1929-11-12 — Page 6

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The China Mail.

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̈ ́ACKNOWLEDGMENT-

A

names.

TUESDAY, NOVEMBER 12, 1929

would, wo suggest, be Impractic-phares registered in our own Such provisions give to the China- Indeed, our Govern- Company reasonable security for able in any place such se this

meat might consider making the payment of capital outstanding Colony where there is a compara

appilcablo to Hong Kong the on shares issued as partly paid up, tively anmil number of public com sub-sections dealing with starip and also protect our Mr. Afor Mr. panies with shares quoted on the duties en transfers of shares, A, with his $1,000, would be likely probate and estate duty, and com to take up only 100 shares of $10 Iocal market. But we would con-panies' annual fee, in asc. 7 of the instead of applying for or pur sider four months an amply rea-Companies Ordinance 1915 (now fchasing 1,000 shares of $10 issued sonable time. The effect of the sec. 273 of the 1924 revision of the at $1 partly paid up with liability of $9 per share' to be called up at Insertion of the proposed new Companies Ordinance 1911).

We realise the difficulties of the no definite dates. Bection 26A sa to the collection situation and fully appreciate that The above expression of our and payment over of dividends, the Hong Kong Government is deal-views does not by any means cover will probably be that shares will ing very fairly in its attempt to put fall that may be said on this difficult mitters on a batter basis. We parand Interesting subject and we be sent in to companies for trans- ticularly appreciate that the Gov- should welcome the views of our! fer just before registers close for ernment is anxious to do nothing readers and be pleased to deal to the making up of dividend Hats to restrict legitimate transactions, the best of our limited ability with This also and, as we know, much time and any points they care to submit for -Bay once year.

thought have been devoted to the consideration. probably will involve a rush of questions which have arisen. The work on the Stamp Office (atamp- legislative measures now proposed may prove inadequate for the pur- pozes hoped to be achieved, but at least they attempt something and

л

ing new forms of blank transfer), and almost certainly extra work on secretarial staffs of companies are worthy of our loyal support.

Before concluding, Wo feel (who might, us a consequence, prompted to refer la one other point And themselves requiring a long-in connection with the transfer of

NEWS IN BRIEF

Dr. R. A. de Castro Basto left by the s.8. "President Jackson" on a shart holiday.

The monthly meeting of the ar period of closure of the regis-shares; and that is that on the Marine Engineers' Guild will be sale of shares-and' we have a held to-morrow at David House at ter of members).

mind in particular shares only part-6 p.m. As our Legislature, by passingly paid up-it is to one's own

owners of

the proposed section 26A, will ininterest to have the new owner A destituta American seaman effect-though to a limited extent transfer them out of one's name. named Patrick Carmody (40) was -adopt the principle of pressing In the case of dividend paying yesterday afternoon removed to the companies, the proposed new see-Government Civil Hospital by the shares to have such tion above referred to should have Police who found him sick in Ice shares transferred to their own good effect in the right direction: 1louse Street.

do suggest that the but what is the position of a man who has sold partly paid up shares

On behalf of the Welsh Society proposed amendments

should registered in his name In a com- Captain R. D. Thomas placed on carry the matter further by stat-pany which ceases to pay a divide the Cenotaph, at yesterday's wreath laying ceremony, a Dragon Ram- pant the heraldic emblem of

names, wo

end? Let us say that the com→ pany struggles on for 3 time and then goes into liquida-

ing, a time-and we have men- tloned four months-by which every purchaser of shares who tion. The registered shareholder Wales-in Flanders poppies. has owned such shares for auch may be called upon to contribute

