1926-04-08 — Page 1

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China * Mail

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No. 19,769 HONGKONG, THURSDAY, APRIL 8, 1926.

CHINA PROVIDENT.

LOCAL COMPANY'S FINANCIAL AFFAIRS.

TO-DAY'S SPECIAL MEETING..

Losses Put At About $2,000,000..

of

Matters affecting one of the best known of local companies the China Provident, Loan und Mortgage Co., Ltd.-were the subject some pointed comment at an extraordinary general meeting held this morning.

Losges sustained were put at an "outside figure" of $2,000,000: A committee of investigation was appointed..

The resolutions which were on the agenda were passed but with some amendments.

EASY MONEY.

PRIVATE CAR. DRIVER'S TEMPTATION.

COSTS $500

الا

PRICE, $3.00 Per Month.

ARMED ROBBERS.

יד

BREAK UP A MAH JONG PARTY,

ས་

BROKER'S WIFE STABBED.

N. LAZARUS

Hongkong's Only European Optician

Established Forty Years

12 Queen's Road Central.

Branch Offices-Shanghai and London,

MANILA FLIGHT.

SPANISH AIRMAN REACHES TRIPOLI

(Reuter's "Service.)

Tripoli, April 7. The remaining Spanish airman

COMING TO HONGKONG.

The flight is being made in three

Breguet aeroplane to the Philip-

Thể practice of using private cars A party of Chinese engaged in for publie hire was described as a game of mah jong at No. 20.

proper nuisance when Divisional Kennedy Street, first floor, last has arrived here from Tuni

night received a visit from four Inspector Peter Grant charged amen, three armed with daggers Chinese driver with the offence be- and one with a revolver. fore Mr. R. E, Lindsell at the Cen-

The wife of Tan Cheong, A tral Magistracy this morning,

{broker, called out "save life" and for this she was stabbed in the According to facts stated in shoulder. She was later sent to:] Court, u vigilant European Sergeant the Government Civil Hospital pines. via North Africa, Cairo, had observed the car, which belongs

The robbers, who had remained Karachi Calcutter and Cochin- to one Law Cho, of No. 38, Bonham in the house for some time and Chpa. The pilots are the three Strand East. running backwards had collected a little loot, decamp Spanish "Aces Captains Gallarza, and forwards with passengers at led on the call for help. i 15:30 this morning. "Defendant was arrested in the net of striking, a bargain with two passengers to take them to Stanley, Street for $1.

Defendant was given the option

The Consulting Committee pre-posed of by the general managers sent was as follows: Mr. R. G. Now as these shares on March She won tehairman), the Very 15, 1924 were standing at a high Rer. Father L. Robert, Messrs: premium in the market it appear T G. Weal, P. Whide, J. H. cd to us that it was the plain of a fine of $50, or four weeks. Taggats and D. de Meester.

of the general

daty

mana-

Brukers present were: Magers either" to offer the un

40

TRUCK DEATH.

ACCIDENT AT KENNEDY TOWN.

Strees.

A WOMAN VICTIM.

19

Chan Yuk-u. Soo Pet-shao, W. Jholders whose acceptances they wings by Messra Shewan, A two-wheeled: truck heavily,

Estevez and Lorign. Each has one meçhunker

Private advices from Madrid to the "China Mail" yesterday indicate that the aviators will touch at Hongkong on their way to Manila.

MILL STRIKE.

ALLEGED ASSAULT AND ITS SEQUEL.

GRAVE SITUATION.

(Reuter's Service.)

Calcutta, April 7

W. EL. Shenton (compriny's issued shares to all the "share- solicitor); Mr. D. 1. King (secret-holder, or to have disposed of those sums will need to be written ary) and the following shan them i the market and obtained off entirely. holdersMessrs. J. F. Wright, the premiu for the benefit of the In addition to the matters M. G. Beale. A. Zimmern, Chin company. In fact they did which fall under the heads [Lim-fu. P M. N, da Silva,, J. M. either.

A“accident attended with in- ulready mentioned there are many Alver, P. Tester, Poon Li-fung. An examination of the books other transactions which require santaneous death took place at V. Sorby, J. S. Perry. J. Fleming, shows that from March 15 up to further investigation.

