1913-11-25 — Page 4

· BANKS · ·

CONGKONG & SHANGHAI

BANNING CORPORATION.

PAID-UP CAPITAL...$18,000,000 RM72 Y-

Starling £1,600,000€) 2/--916,000,000 17,450,000

የ

QF PROPRIETARE mensstemm

-$92,430,000 $15,000,000

CovRE OF DERMOTOKA.

3. E Dodwell, Esq.-Chairman Hon. Mr D. Landale-Deputy Chairman, G. Friesland, Esq. W. L Pattenden, K. Goats. Eac

Ex.

THE HONGKONG HOTEL CO., LTD.

Reply By Mr. Lowe`Tu' Directorm" -

Statements..

We have reived the following com munication am Mr. Lowo, DIAL, a copy of which has been sent to each of the Directors and Shareholders of the Hons kong Hotel Co. Ltd:-- Dear Nire.

THE CHINA MAILI

In the ramo letter, dated 27th Sep-shares, and even if we do nce require to HONGKONG VERAGE MARI

ember 1912 I advised the calling up, be paid back dividend, wa do claim

futurs dividenda sad are prepard to pay our united, expital wa thas those can bo o injustice to the presunt fully paid-up shareholde

Bornad-Ham Ngan.

of the Enpaid Capital as being "the only proper way out of the impasse

I our afterwards that the Director würo very angry with me and considered that I was interfering with a matter An Auditor I ray to be Directors which did not concern the Auditors. · This Aa. thing-arey, I cannot give you a point of view, would be quite unintellicles weifioso unless your Artioles per Soof dol for Lord Justice Lindley in the Kingston the way to do this is to alter your Arti- gible to a practising Anecurisant at home, mit you to pay pro rata dividends, and Cotton Co. (No) (1896), Ch. 284 les if the shareholders will pass tha Fro) #sid Anditors see, in my alteration. You must also satisfy me Upon my worn to the Colony, I have opinion, bound to see what exceptional that there is no contingent liability for read this spoogh of Dr. Noble as issued duties, if any, are oust upon them by past years” u. by the Company attached to an undated

the Articles of the Company whoso Accounts they are called upon to audit. notice to abarobolders relating to the

Ignoranca of the Articles, and of our Extraordinary Hosting of the Share holders of the Hongkong Hotel Conceptional dutive imposed upon them, would not afford any legal justification for not observing them.**

C. B. Gabbar, E. J. Plummer, Eqpany Limited--held on the 27th. October, P. E. Hoyosk, Eq. Hou, Mr E. Shellim, G. R. Lauram, Faq. H A. Sieba, Esq..

CHY MANAGER: Hongkong N. J, STABB.

Маклита:

Ehanghal--A. G: STEPHEN.

Larson. Baxxxs-Landon CourtyE AND- 1. WITMINSTER, BANK, Läksad,,

*

1

Hexazorà ExTEREST ALLOWEL, On Currant Account at the mãe of Two per cent, per annum on the daily balanos,

O FI DEPORTE--

For 3 months? per cent per annum.

A

14

"1

1

11

N, J. STABB,

Chiy Manager, Hongkong, Oct. 11. 1813.

HONGKONG SAVINGS HANE,

and I find the action of myself and eo-Audito....referred to in such terma sa are caluulated to give the shareholding publio an errosodus view,of the matter.

I deplore the necessity of defending myself in this manner; but I was away from the Colony when the mooting was salled and I cannot permit Dr. Noble's remarks, which havo appeared in the public. Frome, to pass without challenge,

as he has attacked me.

AUDITOR'S VIEWS.

.

An Auditor's duties, although seam- ingly not well known to some local diecctors, are fairly clearly defined by both text and case law. His lob is to

a happy one," and he should receive the moral support of the shareholding public in carrying ous what frequently proves in this Colony to be a bitter and dittcult task-the preaching of the gospel of exactness as far as posible in regard

to Balance Sheets.

