1918-10-30 — Page 3

WEDNESDAY, OCTOBER 10, 1978,

Hughes & Hough

DETAJNKERS TO THE GOVERNMEN

General Auctioneers

Coal and General Produce Brokers and Commission

'APROTIAL.

PROPRIETORS s-Kwa-Wan' Coal StorRES.

Codi nd

Bentley**

4th & 5th Editions.

A 1 Telegraphio. Code,

Telegraphic Addru

* MEIRION "^\\HONGKONG.

PUBLIC AUCTION.

ss Undersigned have received in- structions to sell by Public Auction, (703 1000UNT OF THE CONCIEKAD),

on.

FRIDAY,

the 1st November, 1918, at 2:30

at their Sales Rooms, No. 8, Die Vaux. ROAD, Corner of Ice House Street,

AUCTIONS.

FOREIGN CAPITALAIN

BRITISH TRADE

PUBLIC AUCTION.

Potting by Publications Bale, to

JARTICULARS and Conditions of the

ba: bald on MONDAY, the 4th day at Nov, 1918, 33 r.X, ni tha Ofions of the Public Works Departments by

His Excellency the Ufficer Adry under o

the Government, of any. Lot of CROWN LAND at Taumati, in the Colony of Hongkong, for a term of 70 years with the option of ronawal at a Crows Rent to be fixed by the Surveyor of His Majesty the King, for one further term of 75 years.

Kowloon Innad | Bogistý No,

vekilty.

G.

Particulars of the Lot

Yaumati

TRONGERTY

Massaremuta

พ Fi

TE

the C

罪。

The

5.50 60

PUBLIO AGOTION.

➡Upset Frien

[874

p..DARTICULARS and Conditions of the Letting by Publio Auction Salo, to be held on MONDAY, the 4th day of Nov. 1918, at

the Offices - of:

A LARGE QUANTITY OF BOUSEHOLD FURNITURE, &c., much of which is nearly new, "..

Comprising

Double and Single Wardrobes, Dreas ing Tables, Washstands, dc., Double and Single Bedsteads, a quantity of Dining Beom Furniture, including Dinner and Tex Service, Cutlery and Glass Ware.

&c.

&c.

Also

A quantity of

BLACKWOOD FURNITURE,

(Full Porticulars from Catalogue). Terms:-Cash.

HUGHES & HOUGH

*Auctioneers

Blongkong, Oct. 25, 1918.

PUBLIC AUCTION.

872

THE Undersigned have received instrue-

THE

tians to sell by Public Auction.

(JOM ACCOUNT OF THE CONCERAID).

SATURDAY,

the Public Works Departments by Order of Bis Excellency the Uthcer Administering the Government, of One Lot of CROWN LAND at May Road, in the Colony of Hongkong, for a term of 75 years, with the option of renewal at a Crown Rent to be bised by the Surrayer of His Majesty the King, for one further term of 75 years.

Beglitry Naj

Particulars of the Lo

Boundser

MeasuremenLA.

L

1

It

th

As per

BANK

SAFEGUARDING SHIPPING AND EET INDUSTRIES.

THE CHINA MAIL

king to for af

meris and on juicef bon the question of nationality:

to kecepi, the, pâme, unless the julisial member shell, bo president. The four members could either be perinciation contain clausus

the satisfaction of në asfected from time to time, tron panel. Give this tribunal jurisdickor to the Board of Trade thas inquire whether any corporation by pany will in fact be British. The qua zeuson of the pationality of portion whether the preposed name is Table tora or, of the perpond farerested in or to mislead or nas, should be left largely carrying on a controlling the business to the discretion of the Registare. of the corporation a company whoma elit (b.):Whop an existing company is ente ce commercial operations in or are trading under a name which states for for economic or political reasons injurious conveys expressly or in the opinion t to the national interests of the British the Registrar, by implication British Empire or any part of the British Em-natideality and the Registrar in astañed Piro, and if that be found to be the case that the nationality is not British, he to make an order to wind it up"

(subject to a right in the company The Committee, however, do rob I.-Is is desirable to legislate in the commend the plan. Their view is that, direction of forbidding the employment whatever aleguards might be intre

THE WRENBURY REPORT.

The report of Lord Wrenbury's Com mittes on Company Law Amendment propounds the following questions

to apply to the Court) call upon the company to change its name to an sp proved name, and it within, « linuted

of foreign capital hare in joint-stock conduct, the existence of such a trinnst time the company falls to do so the would so deter the influx of foreign, capf-Registrar may (subject to the like right) 1tal that its posible utility in some future change the narce to such me as he

panies unless some such provisions, the following are satisfied

(1) That there shall be disclosure of tho alien character of the foreign owner; (9.) That not more than a certain proportion of the company's shares shall be held by alens;

(3) That the board or a certain pro portion of the beard, shall not be slier,

and

I-Is it desirable to discriminato between one alien and another, and to legislata in that direction in the case of certain aliens and not of others?

state of circumstances is not comparable approves. as an advantage, with the disadvantago which would result from the fact of its existence.

