1925-10-22 — Page 7

THURSDAY, OCTOBER 22, 1925.

UNSOUND DEALINGS,

"(Continued from page 19 -

is

A mumber may not connive at a failure by accepting less than the full amount of his debt and liable to refund any money or Pecurities. received from

a

no rules defining what is a settle- COUNCIL'S TRIBUTE. ment" day, its duration and whe ther it can be postponed, and no

THE CHINA MAIL.

rules as to the working of the very SIR R. E STUBB'S NOTABLE complicated "ticket" system.

The "Sales" column of the daily quotation list ought to include only transactions which are definitely, authentienteci. At present there defaulter provided such de is nothing to prevent the insertion fiter br dechired within bogus quotations,

No member of an Exchange two years from the time of such compromise, the property should be allowed to issue a cir- No refunded being applied tacular or advertisement to persons liquidate the claims of the suhte other than his own principals. quent creditors. This rule is aim- ed at "artineial solvency, *preferential treatment and would of course, put an end to the practien here whereby an insolvent broker watinus to do business after austing his Milities by

means qʻ promasory intes

at the time of his failure. Severe Dealing."

The committee of each

. Murgin Deposits.

1

RECORD.

TO-DAY'S VALEDICTORY.

Remarkable Muccess.

RETAINING WALLS. A CAT AND A FLAT.

REGULAR” INSPECTION

REQUESTED:

GOVERNMENT'S POLICY.

Will the Government state what steps have been taken since the Po Hing Fong Dis aster to provide for the regular inspection of old retaining walls?

Will the Government indicate the expenditure, if any, neces sary or contemplated in respect of retaining walls on unleased! Crown Land?

collected.

Poor Construction.

"GAMING. CHARGE-

ADEFENCE..

TENANT'S POSITION.

יו

Following the budget debate at The advisability of regular

"The others may be the biggest to-tay's meeting of the Legish-inspection of retaining walls was villains that ever lived, but my tive Council the Hon. Mr F. Hraised by the Hon. Mr. P.. Helient isn't." was the remask marke Holyonk made reference to the Holyoak attoday's meeting of the by Mr. C. A. 8. Russ at the Cen- imminent departure of H.E. the Legislative Council.

trul Magistracy this morning Governor. Sir R. E Stubbs. lensked

Exhen the found that four others K.C.M.G., as follows:-

who were arrested at the same Sir-On behalf of the Unofficial,

time, failed to be present in Court. members of the Council, I desire

before Mr. R. A. D. Forrest was The man who appeared in Court In view of the fact that in Hong to express our great regret that

charged with keeping a common kong brokers guarantee all this is the last meeting at which transactions, it seems eminently you will be presiding over out

gaming house for lottery tickets. desirable that there should be a deliberations which have been

possession of Po Piu lottery The others were charged with rule in all the Exchanges whereby characterised throughout by the a broker is required to obtain from utmost harmony

tickets. Bail $250 each fur A defaulter in order to be eligi-his client, at the time when any critical

even during

nished by the atter was estreated. debates.. There will ble for re-election has to disclose forward contract is made, a de-shortly be a more Suitable scension

Describing the raid, Sergeant the rent of every principal in-posit equal to ten per cent. of the for us to refer to your great ser

A. E. Cure said that he visited The Colonial Secretary in reply 18 Mercy dubna to him and utso deliver to amount of the Contract plus vices to this colony and at the said: A systematic inspection of shortly or noor yesterday. The Street, second floor, The odd assignees of the Stockbrokerage and stamp duty and to moment I am confining my re-fold retaining walls has been com door w closed., but peeping Exchange, or to his creditors, his require a further deposit if the marks purely to our relationship menced, original honks and accounts ant a price drops to near the ten per upon the Cotinell

through cracks and holes in the All the walls in the Taipingwall he observed a number of statement of the sume ewing to cent. margin. The broker should

You have now served for a little Shan district. together with many people inside a cubicle building up and by kim in the Stock Exchange be required forthwith to pay this over six years in this colony and others situated on the lower and what were later found to be fot- money to the committee of the we have learned to appreciate the middle levels. have been already story ickets. The first defendant Exchange and obtain a numbered fair and open mind which you carefully surveyed; mensarements was in another part of the house receipt for it which he should at have invariably brought to the and all other relevant data have when he entered, and he charged Ex-naco send to the client. It has consideration of the various pro- been collected and conveniently him in his capacity as principal change ought pot to be dispre-been stated by one of the wiblems with which this colony has tabulated for future reference and denant of the Hoor." portionate in size to the number nesses ant suppirted by another he faced during your time with comparison. of members. Is is difficult to see that the majority of the members us as well as the tact and courtesy.