My unfortunate experience has been that local directora are very apt to treas any propor criticism of the manner in which they carry out their office in re- MEE basiness of the sbore Bankia ollation to Accounts as a personal affront, прев

ducted by the HONGKONG AND SHANGHAI BANKING

CORPORA TION. Rales ay be obtained on plication.

INTEREST on deposits is allowed on the minimum monthly balances

at 3 PER CENT. per annum. Depealtore may transfer at their option balances of $100 or more to the HONGKONG AND SHANGHAI BANE, to be placed, on FIXED DEPOSIT at 4 PER CENT. per

For the Hongkong and Shangha Banking Corporation,

"N, J. STABB,

Chiar Manager,

1817

Hongkong, Jaly 1, 1919.

ACETRALIA, AND CHINA.

vir "

I do not mean to imply that any local director is capable of acting dishonestly, but overy Board of Directors in liable, even wiren acting in the best interests of the Company, to perform az:** ita

from among responsible and successful act. Directors, usually chosen businemen, cannot be expected to specially study "Directors, their dutics and liabilitics," sa contained in various Ordinances and legal tomos before taking up a sost or the Board of a Public Com- pany, but I may remark that these duties and liabilities were fairly fully set out in a recent series of articles which appeared in the "Hongkong Tele- graph."

When, in the exorcise of his proper dution. the Auditor points out that a THE CHARTERED BANK OF INDIA in miatt viros" and if persisted in might result in the dirne tors being mada personally liable for large sum of money, cas would think that the auditor, in addition to having performed his dution, would be entitled to more thanks then kicks. £1,200,000

This, however, has always been "...£1,700,000 | my sparïens..

IFCORPORATED NY ROYAL ÜHAzzak 1855. HEAD OFFICE. LONDON.

AID-UP, CAPTRAL

-

The

B FUNDIN

Samayı LuRIDAY OF Pac.

*

twi

€1,800,000

TOREIGN EXCHANGE and Gal Banking business transazed,

OURBENT ACCOUNTS opened and FIXED DEPOSITS received for 17.ax or shorter parinda at rates which will be quoted on spyllontion.

'A. 9. HRWETT,

Acting Manager, Hnngremy, April 9, 1913,

THE MERCANTILE BANK OF INDIA, LIMITED"

Authorised Ospital...

Subscribed

P

S

Paid-up

Reserve Fund...

TH

BANKERS

€1,500,000 1,125,000 582,500

I have actually on cocasións been told, or had conveyed to me (Lot in the actual care under discussion), the I persisted in my desire to do, the right thing (the words used were, of course, not quite these) I should lose part of my Uring.--Perhaps I have lost some of the jam,

The actual facts of the prescut, caso are as follows-

Mr. Jeffries" and "I were appointed Auditors to protect both the old and the now Shareholders, and our remuneration to do in to see these intercets are is paid jointly by both partion. All we

in accordance with the law of the land modified by this Company's Articles, God, when one class was soon to be obtaining an advantage, innocently or offerwise, of the other wo`regarded is us our duty to point it out. We still hold to this opinion in spite of anything Dr. Noble now 71.

The next phase developed when on February 6th, 1910, I saw the announce ment that subject to audit the half. yearly dividand an old and new shares would be paid as before. On February Tab, I gain addressed the Chairman and Directors, and stated that it would appear that the Board had gone into the matter and found they were apting obliged if I may be allowed to inspe correctly and that I should be much

the legal opinion in order that may satisfy myself and co- Auditor that the payment out is correct for the "pact half-year."

February 12th, with

To this request, the Board acceded ar

grao..

somewhat i

Mr. Jeffries and I read and did 'ne' agree with the opinion of the Company' legal adviseen, and, to protect ourselves, we sought the advice of Mr. C. D. Wh kinson before signing the Balance 8t of 31st December, 1912.

on, under date February 24th, send me Our legal adviser, Mr. C. D. Wilkin his opinion supporting us in our conten diately sent to the Directors for their tion and a copy of this letter we imme information, together with the signet Balance Sheet, which was being pressed for as the Directors had decided to hold the mooting to the 8th March.

