to one and (e) Ashall henceforth be read and terms of clauses 1 and 2 hereof shall be 7. That the special resolutions in the vete for every 9 in nominal value construed as it the words "twelve months" conditional on this scheme of arrange= от aucht lures hets by them had respectively and That net Back abaien he henceforth termed urdin- ary shares.
Ofer to Holders
(e) The holders of the said “A” pre- ference shares and the holders of the kid "11" preterence aliares, shall respectively be given, and) accept in satisfaction and dischat.c of their respective rights to al arrears of the cumulative pre-
ferentia) dividend whether declared or not, on such "A" preference shstes and "D" preference shares in respect of the years ending, December 31, 1036, and December 31. 1937 and in respect of the mix months ending June 30, 1938, fund- ed certificates equal in amount to the amount of the preferential: dividend due on the maid “A” pre- ference plates and the raid "H" preference shares calculated to June 30, 1038, held by them resp€• tively, sucli verüfzaier not to bear
any interest as against the Bank, payable out of the surplus profits remaining in the year 1930, and in every subsequent year, after pro- vidiog for the Interest on the ordinary shares of the Bank noti exceeding the rate of six per cent. per annum, the Bank to be at liberty at any time to redeem such certificates or any of them out of
era originally inserted therein instead of the wurda "rix months."
4. That Clause 3 fn) of the first schenie of arrangement be deleted and the follow ing provisions be substituted:
ment between the Bank and its members holding "A" preference shares, between The Bank and its members halding "B" preference shares and between the Dank and its members holding ordinary shares being adopted under Section 12 of the Companies Ordinance 1032 for giving esteel to the provisions of the sald spectal
A. That the Bank's articles of associa-
(a) Before recommending any dividend, the net profits of the Dank in every
year, after deduction of all losses, resolution. expenses and disbursements shali be applied in the first instance in tion shall be regarded as modifed record- or towards the payment of interestingly. upon the capital of the Bank ot
That the Bank may assent to any
the rate of mix per cent. per annum modification in this scheme of arrange. or at such rate as the Board shall|mont which the Court may think fit to think it.
inpprove or Impore,
--RADIO-
*•
TO-DAY'S BROADCAST [Fox-Trot-Beside A Moonill Stream
Studio "Spelling Bec:" Oxford v. Cambridge Radio Programme Broadcast by the prolist and in case the whole ZBW on a Frequency of 845 k.e's. and
of such certificates are not reucem on Short Wave from 1-2.15 p.m. and ed by 1913, the Bank shall set aside 8-11 p.m. on 9.52 m.c's. per second. out of the surplus profits remaining)
after payment of the interest on) the ordinary shares of the Bank
H.K.T.
In the year 1943 and in every sub-
12.0-12.20 p.m. Service of Interces- sequent year, an amount bút ex-ision from St. John's Cathedral.
DEPOT
3RD. FLOOR MARINA HOUSE TELEPHONE 32153 -
N G
AGENTS FOR:
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BELL& HOWELL COMPANY
CHICAGO NEW YORK HOLLYWOOD. LONDON
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The new improved
FILMO 141-B
Filmo 141
Magazine Loading 16Mm.Camera
12.30 The Street Singer and Jack Jackson's Orchestra,
|
....Horace Heidt and His Alemite: Brigadiers with vocal chorus; Selec- tion-Alexander's Ragtime Band.... New Mayfair Dance Orchestra; Tan- gos--Arroyito; Chagrin D'Amour.... A. J. Pesenti and His Tengo Orches- tra with Vocal Refrain: Fox-Trots The Meanest Thing You Ever Did Was Kiss Me; I Let A Song Go Out Of My Heart....Harry Roy and His Orchestra.
7.15 Variety with The Mills Bro- thers, Dorothy Lamour, Max Miller and others.
Vocal-Time On My Hands (Gor- Sailing Home With The Tide don and Youmans); Thru' The Waltz; In A Little English Inn-Fox- Courtesy Of Love (Alm 'Volco of Trot....Jack Jackson and His Or- Scandal)....Denny Dennis with Or chestra with Vocal Refrain; Old chestra: Orch. Poor Butterfly Sailor (Godfrey,
The G
(Golden and Hubbell); Sweet Sue, Street Singer with
A Just You AC-
(Harris and Young).... companiment; Just As Long As The The Dixie Devlis with Vocal Chorus: World Goes 'Round And Around Two Pianos-Spanish Quick Step Fox-Trot; He Kissed Maggle, Maggie Medley; Meyboarders with Drums: Fox-Trot Medley Kissed Him Back-Fox-Trot....JackVocal-On Tronie Night (
The
Jackson
and
His Orchestra with
(film) Vocal Refrain: Lovely To Look At Tropic Holiday); Panamania (Filro (film Roberta'); Love Me Forever Swing High, Swing Low). (From On Winks of Song) The Dorothy Lamour with Orchestra: Street Singer (Vocal) with Violla, Comedian-Confessions Of A Checity Accordion and Celeste Accompani-
ani-Chappy (Miller)......Max Miller; ment; Valparlaso Rumba (Alm Banjo-La Vivandiere (Kirby) Joy 'Dance Band'); Love's Just A Melody Dance (Kirby)....Ernest Jones with -Fox-Trot....Jack Jackson and His Leslie Bartlett at the Plano; Vccal- Orchesten with Vocal Refrain.