Mr. Russ admitted that his In several instances walls have client was the principal tenant.. Why more than four members at of the Hongkong Stock Exchange with which you have handled the been plumbed at interval and but he contended that the man. the outside are required. This are of opinion that this proposal debates upon theme committee should be re-elected will hamper forward business to

diagramatie profiles plotted for knew nothing about the lottery yourly and should enforce strictly such considerabe extent as prae-

further investigation. A similar tickets. He thought that it would į the rules of the Exchange. In-tically go cripple it and without here, you stated that you invitedtricts of the city is at present in cipal tenant was able to be sued In your first thiress on landing inspection of walls in other dis be a serious thing if every prin- stead of waiting until definite forward business it will be impos criticism and advice from every progress, and reports will be pre- in cases of this kind as the Courts complaints are formulated the sible to keep the market up" committee should, if there are This is an unsatisfactory point of quarter and the record of your bared as the necessary dala are would be filled, with Europeans. persistent rumours that a member | view. What seems to be of jag have not only sought such advice term of office here proves that you

A ent. Mr. Russ said, could be the of al Exchange is insolvent or portionee is not "keeping the hur that you have been at all times

ercupant of a room, but it would has a breach of the rules, faved-lingket up hat ensuring that to arguments and willing to spected are of very poor construese: some crockery. In the same Some of the walls already in-e perfectly harmless until it the rumours. En business shalbenly, be entered in change your mind as nav factors tion-considerably more so than way his client was perfectly inno cades the member's book should by persons who en honer their were brought to your notice. We the wall south of In Mi hare, and was not bound to report he inspected by the committee if obligations. No tube the "may-venture to think that this factor which colapsed in July-and ins of gambling even if he had considered necessary. The code rin" me nubbiestrop accertain aioné, has played no small part in certain mite enouid deal severely with amount of forward business the remarkable success of inteWorks Department has already being used for that purpose.

instances the Publicnown that a part of the floor was lenses where it is satisfied that fly the wound portion of it!

• member has been gyere, erulating that is, the business of persons

(administration here

communicated with the owners-- was under no more legal obliga on his own account, that is, guters, who have un money with which to time your were fortunate in deat-Public Health

During the first part of your under powers bestowed by the ing into commitments which he honour their burgains. The man ing with times when the pros-Ordinance-in reference to work

and Buildings ing cannot mined if he lost. The who is able to pay if he loses perity and revenue of this colony which should be undertaken. Nad of the powers of the centurion

· Ing. prevedings of the ,committee

should not object to depositing a should be formal add evidenced by

were stearily increasing.. and inspection, however careful, can, of old to order people about, and margi proper minutes.

The requirement of a compul-that instead of taking a well earn-dent arising from disintegration pace inside the cubicle.

everybody appreciates the fact of course, provide against acci- knew nothing of what was taking Obtaining A Seat...

sory deposit by a broker would be led much needed and overdue below the foundations due to Committees ought in future to some sort of a guarantee of his home leave, you remained on here undetected subterranean water. -exercise much greater cation in ¦ financial soundness, We do not when adverse conditions came

After the completion of the admitting members. The recommend insistence on such a Lude of the Exchanges in the past, rule provided the margin rulen as ami that, we have had systematic inspection with the exception perhaps of the under (ix) is rigidly enforced

your guidance and counsel during hand, arrangements will be made Hongkong Stock Exchange, ap-

the somewhat trying conditions of for a quarterly return to be kept Exchanges Warned.. the past few months. It is com-giving particulars of any changes pears to have been that anybody could become a member if he Opinion among us is divided as

mon knowledge that we would that may occur have been well content if your could buy a seat and pay his en. I to whether it is desirable or not to trance fee and subscription. Little have more than one Exchange in term of office amongst us had been attention appears to have been Hengkong for dealings in stocks extended and on no less than three paid to his rand financial position and shares, and, as things are, the reasons strongly arged this but for to his sense of moral responsi difficulties in the way of amalga-the Secretary of State has dis- bility. It might be said that the mating the existing Exchanges price of the sent was a gudrantee are so great that 'we cannot recom- of his financial soundness but in mend any change. Legally there wish you every success and certain cases the money in ques is nothing to prevent individuals happiness in your new sphere of (2) tion has been all that the intend forming associations or limited action in Jamaica and in any other ing member pussessed and in companies for the purpose here of service with which you others even that money has been dealing in any commodity and it may be entrusted by His Majesty larrowed. Here also the rules of does

the King reasonable to

Needless to say we the London

Exchange attempt to restrict them from shall all follow your future career might with advantage "be copied, doing so for the purpose of deal with the keenest personal interest. Under rule 38 a candidate foring in stocks and shares. For

Stock

C'

not seem

therefore now only remains for us

posed matters otherwise and it

membership has to state in writ- the same reason it seems to be CHINESE SENTIMENT.

ing his personal history and occu- unnecessary to require share. The Hon Mr. Chou Shou-son pation or employment since he brokers to be licensed. how-said: Sir,- most heartily and ever, the Exchanges do not pro- sincerely endorse every word that

come of age.