Dr. Noble, in his speech of the 27th

uftimo, quoted a portion of Mr. Wilkin son's letter to me and than added theer words of his own This advice our Auditors do not seem to have acted upon "

If Dr. Noble. had continued to read to the shareholders Mr. Wilkinson's letter they would have heard these words

"Navertheless it seems to us in the present instance that it might be hold that true and current view of the state of the Company's affairs "

The scoot of the reasons governing the withdrawal of the original resolution at the first meeting and its revival në the second mosting is interesting, but if ite retrospectivo nature is uc acknowledged, I should like to know how the Directors intend to get over the difficulty of divid ing profits already made, say, to Jung Inst, under an Articla which cannot come fore caunos apply retrospectively. We into fores until long afterwards and there-

not, therefore, the hint Dr. Noble took from ma a good one?

.:(Continued in page 5.).

BANKS

11

Bronst--Nagu Lam"} Bong-Ting Tur Steak,-Ngan Yak Pa

Birtain Cotam--Ngan Babaline Ching. Jullock's Benina-ji. Know

127

FTT

Tongue trash-Nga Il

# soruad-Bum BlgaDjük.

Hangsa Tan

Heart ----Nguar Bansi -

Hump, Halb-Ngo Kin

Balte

ie: Fish--Nga Kark

Kidney,

#

Ngau Thu

Tail Ngan Mal"

Liver,--Ngan Kom

Trips (undressed)-

[STERNATIONAL BANKING Care Eced & Fest-Nyu

CORPORATION,

Kaan Urizon: 60, Wall Street, New York.

Uria: 36, Bishopagača, E.G

BRANCHES :

Bombay. Calcutta. Cantor Cebu. Colbo Empire. Hongkong Benko

Kobe

Handle

Mexico.

Panima.

Paking.

Shanghai.

Yokohama.

Jabitat and Emann © $7,200,000 Equal... £1,480,000 EVERY DESCRIPTION OF BANK. ING BUSINESS trazomoted.

OUREFIT 1000UNTS opened on the

boy,

DEPOSITS RECEIVED, Äzed for uns rear at 4*/. per annum or for shorter. jualoda, aš zaton which may be ascertained

application.

HELS NEGOTIATED & COLLECTED

Malo and TõLEGRAPHIC REMIT TANCES mada.

LETTERS OF CREDIT and DRAFT. afited on all the principal cities in the

World.

":

THE BANK 3 OLECULAR LETTERS JF CREDIT are available all over the World.

COMMERCIAL LETTERS OF CRE DIT kussed..

PURCHASE and SALE of Stocks and Shares elected.

TRAVELLERS CHECKS sold "a

| saabad,

GED, HOGE,

Manager,

Button Uhop-Yeung Fu Kirat

Leg-Yang Pal

Pire

Shoulder-Yang Shan Chilling-Chu Chong

Brain-Chu Know Feet,Chu Hark

Chu: Char Head-Chu Tazi

Heart, Chu Sim

Kidays, Cha Yie

.. Ldres,-Chu Con

Pork, Chop-Chu Pal Kwat Leg,--Chu Pei

H

1

Fat or Lard,--Chu Yaa Oba Trap Pig's Fry

---

18.

10

Sheepa * Hand and Fosby-Twing Tas Kark set-15-

Heart,--Yeung Sum

บ

"

Kidneys,-Yeung Ya Liver,-Yeang Con

Sucking Piga, To Order-Cho a

net, Beel-Sang Ngan Yan

13

Mattch,-Sang Tiang Yan Vol-Fgao Chai Yeh

Baumg-Fan Chal Chang

Ponitty.

Chicken-Kat Chal Ospona, Large, mall-So-Exi Dick ÁP

No.. B. Quem a 'Road Contest, |: Dorma,--Pan Kau Angkorg. October 21, 1913

would not be exhibited in the balance NEDERLANDBURE H

aboot if no mention were made in it, under the heading of ** Liabilities,” of

·the centingent liability of the Company to pay out of its reserva fund the balanço of the amount which should have been paid to the holders of the new shares.......

