1923-12-13 — Page 8

·

TYPHOON DAMAGE

WHEN RENEWING TIMBER WORK

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P.N." PROBLEM.

JUDGE ASKED FOR

RULING.

A ruling on an Important print was sought by counsel appearing in a promissory note case before the Puisne Judge (Mr. Justice Gompertz) this morning in the Summary Court.

The parties were two Chinese firms, one of whom sued the other for $1,000, the claim being based upon a Promissory note for that amount payable on demand.

PHONE 1500.

A GREAT FILM.

PRISCILLA DEAN AGAIN.

Life as it was in 1870 in the mining country in North England now atmosphere for provides a Priscilla Dean's stellar appearance at the in "The Thame of Life" World Theatre, where it opened an engagement of four days last night. A simple but gripping story of very plain people is the basis of this Holurt Henley Universal-Jewel pro- duction. It was adapted from one of Frances Hodgson Burnett'a

famous novela.

The facts were admitted and Hobart Henley shows a master Mr. C. A. S. Russ, who appeared himself, a master of the delicate for the defence, briefly explained them to His Honour. The defend-thes of real human characteriza- ants were, he said, an ordinary |tions in the manner in which he

BANQUE INDUSTRIELLE.

CITY HALL MEETING.

COMPROMISE SCHEME ADOPTED,

THE CHINA MAIL.

very curtailed opltonie has been ratified by the French Government and by the principal banks in France,

WHO'S WHO.

CHINA COAST CHANGES.

7

Mr. Nisbet continued: I do not

Captain C. Mather, of the "Kie think I can usefully add anything further in explanation of the king," is on reserve.

Captain WJ, Andrews, from documents which are in detail. The French Government's com-

The scheme has been un-leave, has gone master, "Kiu- promise scheme in connection with the affairs of the Banque Indus-doubtedly framed for the benefit kinng,"

of the Far Eastern creditors, by

ME. W. E. Steel, from reserve, trielle de China was adopted at a meeting of the unsecured creditors the alienation on the part of the has gone chief officer, "Soochow

French Government of their share ME W. P. Bruce, second officer, of the Hongkong Branch of the of the Boxer Indemnity, which may "Shunfien, is an reservo. Bank held yesterday afternoon at accordingly be considered in the the City Hall. Mr. Hugh A. Nisbet, nature of a gift, in view of the fact the Official Receiver, presided and

that claims are to be settled was supported by the Hon. Mr. practically in full by the issue of A. R. Lowe, of Messrs. Lowe, Bing- ham and Matthews, Mr. H. C. Mac old dollar bonds. namara, of Mosers. Deacon, Hars- on and Shenton, and Mr. Fl Henry, Manager of the Banque

Industrielle.

Mr. Hugh Nisbet, address ing the meeting, said: Ladies and Gentlemen-This meeting has been convened by the order of

the Court for the purpose of considering, and if thought fit, of passing the scheme

compromise, the documents In connection with which have been in your hands for a little over four months. The documents present full details of the scheme of com- promise, and the list of it is set out in the epitomised summary, a copy of which was also sent you, and which to refresh your minds, I will now read to you.

The present proposal is the result of a careful examination of the affairs of the Banque. In dustrielle de Chine by the judicial authorities in Paris combined with decision of the French Govern-

Mr. D. R. McAlpine, from ro- serve, has gone second officer,

Shuntion."

Mr. R. Kettlewell, chief officer, "iyang," has gone chief officer |-* weichow."

Mr. T. T. Leo, chief officer, Kweichow, is an roserve.

Mr. A. N. Taylor, acting mastor, Kashing," has gone chief officer, "Buiyang."

Mr. D. McPherson, acting chie officer "Poyang," has gone second officer, "Suiyang,

Mr. R. J. Nunn, second officer, "Suiyang," has gone acting chief officer, Poyang."

Mr. T. Hughes, from leave, has gone Bip'y second officer, Tak-

"

The alternative to the acceptance of the scheme might be thought to to rely on the local assets for a dividend. I may state that the local assets amount at present to about $700,000-in cash, which may be increased by further realisation of assets still unsold to about $800,000. This amount would not produce a larger dividend than approximately 10 per cent. There is, however, a legal aspect in con nection with the local assets and that is that it is very doubtful whether it would be competent for the local Court to

make an sang, order to apply the local Mr. E. L. D. Janes, from reserva, assets in payment of local has gone second officer, "Yusang.

Mr. E. R. Alton has been up- liabilities only. The English and French laws appear to agree upon pointed sup'y second officer, "Lok- the pooling of all assets of a concern sang.' in every country for division pari- Mr. W. A. Kernan, from reservo, passu amongst all the creditors. has gone acting chief officer, “Tak-| Under the circumstances it is ex-sang- tremely likely that the Hongkong Mr. D. G. Caita, from leave, bas Court would make an order that the

Mr. F. T. Harris, chief officer, funds be handed over to the French gone second officer, "Loksang." administrator of the bank in Paris. "Taksang,

," has gone chief officer, your claims there on whatever

Mr. A. Cameron, second officer, basis was finally decided by the

"Loksang

," has goue second officer, French Court.

