16
✓total
✓ referred to, and a Proforma statement of the estimated/cost
?! cause the
or expenditure on 30th September, 1929, prepared by Messrs
Lowe, Bingham & Matthews, concur in the opinion that the
subscribers cannot usefully attempt to oppose or challenge
the accounts.
The Company, for the time being, is not proceeding with
the actions against subscribers, and Captain Ede is endeav-
ouring to effect a settlement. Incidentally it may be ment-
ioned that he is most anxious to guard the reputation of his
father. He has arranged with the creditors that by way of
and in full settlement they will accept eighty per cent. of
their claims, also that an interest claim by the Hong Kong
Excavation & Pile Driving Company, Limited, which amounted
on the 30th September, 1929. to $13,588.03, be foregone and
withdrawn. This interest claim was made in respect of
financing the Kowloon Tong & New Territories Development
Company, Limited, when calls from the subscribers could not
be got in, by continuing the work of development.
The proposal made to the Government is as follows,-
The subscribers to pay $104,083., half the reduced sum,
and on such payment, or when such sum has been collected,
the Government to contribute a like sum. All the credit-
ors to be paid the agreed 80%, and all claims and dis-
putes by and between or against the Government, the
Company and the subscribers to be thereby completely
settled.
In putting forward this proposal Captain Ede points out
that, if driven to do so, the Company must and will chall-
enge the reentry or forfeiture on the ground that there was
in fact no default because the one-fourth premium was not
due as claimed, but he stresses his desire for a settlement
disposing of the point, and any claim touching the under-
takings and liabilities of the Government under the Agroc-
7.