(1)

No member should be allowed Jeeen to adopt the recommendations has fallen from the honourable "Lo employ an authorised clerk made in this report er, having senior unofficial members. It is (3)

unless the clerk in question has adopted them. do not take men- with the greatest regret that my benn approved by the committee.sures to enforce them, we con- Chinese colleague and I are now Rules 58 to 72 of the London Stock sider that the Government might bidding Your Excellency farewell Exchange on this subject might proceed to. enact legislation of the in this Council. You have always with great advantage be adopted kind, indicated. Such legislation been kind and considerate to both by the local Exchanger,

There should give the court, power to of us, and have been a real friend are instances of irresponsible and dissolve any Association of the to the Chinese. One of your untrustworthy persons who have kind referred to if, on the applica-traits of character that has most. been employed by certain brokers tion of the Attorney-General, the profoundly impressed my col- and have caused loss both to court is satisfed that the rules league and me, if we may say so, 1 brokers, and clients.by reckless have been persistently-disregard is Your Excellency's readiness to

dealing.

Broking and Jobbing.

ed.

Thanks.

seek and heur advice, and when

:

now in

No Abnormal Expenditure.

As regards retaining walls to Government works: The vote for maintenance of public works covers expen- diture on such retaining walls: no abnormal expen- diture is contemplated.

As regards retaining walls in respect of which there is

tion:

He

than 11 TAN watch- another

man .drown- His client was not possess

His Worship considered that the charge against the first defen- was no proof that he was present dant could not be held, as there with the others, who had not used an open place on the floor. The man was accordingly discharged

AMAH'S SAVINGS.

DECISION AGAIN: DEFERRED,

The dedisin in the caso beard at which a Chinese sath Was is the Central Magistracy yesterday

geed with attempting to export over

or may be a right to support 158,000 in bank notes was agai

for adjacent lots:

deferred for one week this morning

in-

The Government is under no

s the Magistrate (Mi. B. B. B. obiigation to incur expen-McElderry) dosired further diture on repairs: the quiries made as to where ale obtain- owners of such lote, if they for the money. consider repairs to bef. Mr. E. D. Dæmi said that ou the necessary, should apply for basis of $6 a month her savings. for permission to carry out the 27 years mounted to nearly $2,000. works they propose at theire this lets to be added the money own expense.

which he woman bed slated she

As regards retaining walls received from a relative, to buy a supporting the hillside Eonse in the country,

In certain cases the Govern- ment may see fit to repair

1

ANOTHER "ENPORTING QHARGE.

A Chinese wits charged with

.

or reinstate such wally attempting to remove $79 when be the expense of the public was caught on the Maeno Bont funds although under no yesterday, obligation to do so:. con- Detective Sub-Inspector ShaunOn templated expenditure of said that money changers here, this nature has been pro-soweit a premium of 14 per cent. vided for in the Estimates on local money when changing into for 1926 under item Public Kwangtung darrency. Double the Works Extraordinary 15.

anionunt of pramingmi was obtained in Canton and Macao op. Hongkong

you are convinced of the reason- advice, to change your own view, abieress and honesty of such | King's Shooting Neighbour."

necessary.

Mr. Hoebert Jollison has agnin Apart from the numerous acts taken Invertund from Colonel memoranda, beneficial to the community that son of Juveruuld for the There is hardly

urrency

A fine of $10 was imponunt.

In this colony the same person We wish to thank the gentlemen acts both as broker and as jobber who have submitted memoranda and it does not seem practicable for the consideration of the Com- to insist that he shall not exercise mission.

These both functions as the volume of especially the one drawn up by have characterised your adminisung season. business is not sufficiently large to Mr. J. P. Braga, contain valuable tration, the great stroke of states tesirable Deaside private enable it to be divided up, however imperative in the inter-reat use to us.

It is, information which has been of manship which you have made inoperty than divercaud sys regard to the £3,000,000 loan has ̈ ̈Gudula2"*... 11] The Daily proved you to be one of the great Chele", and it is always in On Londen est benefactors of the Chinese,request bouse of, its grind deer.

ests of the public that if a broker a dealing on..his own account" he should disclose the fact to his client and charge no brokerage. Non-disclosure gives the client a legal right to repudiate the tran- saction but there are few who know this. The Exchanges ought to have a rule on the subject and see that it is strictly enforced.

LOCAL SOCCER.