"Fulwo

Mr. E. P. B. Kidby, acting chiqi officer, Suiwo," has gone second officer, sume ship.

trading firm and they formerly had guided the filming. This picture is mean to support the French credit and you would then have to prove "Suiwe."

a man acting as general manager of the finest works Mr. Henley who had a share in the profits but has made and it will rank high was not concerned with the losses.mtg the year's screen offerings.

Robert Ellis appears as a man of The plaintiffs advanced this man a sum of $1,000 for which he gave higher caste than the homine, His them a promissory note "chop is an uplifting band, helping the ped" with the chop of the firm. girl of the mines to gain her heritage He did not account for this money of happiness and prosperity, to the firm and apparently he Wallace Beery's peculiar ability misappropriated it, for which he to be a hundred per cent, villain was prosecuted.

qus" ie demonstrated in the role of benial father, untouched by any ympathetic kindliness,

Mr.

Mr. Russ said that he and Layman, who appeared

under these

to support the claim, wanted Beatrice. Buruhan and Kathryn 3 decision ឥទ to whether, McGuire handle secondary feminine circumstances, miles. Emmett King, Fred Kohler, the firm were liable. It was, he Frankie Lee, Evelyn McCoy, pointed out, a question of agency Richard Daniels, Grace Degarro and and his submission would be that the home law on the subject was applied here by the Partnership Ordinance.

Mr. Layman emphasised the importance of the ruling, pointing out that nearly every firm borrowed money in the course of its business and used these "chops."

Nancy Caswell complete the cast. Dean much a role as she Jins never "The Flame of Life" offers Miss ad, unique in all the details of its artmyal. The strength of it is shown by the fact that she has no is in the way of beautiful sete, gorgeous gowns or hidden wealth. His Honour adjourned the case Even in the end, the gush and sine did in order to investigate the gold of happy endings is "conspi- matter, counsel undertaking to euens by its absenca. The story submit a statement of agreed facts, pictures only the first step in the

CRICKET.

QUEEN'S COLLEGE WI SURREY'S.

This match was played on the LR.C. ground yesterday nul endesi in win for the Cullerius. The East Surrey's butted first and thankic to fine confribations by stripp, Capt, Kent and Capt. Bowe, they were able to declare at 1 for 5 wickets. A.-A. Rumjaho, took 4 wickets for 41 runs. The College started Indly but A. A. Rumidin and M. P. Madar put up 137 rana for the third the latter 59 not out. Capt. Rowe wicket, the former making 77 and bowled well, taking a winkels for 24 runs. Scores -

girl's upward climb and does that! well. Joan Lowrie is a remarkabla figure in sercen literature.

With its navel atmosphero and quaint characters, the thrilling yet

Life" is well worth seeing.

HOCKEY.

CLUB DEFEATED.

Yesterday afternoon

a

in the Far East by giving at its own expense special privileges to Far Eastern creditors. A full definition

of who are Far Eastern creditors is contained in the eighth article of the scheme; but, generally speak ing, all creditors of the Hongkong branch of the Banque are included and thus can avail themselves of the favourable terms offered to them as a class. It must be realised that the scheme now put forward was only definitely formulated in February 1923 as it required a law passed by the French Parliament to give it full effect; and this law was passed during that month. The broad outline of the scheme is this, so far as unsecured creditors are concerned, and it is to them alone that the present offer is made."

In the first place the Banque will issue notes (in the scheme called "Distribution' notes") payable in French francs for the amounts due to creditors as on July 26, 1621. To arrive at sums due the following conversion rates will be employed:

£1-Frs. 46.25 1/2 GS1-Frs. 12.62 1/2 HKSI-Frs. 6:45 Such notes will cover principal, interest and charges due up to the date above stated and will be paid off within a maximum period of 25 years without interest.

10

In view of the fact that all the creditors under French jurisdiction in the Far East are parties to the scheme of compromise, this would

Mr. J. B. Robson, second officer, mean the isolation of Hongkong and under the circumstances it is "Mausang," has gone second offi- impossible for me to say what the cer, "Kwongaung, outcome will be. I think I have

Mr. G. B. Slipper, second officer, placed the position as clearly as "Kwongsang," has gone second possible before you, and it is now officer, Mausang.'

Mr. W. J. Lawrence, second for you to decide whether you will

goue accept or reject the scheme.

officer. Wingsang," has second officer Yuensang."

Mr. C. Gmy, third engineer, Tuenho," is on leave.