OWNERS OF BRITISH SHIPPING." Dealing with Class B, the Committee say that they are satisfied that the total exclusion of aliens, from ownership of British ships is not essential for national safety, and as a commercial matter is not expedient. A British Eine may be willing and desirous that its agent in a foreign port (being, perhaps, an alien) should have an interest in the access of the line. In answering these questions the Com-Or a British line may wish to make a mittes" discriminate between differect working arrangement with, say, an American Eine under which each shall classes of companies, as follows-

have, say, a one-fifth interes in the Class A.-Companies generally outside andartaking of the other. If the sro gato ownership by aliens does not confer Classes B and C

more than 20 per cent. of the power of control they can neither carry an grdi- nary resolution nor defeat (much less

Class T-Companies owning British shipping. mul

The Committed pains ant that dis closure and bestur shares are mutually inconsistent. If a policy of disclosur

INTIMATIONS

HARMSTON'S

adopted bearer atores must go. If however, disclosuna be negatived, the balazce of opinion among those consulted is in favour of retaining them, and the Committee agree. It control should be- come necessary, it could be provided that the company may, sud on notice Lom W. the Board of Trade shall, calf in the share warrants for cancellation, and their right to vote and to receive dividenda shall be suspended until the share xar- runt has been superseded by registration. The Committee advise against any war, similar to restrictions, aftur the those now placed on the issue of new capital.

SHARE ISSUES.

The Committee recommend that the of shares at a discount should be

Class C-Conipanica engaged in "hey" carry) a special or extraordinary resola.allowed, but that there should be industries.

NO DESTRUCTIONS.

tion. As regards the boat, the Com-statutory limit to the discount, and if the mittee are assured that 80 per cent of statutory limit is not sufficient for the the power of control can always secure purpose the matter should be left to wind. the existence of a boars which will being up. Issue at a discount should be representative of such nationality as that allowed only when the company a issued

the case of companies generally (Class A) the Committee recommend that no restrictions at all be imposed. They 80 per cent. approve. They recommend share capital is at a discount," and a think that, bearing in mind the sources that no more than 20 per cent. of the maximum perdatays of discount should share capital should be held by aliens be fixed. Fire rears after commepër. from which an row of capital is to deard that these,, shares should, carry no meat of business should be the earliest | anticipated and encouraged, the balance

more than 20 per cent. of the voting late for intue, and the price should not is largely in favour of this course, oven power. Alternatively, they think, and be lower than 5 per cent, below the mar plan. 4.350 although it involves un-disclosure indeed, they would prefer, that the aliunt value of the similar existing shares holdings should carry no vote at all. Itin isque if there be a market price, “or alien wwwnership. If there are restricts that in Class B there wise be 5 per cent. below the price at which the tions, there must be 'a disclosure of alien-discicsure på nationality, and that alot. existing shared world upon transfer be ge, and the requirement of such disment or transier in breach of the limit taken for ad valorem stamp duty under [675urs might be thought to imply a should be forbidden, and, if made, should the Stamp Act if there is no market price, would be injusions. The Committee kubbe inoperative. Disclosures should be and that the disecunt shall never exceed mit a scheme of enforcing disclosure if enforced by means of a scheme of com.50 per cent. Thus, if the £10 share stood that policy seems to the Legislators to pulsory declaration. Bearer shares must in the market at £6, the price, should necessarily be forbidden. The Commit, not be lower than 43 144, that is to say be right, but they say: It is neces- tee think that existing ownership in the discount should not exceed £4. &., arily detailed and laborious; it puts excess of the limit may be safely left and in no case should the discount ex difficulties la the way of investment in undisturbed for the presont

ceed £5. Further there should be ample provision for complete publicity. English securities, whether by British

the 2nd November, 1915, at 10:30a.m.THE BANK OF TAIWAN, LTD.

at their Sales Booms, No. B

Den Voraz Bond, Corner of

Ice House Street

A QUANTITY OF

DRESS MATERIAL, &c.,

As follows:-

Blue and White Bergo, Alpaca (various colours), Flannel and Flannette," aa assortment of Coloured Prints, White Blankets, Counterpanen, Sheeting, Fancy Curtains,, Handkerchiefs, &c. Toilet Soap, Perfumery,

ملة

c.

Linen Blouses and Dress Lengths, Tabis Covers Ribbons Sevemi Sük Crepe Dress Lengths, &c, &c. *

Tax-Cadh,

"HUGHES & HŰUGH,

Audiometr Hongkong, Oct. 16, 1919.