Kennedy Town yesterday after- T. Wong, D. 3. Lewis. C. B. the end of the year the general

Loans have been made on tari-noon, the victim being a Chinese. Brown. A. L. Alves, Kelly Sayce, managers proceeded to issue these C. A. de Roza, J. T. Bagram, shares at par to certain shareous securities, for example, bor-coolle woman living at Belcher

Tomes & Co., the accounts and Hawker.D. H. Cameron, A. received after March 15--they

Eloade with iron was being pulled" valuations calculated to December Thompson. W. T. Stanton, Gpu Cividends upon shares so Duclos, L. Dunbar, A. E. Samy.sued as though they had been 31, 1925 showing the firm to be long Catchiel Street with a nom- ber of coolies leuning on ropes in indebted to the company in a sum front and others pushing behind. W. Morley, Wong Kwok-ming, pakep up and the allotment money

A very grave situations re- Fool. D. W. Manton, Li Tse-fong, paid upon March 15-in many of $259,000 the security being the rope on which a woman had ported from Gouripore, 25 miles In: Tuk-cheong, 1. W. Shewan, cases they failed to charge the ap-artly shares and partly good placed her weight snapped and she from Calcutta, where thousands Tse Tabela, B. C. Randal,propriate rate of interest upon the with an estimated excess of in-was thrown down, but before she of mill workers have struck as the

{debtedness. OVER security Henry Humphreys. W. Allan. acceptances.

could get.clear of the truck a wheel sequel. to a European's alleged the spot. ran over her body, killing her on assault on a coolie, who died.

The situation became worse in the evening, Europeans being assaulted and four injured;

Armed police have been sum moned

A. W. Thornhill, Chou Poa-min,. We believe that these methods: $77,000. E. Sadick, Chan Wing-foo, E M resulted in a loss to the company Raymond, V. M.Crawford, of about $200,000.

N. V. I. Croucher, D. Templeton, CH. W, Kew, W. J. Carroll, A; A. Alves. D. J. Lopes, Choy Hon-fun, CM. Heanley, S. Lopes and ethers."

On the chairman's instructions, the secretary read the convening notice. Mr. Shewan indicated that Mr.T. G. Well would address the meeting and Mr. Weall then spoke as follows:

#

of.

There is a total of roughly ($20,000 outstanding a promis- Not only did the general mauefsory notes without any security towhatsoever. And large sums are Jagers thus fail in their duty

he company, but at the general due to the company for storage NAUGHTY DOGGIE.

1924, charges in some cases going back meeting held on April 30. your committee and the share. nearly ten years. We camiot, of holfers were fed to believe that at course, expect to recover all these that date the whole of the 400,000 at this late date. shares had in fact been taken up, and the allotment money paid

-

DISLIKES WATER AND BITES: AMAH.

NOW REPENTING.

A little forgetfulness on the part of a fox terrier owned by Mrs. of Pratt Building, Kowloon, transferred the animal from its comfortable home to the seclusion of the dog camp at Kennedy Town yesterday.

Estimate of Losses: Without going more fully into the position, toans against property have been that loans on shares and property Mortgages: A large number of the preliminary statements show found to be insufficiently secured are in excess of security to the The general managers have In some cases mortgage deeds had extent of approximately $1.750,-" called this meeting at the request not been completed and in many 000 but we sincerely hope that the of your consulting committee, cases proper valuations had not full loss will not amount to this L. Hidden, who have asked me to malte a been obtained of property against sum. In addition, there are the staternant to you regarding what which money had been lent, smaller items such as bad debts, we consider to be the very un So far back as November, 1925, unpaid interest, etc., allowance for satisfactory position of the com- your committee insisted and the which will have to be made and pany's financial affairs, to advise general managers undertook to we place the losses to be met at

The other injured party" was an you of the steps already taken by have legall mortgages executed in an outside figure of $2,000,000. amah who was engaged in an act the committee and to put be respect of hit loans made on land- This may mean a drastic adjust-of cleanliness and was bitten in fore you certain proposals for

ed securities.

ment of the issued capital or pos- the hand. She received treatment the future.

In October last year certain methods pursued by the general pany. As to this, it is impossible

An illuminating instance of the sibly re-organisation of the con- at the Kowloon Dispensary. facts came to our knowledge and managers is that of Mr. Tong to form an opinion until a more, we at once requested the general Hok-ting compradore and part complete investigation has been managers to call in Messrs. Lowe,ner of Messrs. Shewan, Tomes & carried out. Bingham and Matthews as inde-Co-to whom approximately 4% pendent accountants to carry out lakhs of the company's money was prepared to suggest to what ex- At the present moment I am not a thorough investigation and after advanced on title deeds, which we tent the officers of the company a period of three months, the are now informed by the general can be held liable for the losses. length of which period was part-managers are valueless as security incurred. It would be undesirable ly necessitated by the position of for this loan. the company's records, a report |

in your committee's: opinion to do This information was given us go until

necessary investiga-

was presented to us. This report. for the first" time on March 28 tions, have been completed and all in spite of the time of necessity We understand now that the gen- the facts known. taken in its preparation, 18eral managers were aware of it merely a preliminary statement two months earlier.

it does not in any way purport to

it contained!

Proposals for Future: The

MOTOR MISHAPS.

SEVERAL CASES OF

INJURY.

was done to his car."

Allegations. Denied.

"Calcutta, Later,

The arrival of armed police from Burrackpore has quieted the rioters ab Gourippre, though the coolies, have not returned to work.