For your information I have to. state that as provisional liquidator I have received proxies from 343 creditors whose claims amount to Frs. 11,067.169.15 to vote in favour of the scheme of arrangement. Against this, I have received proxies from two creditors only to vote against the scheme. The value of the claims of these two creditors amount to Frs. 3461.87 only. The currency adopted for voting pur- poses is francs. There are about 29 different currencies involved and the franics has heen taken as the common factor. The creditors claims have therefore been con verted at the various rates of exchange specified in the scheme of arrangement, so that all claims are now on a common basis.

These I may add that the affairs of the

above described and the holders

Ladies and gentlemen, if you are in favour of the scheme, I sug gest that you pass the following resolution:-

"Resolved that the Scheme of Arrangement (formulated under the Reglement Transactionnel under French Law) as set out in the Document forwarded to Credi- tors together with the notice con- vening this Meeting be and is here"

"

Mr. A. Taylor, from leave. has gone third engineer, "Luenho."

Captain J. M. Johannessen, of Mr. A. F. Cooke, chief officer, the "Kiangyn," is on leave.

Kiangwah," has gous acting mas ter, "Kiangyu."

Mr. W. F. Campbell, second offi- cer, Kiangwah," has gone acting chief officer, same ship.

Mr. O. L. Knutsen has been appointed second officer, "Kiang-

rah."

Mr. C. E. Page, chief officer, "Shinon," is on leave.

Mr. M. McCarthy from reserve, has gone third officer, "Haiching." Mr. H. M. Rogers, third officer, Mr. C. Masson, from reserve, bas gone chief officer, "Phranang.

Mr. C. A. Hille, chief officer, Ti Way Fong." has gone master, "Mo-Hon."

41

Mr: T. A. Nicholas, second offi- cer, "Tai Way Fang" has gone second officer, Kinsban,

Mr. J. W. Vick has been appoint- ed-second officer, "Fukwang.

hundan story of "The Flame of notes will be issued for the bank will, subject to the approval "Thuiching," in on reserve.

amounts due in respect of every of the Court, continue to be under claim calculated in the manner the control of the Court until such will enjoy equal rights in the dis-time as the distribution of the gold tribution of available funds by the dollar bonds takes place,, when an application will be made to the Banque Industrielle de Chine.

In this convection it is to be notic Court for the winding up position ed that a new company has been to be withdrawn. formed under the name of the at the Société Française de Gérance de U.S.R.C. ground the Indian eleven la Banque Industrielle de Chine had the Club where they wanted which will carry on the business of them from the beginning, and after the Banque Industrielle de Chine sharp, brisk game, emerged under arrangements fully set out in victors by four goals to nil. the scheme, including the payment The Club bad rather bad luck of 95 per cent. of its profits to the having to start playing, without a Banque, Payments will from time goalle, till nearly half-time. to time be made to the holders of The Indians commenced finely the distribution notes, provided by scoring in the first five minutes, there is at the time a sum available Capt. Kent, b A. A. Rumjaho.., 39 and followed it up with another for distribution equal to 5 per cent. Lk Armstrong, e Shabun, b fine run down, the field which of the total amount secured. The

Minu.....

39 resulted in goal number two, notes will be for Fr. 500 payable to and made binding on all Creditors one of the great structures span- 1. Allfreo, e Máu - Lung ... Play evened up somewhat after bearer and fraction certificates will be carried out under the supervi- ning the East River, connecting sion of the Provisional Liquidator, New York with Long Island, is pro- C.Q.M.S. Stripp, not oub......... 65 that and the Indians though still be issued for smaller amounts.

8 pressing could not score again till. The French Government has or a Trustee to be appointed by the viding the Metropolitan Press with Sgt. Wright, e O. Rumjaim, b

nearly half time when their left arranged to surrender to the Far Court."

The garments belong to the Father Robert moved the adop- inner, who was playing a fine East creditors of the Banque a partion of the resolution as outlined chief caretaker of a well-known game, put through number three. of the Boxer Indemnity sufficient

The second half was far more to secure the following advantages by the Offical Receiver and this club-a man named Dieters-who' oven, the Club doing most of the to those creditors and to those was seconded by a member of the has been missing.

audience.. pressing but did not seem able creditors only.

EAST SORREY BEGT.

L/Cpl. Clarke, A. A. Runjab

A. A. Runjahn.....

Capt. Rowe, not ant

Extras ......

15

1

Total (far 5 wickets)...159

Cpl. Wooldridge, It. Button 2/Lt. Buckleo and Pte. Ingram did not but,

A. A. Rumjan

A. H. Madar .......I 1 47

to score. One very fine shot was

by adopted without modification,

and that such Scheme of Arrange-

WOMAN'S TORN-UP.