1.0 Local Time Signal and Weather Report.
1.03 A Schubert Song by Elisabeth Schumann (Soprano).
A Dream Of Spring (“Winterreise?" Schubert, Op. 80. No. 1)....with Piano accomp. by Gerald Moore,
1.07 Schubert-Symphony No. 8 In B. Minor (The "Unfinished" Sym- phony).
Philadelphia Symphony Orchestra conducted by Leopold Slokowski,
1.30 Reuter and Rugby Preas, Weather Forecast nud Announce- ments.
1.40 Variety and Dance Musle.
Oreli-Ride, Tenderfoot, Dance Hide Fox-Trot (from Romance andi
Rhythm'); Change Partners-Fox- Trot (from 'Carefrce')....Billy Cot-i
My Headache....The Mills Brothers (Four Boys and a Guitor): Some Of These Days (Brooks); Tiger Rag (La Rocca)....The Mills Brothers.
0.0 Local Time Signal, Weather Report and Announcements.
8.03 Light Opera Selections. "Monsieur Beaucaire"-Vocal Gems (Messager).... Light Opera Company with Orchestra: "The Cousin From Nowhere"--Operetta in Brief (Kun- neke-Marszałek)..erbert E. Groh Margarete Slezak (Soprano) and (Tenor) with Chorus and Orchestra from the Berlin State Opera (Sung In German): "The Miracle"-Selection (Humperdinck)... London Symphony Orchestra with Organ and Chorus; "The Three Cems....Victor Light Opera Com- Musketeers' Vocal
pany.
8.25 Tschaikowsky--The
ton and His Band with Vocal Lake-Ballet Music. Chorus: Voeni-Chanson De Halage
Hwan
(Lenoir and Claude); La Guinguette London Philharmonie Orchestra A Ferme Ses Volets (Zwingel).... conducted by Antal Dorati.
9.30 London Relay-The News. 0.50 Songs by Richard, Tauber
Damia with Orchestra; Dance Orch.
8.55 Studio"Spelling Beo'-3: -Tol Seule - Tangoj Laisse-Moj Oxford v. Cambridge. T'Almer-Tango....Mario Melf and His Argentin Orchestra with vocal refrain; Comedy Sketch-Sandy, The (Tenor). All-In Wrestler (Powell, Thompson) O Mia Bella Napoli (from 'Venus
.Sandy Powell (Comedian);
In Silk'); Sweet Compliments (from Vocal-The Sunny Side Of Things Venus in Silk')....with Orchestra (Alm Breaking The fee'); Happy An
A Lark....Bobby Breen with Victor (Sung in German); Calming Of The (Durrner-Falk)....with Young and His Orchestra; Dence Tempest
man).
Orch-Smoke Gets In Your Eyer Chorus and Orchestra (Sung in Ger Fox-Trot: Night And Day-Fox- Trot....Tommy Dorsey und His Orchestra,
2.15 Close down.
6.0 For The Children.
Peler
10.0 London Helay-'In Town To-
night
Introducing personalities from every walk of life in interviews with New Nursery Tunes For Old Nur-Lionel Camiin, flushes from the news sery Rhymes (Saunders, arr, Kester); of the week, and Standing on the Cor Intro: Deedle, deedle dumpling: Little ner (Michael Standing Interviews the Mies Muffet: There was an owl; I had man in the Street); Edited and pro- a little nut tree; Mulberry Bush; etc. duced by C. F. Meehan. ...Vocal with Orchestra; Uncle 10.30 Danos Music. Peter's Children's Party...
Fox-Trots-I'm An Old Cowhand Dawson (Vocal) with Orch.; Studio
(from
Rhythm on tho Range'); Serial Story; Songs Of The Sand Empty Saddles (from 'Rhylam on the man. Wilfrid Thomas (Baritone) Range).
and His Orches- Ambrose with Piano necomp.
tra with Vocal Chorus: Peso-Doble- 6.30 Closing local Stock Quotations. Le Touquet: Fox-Trot-The Merry- 6.32 A Programme of Latest Dance Go-Round Broke Down....The B.B.C. Music.
Dance Orchestra directed by Henry Fox-Trots-Lullaby In Rhythm; Hall with Vocal Chorus; Fox-Trois- Out Of Nowhere...Harry James and Fox and His Orchestra with Vocal Wah-Hoo; 180 A-Muggin'..........Roy Orchestra; Quick-Stepr -I'm
Gonna Locke My Heart; There does Refrain; Waltz-Alice Blue Gown; My Affection....Maxwell Stewart's Bumba-Flower of my dreamy,... Ballroom Melody; Fox-Trots Ten Tangos-Madrecita Do Dompeya; Mi Henry Jacques and His Orchestra; Easy Lessons; Small Fry (Film 'Sing, Musa Campera....Orquesta Tipten You Sinners')......Adrian Rollini Francisco Canaro, Quintet (Featuring
The Tune 110 Close down. Twisters'); Waltz-Tu-Li-Tulip Time;,
If
I had done
as I was told-
I wouldn't have. this nasty cold!
Give me
(BAYER)
ASPIRIN
59
»Bayer«
VIVE LA FUN! VIVE LA FEMMESI VIVE LA BENNY!
Adelph Lakat pretende JACK
--Buck and his
Beckaretler show goy Parme whit
whospes really lat
JOAN
BENNY: BENNETT
ARTISTS
AND
MODELS ABROAD
with MARY BOLAND CHARLEY GRAPEWIN JOYCE.COMPTON FRITZ FELD and the YACHT CLUB BOYS
A Paramount Picture.
THURSDAY
QUEEN'S
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