...and, for this

reason, we think that a-contingent liability in this respect ought to be bicntioned in the balance shook,"

"

I venture to think the sharabolders

MAATSCHAPPIJ

ANDKL

(Netherlands Trading Society),

BETAREITNER 1824.

{{ ́50,000,000m (£: 5,0Cu,000.-)

Å DEKORIES 33 CAPITAL Pardur

LITTAR

****. 45,000,000 --- (£ $,750,000,-;

Egga, Hen-Kai Tan.....

Kiwi Canten-Kaí

Hainan,--Hoi Nam Gaese,-Ngor Kai

- Goose, WüidS'hal,—Bhang-ho Yos -Mask Dear,-Wong Kong - Hare, Shanghai,Tu Chai Partridge,-Che Khoo Pheasant,-Shan Kai- Pigeons, Canton.-Pak Kup

Hoihow-Hol How Pik Kup Sail-Om-Chun

Rice Buda-Wo Ya Chmur

Snipe,-Sa-Cany Purkeys CockPhor Kat Kan

FUND 8,339,168,- 687,661)

HEAD OFFICE-ANZZARDAN. o roading this further quotation from HEAD AGENOT—BATAVLÄMÄT Mr. Wilkison's letter, from the cas left BBANCHIS-Singapore, Penang, upon them by Dr. Noble. In fact, the Shanghal, Rangoon, Baumarang, Bourabaya, Auditore did act up to their legal advion.

Flatjen Sootakarta, Djoojakarta, Another point which Dr. Noble sought doing, Fidang: Medan, Tebing Tinggi to make was that I had voted against Del any own resolution and unce certaine Wild Ducksch

Talok Batong, Rom- words of mine passed in ordinary oc- Madhe, versation which soomed to sorroborate Salon,

Faraosamez; Band crensip.

Galantis, Bangkok

On the 26th September, 1912, while considering the Now Companies Or dinance, I cains to the conclusion that the Directors of the Hongkong Hotel Company, Limited, had no power by which they could pay dividends in pro will gather very different impression portion to the paid-up value of the shares. The law is that a Company can only do so if authorised by its articles, and the Company's Articles were silent upon this point. 4 a matter of fact this authorisation was included in the old Articles of 187, when price or 415,000 issue of shares was contemplated, but cxcluded from the now Articles passed in, 1900. Mr. E. Osborne (Chairman) his point of view." then said." With the assistance of your

|bama, Robe

bi Melbourne, Sydney, New lawyers, we have produced an almost even now understand the position? London and Smithe Bank, Lambbed. 37 20

Is it possible that Dr. Noble dos mot Fork, Sandlas kar new set, complete so far as the combined; The resolution is not mine, and ka intelligenes of our lawyers and ourselves evidenced by my letter of September are able to make them, and all aro of 27th shore quoted, I have always thought Practical and useful character," and he that the easiest and the only really summarised the principal alterations, ond equitable way out of the difficulty was of which (No. 7) was Revision of to call up the paid capital. I further clauses bearing upon the disposal of told Dr. Noble so at an interview of ove Profita." Is doce nut, therefore, appear two hours duration at his office, and, that what was done in 1900 was afis at his request, on 24th June last, when omission or derical error, but was be himeal read out the draft rewolumioo dono deliberately and after due and cars he now describen a mine for my ap- ful consideration," and the shareholders proval, and I then said, it he would must abide by it, clean dago

BANK OF ENGLAND. LONDON Jout GrooK BANK, L.

Q

INTEREST allowed on Current Assounta 1st 3 per cent. per annum on Daily Balante and on Fixed Deposits at rates which may be ascertained on application.

·A· R. LINTON,

Manager, Hongkong, July 1, 1813.

829

THE YOKOHAMA SPECIE BANK, LTD.