CLUB MYSTERY,

The discovery of a coat and hat on ment if sanctioned by the Court the footpath of Manhattan Bridge,

a first-class mystery.

Mrs Dieters declares that her husband was murdered by a The holders of the distribution A number of questions were then wealthy member of the club who put in but was remarkably well notes will be allowed to exchange, asked by various creditors. saved by the Indian custodian, them at the rates of exchange be A creditor asked what happened wrongly suspected him of having gained possession of letters writ- The Indians did not seem satisfied fore mentioned into 5 per cent.in the case where the amount of ten to the member by a woman. with their lead of three and ten gold dollar notes, redeemable money held by the Banque on be-

She asserts that the member tore minutes before the end rushed within 23 years, by yearly draw-half of a creditor was disupted.

up the letters and threw them into down the field and again scoredi ings or repurchase.

The Official Receiver replied a wastepaper basket and then The game was rather rough due As is generally known in the that this would be settled by accused the caretaker of having 6 to the speed, but was kept well in Far East the payment of the arrangement.

recovered the scraps and pleced 1 hand by the referee.

Boxer Indemnity is secured upon. Another member asked what them together. Next week the Club are playing the Chinese Maritime Customs and happened to those creditors who According to Mrs. Dieters the two elevens and it is hoped that the salt tax and there is every opposed the proposed settlement member threatened her husband The husband 0 two teams will be played every reason to believe that these pay- and the Official Receiver replied with a revolver.

Wednesday, afterwards.

ments will be regularly made in that if the scheme was carried such returned home in a desperate frame future as they have been in the creditors would be included in the of mind protesting that his life was

schenie. past twenty years or more.

unsafe. The gold dollar certificates will

A question was asked as to what. The member, a rich New Yorker, be issued for sums of G$58 with steps would be taken to secure the examined by the police,'affirms The result of the Whist Drive at fraction certificates when neces-French Government's promise that he is in Ignorance of the fate

being fulfilled regarding the hand-of the caretaker.

Bowling Analysin.

0. X. B.

14 2 11

3

D. Lring

7

0 05

A. R. Minu

3 0 13

J. C. Fletcher 6

25

M. P. Madar ......

3

0

QUEEN'S COLLEGR.

A. A. Kumjahn, b Armstrong.... 77

A. H. Madur, 1.b.w. Rowe

0

S. A. Ismail, e and b Rowe

0

60

D. Laing, not out

Extras ......

16

Total (for 9 wickets)...162

M. P. Maur, not out

0. Rumjalin, J. C. Fletcher.

A. K. Minu, M. Hassan, M. Shaban and R. Ho Tung_did not buk,

Bowling Analysis,

Capit. Rowe

Pte. Ingram Ist. Allfree Capt. Kent

L/Cpl. Clarico.

Sgt. Wright

WHIST, WHIST !

4 the. Seamen's Institute held last sary.

night was as follows:

GENTS.

8 1 24

p

5.0 33

0

7 0. 41

0

11

2

0 7

0

M.

Lt. "Armstrong ........... 2

Opl: Wooldridge

In the cast of the ordinary dis-Ing over of a portion of the funds LADIES. tribution notes and the interest due from, the Boxer Indemnity for Mr. Leach 175 Mrs Spanton... 174 bearing gold notes a market will the payment of creditors. Was Selby 175 Mrs Lilliecrap 172 undoubtedly be created in the there anything binding in the pro-currencies would be that of July 6, Mr. Jenkins 174 Mrs Watson... 165 principal financial centres of the mise?

Mrs world and creditors will be able to Booby MrLillie Booby

1021.

The Official Receiver: I think Another member wished to know crap. 139 Morgan...... 139 realise these notes, if they wish to you can rely on the French Govern- whether the scheme referred to The next Drive is to be held on do so, at the prices current for the ment carrying it out. There is a paper francs or to-gold-dollars, Wednesday next.

law being passed through the No further questions were asked French Parliament now. In fact, and the motion was put to the meet- am now informed that such a law fog and carried unanimously,

The Official Receiver then aga has been actually passed

nounced that the resolution would

time being

Lastly In the cases of small de positors and the holders of notes issued by the Banque in the course of its banking business the Société Another creditor wished to

IKTIMBA Française de Gérance will pay in know what rate of exchange would be put before the Court for ap

cash at par the gold dollar notes be paid for those having German,proval and subsequently the gold

The Expert Advertisers & Bill Foster, against which said creditors have currency (marks) in the Banque, to dollar bonds would come out which

* Quan's Bend CLJETNE CL, 4582)

exchanged their distribullon notes, which Mr. Nisbet replied that the could be exchanged for Banquo

The scheme of which this is a rate of exchange to operate for all Industriglia, notor

THURSDAY, DECEMBER 13, 1965,

DAIRY FARM NEWS.

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