578

PUBLIC AUCTION. THE Undersigned have received in structions to sell by Public Anction, {10% ACCOUNT OF TEI CONCRETED)

on

TUESDAY,

the 5th November, 1918, at 2.30 p.m.,

at their balen Rooms, Na 8,.

"Des Voeux Road, Corner of

Ice House Street,"

One 5-7 H.P. INDIAN MOTOR- CYCLE with accessories

in good running order. Licence to end of June next... Further particulars from undersigned, Terme as usual.

NIGHES & BOUGE,

Árin pioneeri

Hongkong Oct. 29, 1918.

TO LET

878

SHOP in Nathan Road, Kowlood..

Kowloon Marbe Lot No.48, suitable

Coal Stories.

HUMPHREYS SAPATE"

Hongkong July,

(TAIWANGINO).

INCORPORATED MY SPECIAL LAZERIAL CHARTER, 1809.' Capital Subscribed... Yen 30,000,000. $2,600,000. Capital Paid-up Reserve Funds ***** 1 5,681

1.

HEAD OFFICE: TAIFEH, FORMOJA.

BRANCHES!

It issue of shares at a discount is to

subject or alien. It wond supply, Downs shipping as a subsidiary, and rom. be allowed the Committee see no abjec-

INDUSTRIES.

KOWLOONE (Near New Post Offe

CIRCUS

Last few Nights of this Great Show in Hongkong AGAIN TONIGHT AT 9 PM

OUR NEW PROGRAMME

DONT MISS. FL.

Next MATINEE: SATURDAY, November 2nd. Doorn Open 9 pm Commence à pon. When Children will be admitted as half price to all parts of the Cirens.

See our Beautiful Arab Stallions and Performing Fanies, Our Managarie consists of SLEPHANTS, LIONS, TIGERS, BEARS, LEOPAHDS, HYENAN EMU, ZESRÄ, WALLABY, BABOONS, MONKEYS, DOGS,

POPULAR PRICES OF ADMISSION L

$15.00 Second ChaINS 47

(300)

00 GALLERY:"

FULL, Box, SIX SEATS SINGER SEAT, BOI: 1 FIRST GHAILA

Soldiers and Sailors in uniform, Half Price to the #1 and #250 sente

Booking at ROBINSON PLANO Co.,

HARMSTON

C. M. BRUCE

"Band fanar

THEATRE

R. ALTON &:W; SYMONS,

ROYAL,

"OUR DAY"

PERFORMANCES

"THE BARTON MYSTERY"

A spoofic. fantasy in 4 parts by Walter Hackett ON

THURSDAY, 7th November

AND

SATURDAY, 9th November

AT 9.15PM

There will be no private booking or sale of advance tickets, so that it will rest entirely with the public to secure good seats.

For the FIRST NIGHT prices will be as follows:

Centre Block Dress Circle. Remaining

Stalls

Pit and Gallery

and for the SECOND NIGHT:

Dress Circle

Stalls

Pit and Gallery

$10.00

15:00

8.00

2.00

85.00

4.00

2.00

Soldiers and Sailors in uniform half prices on Second Night

BOOKING OPE AT MOUTRIES

They recommend that a corporation (a railway company, for instance) which doubt, to the Board of Trade useful in paratively unimportant part of its under tion to allowing assesment, but for the formation ns to the extent of foreign taking 1945, with the licence of a defined protection of the minority of shareholders investment In English industries. But authority say, the Board of Trade-be they recommend certain restrictions.

exempted from the proposed restriction The Companies Acts require that the the price paid for the advantage would, if its ownership of British shipping 19 memorandum of asunciation of a come. we think, be too great. It ir, after all, confined within limits stated in the pary shall state the objects of the com

pady. Au evil practice grow up of. it adopted, a

scheme which can be licence.

crowding into the memorandum of asso craded, and must, to render it effectual

cistión words that would cover every con be supported by consequences which With regard to Class C, the Committee ceivable act which the corporation could should be imposed upon evasion. Sim- think that the Board of Trade should be vader any circumstances desire to do. JAPAN-TOKYO, FORORAMA, KORE, OSAKA.plicity and the absence of possible legal empowered to make at any timo 2 1-Objects were buried and concealed in an quiry, whether a company in Class A is accumulated mass of powers, and this FORMOSA GRAN, KAGY, KAARTED, pitfalls are essential to free commercial carrying co a key industry or not led to abuse, The Committee recommend.

KEILUNO. MAZUNO,

Nevelopment. We think the true policy and, if it finds that it is, the company ed that the Act of 1908 be amended by STEGEIT, Tacho, TaiwAN, TAXOW.. TAMBUL, TOKIES, Axa. is complete freedom so far as the law of should fall out of Class A and into Ciras providing that the memorandum of asso CHINA-BRANGAL BANKOW, KIUXIANG, joint-stock companies is concerned. Our C, with the result that the following cation must state the objects, but must.