The European mentioned earlier denies the allegations of assaulting w cookie.

1

Religious ferment in Calcutta it- self has not yet. subsided, being nurtured by false fumours of assaults, desecrations of temples and mosques, and Mohammedans being. Killed in the streets.e"

To-day a British fady was injur

A number of Hindus and Moslems are in hospital suffering from lathi. blows. and stabs."

edi

Sir Hugh Stevenson is touring. the area, conferring with leaders of both communities.

CIVIL WAR.

REPORTED DEVELOPMENT IN. SHANTUNG.

FRONT LINE WITHDRAWAL. --

(Router's Service.)

occurred yesterday in which two A number of motor accidents

European drivera of cars were in- volved, the mishaps being all in the give us a definite and complete Loans on Shares, etc. Very foregoing gives you as concisely thickly populated area, of Queen's analysis of the affairs of the com-rge sums of money have been of the company and I now propose

as possible the present position Road East.

In the case of Mr. R. £.. Atwell, pany, but it nevertheless reveals advanced on the security of shares to deal with the immediate future, who ran into a Japanese on a push

Taingtao, April 8: such disquieting matters that we the result in many cases being I suggest that, as it is impossible cycle, he estimates that 350 damage felt it was obviously necessary to disastrous loans were made on for a large body, to deal with the

Pi Shou-chen has returned hero lay before you at the earliest opahares carrying liabilities for fur situation, you be asked to nomin knocked down a man who received from Tientsin to-day

· Mr. H. F. Burgess, of the A.P.G.. portunity the information which ther calls and apparently the ate three representatives from

A Tientsin report says that. prudent policy of requiring a mar-your number to represent you and taken to the Government Civil owing to some development in

Injuries to the head and had to be My statement, therefore, will sin of safety was not pursued. to co-operate with the members of.

Shantung, the nature of which Hospital" not attempt to give you an

I do not intend to trouble you the present consulting committee ex. haustive survey of the report, be-with a long list of specific items to continue the investigations and In three separate accidents, in cannot at present be ascertained, Cause I think you will agree with out as an example there are two to report to you at a later date one of which Robert Yeung, a motor there has been a large movement your committee when you have one to Messra. G. P. and H. A together with any recommenda- cyclist, was involved, small boys of Shantung troops from this heard what I have to say that a Lammert on the security of shares tions they are able to make as to were injured, but they refused to vicinity for Techow and Tsinanfu. As a consequence the front line go to hospital. complete investigation of the com-which according to the report, on the future of the company. To

against Peking has been withdrawn pany's affairs will be necessary, a valuation of December 31, last be of practical use, this com

from Huangtsun to Wanchuang. and such complete investigation show an approximate excess of mittee should have your authority when made may, in some cases loan over security of $181,000 and to employ such expert knowledge amplify or limit the conclusions 22,500 respectively on that date. as they may deem necessary reached by the accountants in Unfortunately there are many They should also be empowered their preliminary report, but with other similar cases.

to engage temporarily or perman- your permission I will enumerate Interest on loans is in a large ently such persons as they deem eveling with his hands off the CABINET AND NON-COMMUNIST some of the principal items so far number of cases in default necessary either for purposes disclosed.

Such Items have in many cases of this investigation or for the handle bar on a main thoroughfare New Issue of Capital:---You will been credited to revenue and proper conduct of the company's was charged at the Kowloon remember that by s special reso-merely added on to the amount of business: In this connection the Magistracy this morning with dan-- lation passed on January 14, 1924 the loan and general managers investigating accountants have 000 and confirmed on January 29, commission has been charged called our attention to the neces

1924 a new issue of capital was thereon. It is impossible to sity of having more assistants for authorised, and 400,000 new estimate the sum involved at pre the godown part of the business went but this is a matter for the and your committee consider it A specific date, March 15, 1924 accountants to go into more fully most desirable to employ for a was fixed for these shares to be Needless to say, the inclusion of limited perfod a qualified account taken up by shareholders whose such debts in the balance sheet as ant to assist in the completion of registered address, was within good assets tends to create an al the investigation and to install an Hongkong, China or Japan. After together falas impression of the

(to-date <system that date the remainder of the company's standing) and I am unissued "sharas was to be dis. afraid that a large portion of

1000000000000

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"TRICK" CYCLING,

A Chinese youth who did "trick"

MARCH 18.

VICTIMS.

gerous riding and two other counts. COMPENSATION ANNOUNCED.

The prosecation asking for deter. rent punishment to mitigate the evil, the Magistrate imposed fines

aggregating $45

TO DATE DOLLAR.

(Reuter's Service)

Peking, April 8: The Cabinet has resolved to com- pensate the non-Communist students who were wounded and the familles of those who were killed in the The Closing rata of the dollar, demonstration against the Cabinet on demand, to-day was 2/3 1/168 on March 28.-

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