KOWLOON TEAMS FOR

LEAGUE.

EXCHANGE

Hongkong, 2nd October, 1926.

Bank, Wire...

On demand

**

サー

3/5.5/28

30 day's night. Tam T 4 months "digit.35 à Credita, 4 months? Might .... 2/5–s Deesmentary, & months sign), 1, 6-3,

14.)

"Ciscita, 4. months' sigha

Berlin-

OD

and will for ever endear you to talking, grouse-shooting, and su them. The

mon and trout fishing in the Fee. various services which you have rendered to the so owing to its proximity to community in

general: and the Balmoral, for the tenants are fren Chinese in particular, will be re-rally "Gaminded" to ding with On Pare terred to at the public reception The King and Queen, Mr. John- Optionsand to be held at the City Hall in your whose country place in Muraly honour, and all that I wish now to Court, near Stockbridge, u noted. On demand A broker ought also to be com- pelled to disclose whether the

do is to

wish Your Excellency aller and Bigg shot. He Da New York- transaction is one directly beed to represent the Kowloon Foot-sphere of usefulness in which His is now a widower His step-

The following have been select-success and prosperity in the new married das Fortrim Meeking." On demand tween two principals. or through ball Club in their league games on Most Gracious Majesty the King doughters are Lady Apalay indo

· Cendita,“ 60 daga

Saturday.

has been pleased to place you. H Lady Somers, who, with the re-

Wire Internal Management.

2nd XI. v. H.K.F.C. Reserves at Your generous' remarks in respective. Insbands, usually spendin The procedure of the Ex- Kowloon, kick-off at 8 pra sharp:ference to my Chinese colleague The, Highluad season with him; but changes ought to be regulated by Rasmussen; Guest and Urquhart; us. If we have been able to renare in Australia

and myself have deeply toucheds natomió. Lord nad Tady Apsley proper rules, The greater num- Street Brown (capt), Pasco der some useful service to the ber of the rules of the London Morris, Latham, Vickars, Fitz Colony since our appointment on Stock Exchange are concerned gerald and Eastman, Reserve the Council, particularly during with the internal management of Millard..

"Paris. October 21.-M. Doziot the last four and a half anxiong ;) Howloan monthe it was because we have at

the medium of another broker.

settlements so as to ensure that.

healer and Reud;couragement and generous sup Caveilla and Hayes part from Your Excellency. In

Taylor, McBride, bidding you, sir, farewell, may

Mason ask you to convey to Lady Stubby

the highest good wishes of the Ch "munity Blogrol

These will pass smoothly one-off at 4.86 pm sharp all times received such kind en- of the local Exchanges was. : ade- quate rules on

the abject. Vickers; Almost all their "procedure is in-

Turner, formal and in the case of disputes (Captain); there is nothing beyond the mere inaker, Austen: cand "opinion of the committée to de- Reserve Duncan

eide, who is tight and who la [Other sport items will be fount Gurung, ZID particular there Are du pågab.)

the

ong vil

mci int noon today!esy:

to frost moneobris will,

Chma

On démant

EXACTLY THE SAME AS AT HOME.

WE HAVE RECENTLY RECEIVED PER REFRIGERATOR "SS. CARMARTHENSHIRE” THE FOLLOWING VARIETY OF CHEESE.

FINEST ENGLISH LOAF CHEDDAR

Pár 1b. $1,00

FROMAGEBLEU (ROQUEFORT) 100 ITALIAN GORGONZOLA SWISS GRUYERE

100%

1,40

SELECTED ENGLISH STELTON 150

SELECTED SCOTCH BLOATERS

.65

PA KIPPERS FINDON HADDOCK

65

.75

LANE, CRAWFORD LTD.

ERVAN LUCAS

BOLS KUMMEL.

THERE IS NONE BETTER OBTAINABLE.

CALDBECK, MACGREGOR & CO., LTD.

Telepborg. 75.

15, Queen's Road Central

KEEP YOUR RECORDS CLEAN

IN ALBUMS

Ten Inch Size From

Twelve Inch Size From

$2.00

2:50

RECORD CARRIERS

From

$6.00

AT

ANDERSON'S

THE QUEEN'S MOTOR BOAT CO., LTD.. Queen's Statute Pler.

MOTOR BOATS FOR HIRE

DAY and NIGHT MODERATE CHARGES

Office54, Connaught Road C 1st floor.

Tel. C. 459.

JUST ARRIVED.

A SHIPMENT OF

TUBORG BEER

Purveyors To

The Royal Danish Court.

The most popular Danish Beer on the Market.

Jubora

6 doz, pts.

4 doz ata.

$20 duty paid: $22 duty pai

Bola Agente

GANDE PRICE & CO.

Avine & Spirit” Merchan