*ESTA KLIKNI 1880,

ASFECRISED CAPITAL... Yer £4,000,000.00 PAID-UP CAPTZAT, DE 90,000,000,00 Bussys FUND

18,689,000.00

HEAD UNICE-YOKOHAMA:

Braxons and ÁSZEGIRI AY ANZURO-HAERM. - Errows BOMBAY EMARAKT

CHAM CONTÍMNE Your DAIRE (DAY

HARKOW

On the 26th September, 1012, I ad dressed a letter to the Chairman and Directors of the subjcot and quoted them two appeal cases in which the particular point had been considered.

torate and to enable them to take the My sole object was to assist the Dire

accessary steps to right themselves ba for the Accounts were neri printed for atat. I had previously hund occasion to differ with the views of the Directors

large it to make it "retrospective," Is would satisfy me sa an auditor "if tho shareholders pased it" He informed me then they would not pass it, but demanded the estling up of the capital to make all the shares alike under the

additional shares further, that the ad terms of the resolution creating - the

dijlocal capital obtained was to be used to pay off the current liablition and any hialance in buying back to debenture dobt, and quid peo

a to their Binace Shoots, bus fala did would not claim the not influence ma to hold the information for past year Mys

up until the last moment. They relvad a very

this Information troen ma Sve

before the next Balance Sheet

iswiod, and from the Auditor

both old and new, wiisenhoidoss point ons sond

dubbed-19

fof the

be sould

the

Wild Ducks, Shaf

Teal,--Sui Ap Chai,“

LONDON BANKWIAThe Union of Barbel

collision Bills of lanchangs, Moer-letters Canto *The Bank bays and MA ARE THERE

Auk kursives for

if madli on im Bennolias" vad corragend ants in the Kash, are the Cabinet Grass Carp Britain, Amerion, and Ansiesila, sad brann sots banking business of every damiglion,

INTEREST ALLOWED.

Ga Citranh Autismul 27 pm C

Fixed Depoalla 13 monibu

Do

months.8% Do

Konghone, July 18, 1918.

OBINA MAH

Typhoon - Guide

C

1b 5

TUBSDAY, NOVEM

生日

| (Callfrenda)---Kam Bán Puig, Kh

· Guanli, --Hol Tong:

Bananas, fragrank, Crujon, →Sie Bhina

Baong Chin

Banana, (rides), Chestante, Chines

· Chrambola,--Yein

Cocos.anti-Yah

Lamers, China,finding

Linhess Dried-Lai Chi, small Stone

Listen, (Balgon) Sai King King Moonừ mach” Minaga Menu Lai Bang Hour Mangoats-San Chuk Tes

Oranges, (Canton)-Ban-shing Tim Chilig Orange Swest

-Kama Ban Bhant I»

» (Chatoa), Cooking, ---Ba La Pomnika, Fa Song vai

Persimor Large-Hung Chis

Pineapples, Istquality, Poon Ti Paw las

#

Kal

Plantain,-Tai Chen.

Flume-Swator, Hung Lai.... I'melo, Siam-Chim Lo Yan

Shanghai--Lo Kwai

Walnuts-Hop Tuo

Green, Sang Hop Tow...

Water Malin,-Koin San 8si Ki

#

(China) Bal Kva

Grape-Sang Po Tai The

Artichokes, Shanghal-Sheung-bel da

[ Chi Chouk

Beais, (French), Macao-Oh Moon Pin Tau

(French), Shanghai,--Sheung Hai.

Pin Tan

» Sprouth Cho

Long,Tan ho

Best Root,Hung Choi Isa Belnjala, Green,Ching Your

Red-Bung Kar

Cabbage, Chinos, com-Bal Cabbage Bad,-Eung Im Ch Cabings, Shanghai---Yeh Chol "Clans Shoots, bezah;~~Kiar Challforwar, Large ainu -

! Medium size,---Che

Sud sise,--Sní Carrot-Kam Shur Calary,

Cale

Curry Bbull,

In Ksa

Cher Koo