Foockow, SWATOW,

not state the powers, of the "company," recommendations go the length of allow provisions shall apply:—

(a) The company shall, at the directhat such powers of the company as it complete freedom as to the nation- ality both of the corporators and of thetion of the Board at Trade, by notice is thought necessary to stato shall be require overy registered member to make stated in the articles, and that there board. They would allows, for instance, a declaration of nationality, and in default should be introduced into the Act WE LONDON BANKERS: American capitalists to come here and the member shall be excluded from voting Capital and Counties Bank London, establish themselves as a British cor- and receipt of dividend. and South Western Bank, Parrs Bark.

The Bank bus Correspondents in the poration, in which all the corporators Commercial Centres in

European Con- and all the directors ware American, and tineat, Russia, Manchuria, Tsingtao, Chosen, Janda Jeva, and other

Indo-China, Siam, India of every other nationality Philippine Dotch

Indies, Australia, America, Africa, dc.

AMOT,

CASTOR OTHERS HONGING, BINGAPORE, SOHBARATA, SKAZING, BATAVIA, BOMBAY, LONDON, NEW YORK,

Interest allowed on Corrent Accounts and Fixed Deposits at rates which will bo, quoted on application.

NAOKICHI YANAGITA. *******. Manager.

HONGKONG BRANCH:

3. Das Taux Road Harakong May 1 1918

THE FIRST CHINESE NEWERAPES, EVER ISSUED UNDERS FURELY NATIVE DIRECTION.

The Chinese Mail

字日報

*NO LALDITU CHIRE POLIZICAL AND CONCEROLAL JOURNAL.

PULLATED Bygay. Mornin

section providing that every company shall have certain pairers as detailed in (b.) The company, shall, at the dires the section except, in so far as the articles tion of the Board of Trade, by notice of association exclude them. require the holders of share warrants to Some companies make the payments bearer to surrender their warrsate for to directors qua directors free of income- cancellation and to have their names tax, including super-tar, but the Com- catered in the register and to make amittee point out that the relief thus, similar declaration, and in default the given varies sesording to the director's share warrant brider shall be excluded aggregate income. The shareholders is concerned, between aliens of different from voting and receipt of dividend as ought to know what the directors 16- nationality. For, If there is to be such above. discrimination, there must be the machi

NO DISCRIMINATION.

We would make no discrimination, so far as the law of joint stock companies

(c.) All subsequent allottees and trans nery of disclosure, involving, as we think, ferees shall be subject to the obligation

of disclosure a deterrent effect, acting prejudicially

inqneration is, and the Committed re rommend that payment to directors free

forbidden. of income tax or of super-tax shall ba

This plan will ecadre disclosure (eul J. A. Torrens-Johnson, dissents fit the case of all investors. This, 19, ject, of course, to the possibility of from the recommendation that companies however, a large national question, which, evasion). The limits of 20 per cent. should be empowered to issus shares at it is pot for us to decide. If any such recommended In the case of merchant a discount. discrimination were adopted, we think shipping should then be made applicable and if the 20 per cent. limit has in fact that, at any rate, it should be limited to bear exceeded, the Board of Trado about A Comyns Carr disseria gom some short period, say, three of free years be empowered to apply to the High Court the Committee's conclusions with refer

After the conclusion of the war,

The Committee admit that it their policy fot complete freedom, forcement of disclosure of adopted, allen (possibly enem fions may be established hers, wing possiblity was

corporationErics

La Fellectually

COMINS CALL'S MIŠIENT.

for an crder of tale of do much of the ence to companies.

nationality of share capital, i will reduce the alien ring to key industr

tion

the limity with a Court shall, so far as

take ho shares for

rateably from the alien

KAMING DUCOMPAN

The Committon, helley

on Tuesday, 22nd October at 9:00a.m.

HAVE RECEIVED NEW STOCKS OF

ROSE COLD CREAM VANISHING COLD CREAM

Ms Ideal Toilet Requisites."

Prios 80, eta "per pat."

LIQUID TAR SOAP

A Fragrant Preparation for Toilet use and for Shampooing, Price $1.00 per battle.

THE VICTORIA DISPENSARY

32, Queen's Road Centr

SHING KEE CO.

SODA MERCHANTS IMPORTERS AND EXPORTERS

Caustic Soda, Soda Abb. Muriat

British tip

disclosure

of Soda Eens

osed restrictions elther

sive The Cor

علامك

Bad Boda

Sulphate

Bicarbonato et Seda

CHINESE OPTICAL

COMPR

CONG

OUSE In

LAPHIC NEWS FROM

NORTH, CHISAS