There will be a Lantern Lecture period must have them transfer-every dollar up to the limit of liabl-

at the Helen May Institute, on lity on the nominal value. The red out of the name of the then liquidator would doubtless be sorry when Dr. G. A, Herklots will speak Tuesday, November 19 at 5.30 pru,

registered holder. If it is object-for the unfortunate contributory, ing of shareholders at which

ed that such a law is not effee-but would nevertheless be bound to on "Impressions of Java (Volcano look to him for payment of calls. Coral Islands and Forests.)"Advt. dividend was declared, shares re-tive in England, we reply that It may be an extreme case, bat aup-. gistered in one's name, one would neither are the provisions of the pose Mr. A to be the registered Mr. F. Justus, of Messrs. C. 0. not ng

rule

holder of 1,000 shares of $10 each, Kruss and Co., Bank of Canton object to

proposed new section-and yat

Building, $1 paid up. He is not by any means

reported to the Police collecting the dividend and

the latter after mature considera- a wealthy man, but he has, we will yesterday that whilst walking in paying it over to the new tion has been considered necessay, every reasonable anticipation Pedder Street, his fountain pen, (but

from the unregistered) owner-al- sary in the peculiar circum- of being able to pay calls as the worth $11, was stolen though one would be reasonably stances obtaining in this Colony. but he sells the shares-perhaps in-

business of the company requires: breast pocket of his coat. entitled first to degand that the Besides the benefit of an increas-duced to do so by a good profit, and According to a report made to the ahares be transferred out of one's ed stamp revenue which

would he then proceeds to forget all Police by Wan Chuen, coxswain of {about them. Notice of general the steam' launch "Po On," as the name. If, however, such a de

accrue to the Government; there meeting may be received by Mr... "Sui Tal" from Macno was go- maad was not made on the pay is another and an important mat A, but he may not feel particularlying alongside the Wing Lok wharf Ing:oyer of dividend to the stock-ter with which the Government is Interested and certainly does not her stern, when swinging to, struck: feel that he should affèrid as a the "Po On" on the stem, causing" broker or new owner, one would concerned-we refer to death shareholder: On receiving such damage to the extent of $100. be able to receive similar rodaty. Evasion of payment of notice Mr. A may realise that his

quests year after year film suc death duty would not be very name is evidently still on the com- Ojagar Singh (56), the No. 3 cessive new owners. Such pro- easy if the deceased, were the pany's register of members, but by Watchman employed at the Hong

that time the shares he previously Kong and Whampoa Dock, Hung cedure is very annoying to a re-owner of sharea registered in his owned

have changed hands hom, who was accidentally shot in gistered holder, who long cessed name and not held by him in the| (perhaps more' than once) the stomach by Sergt. "Kid**

and even to be the owner of the shares. form of readily negotiable blank

if he could trace Marriot, on Sunday afternoon, died the latest owner it in un-at the Government Civil Hospital As a point of courtesy one would transfers and certificates register-likely that he has any means soon after 8 o'clock last night.. not object. the first timeed in the names of other persons. of compelling him to have but there would appest to

the shares transferred out of his At the same time we do make (Mr. A's) name. Should the com- Lo, for the defence, Mr. T. S. At the request, of Mr. Hin-shing be no obligation on one to be for the suggestion that the stamp fes pany not be doing well by that time, Whyte-Smith has altered the date" ever the collecting agent of divi-on transfers of shares might be the latest owner would not be likely of the hearing of a case in which dends on shares in the ownership halved; that is to say that instead to be ready to relieve Mr. A of the two Chinese men and a woman are of which one is no longer inter of 20 cents per every $100 value notify the company that he is no Tung Cheong

Hlability. It is useless for Mr. A to charged with alleged frauds at the Distillery. The ested." Sub-section 3 of the proof the shares, the fee should be longer the owner of the shares, for case was fixed for November 18,

The company might even have arranged. power

decline to to

trans-

*

The Superioress and Sisters of pored new section (to be number 10 cents. This would encourage the company cannot help him. instead of December 4, as originally the Canossian Institute wish-to- thank Mra HT. Creasy for kindly ed:26A in the Stamp Ordinance) share owners to have shares coming to open their Fair on supports the reasonable demand transferred whether or not they fer out of the name of ME AT A warrant has been issued for the Saturday, and to convey to her their of the late owner (but still re were compelled by legislation to do and if.Mr. A was thought good for arrest of a Chinese on a charge of sincere appreciation of her en glstered holder) apore referred so, by a certain time. It is true the amount of lability and the alleged fraudulent conversion of couraging speech. They also wish

latest owner were not, Mr. A $2,000 in Hong Kong currency, the to thank their many patrons and to, by prohibiting under penalty that at 20 cents for $100. the might possibly be in no better posi- property of Ho Hing wan, assistant friends who spent so generously at the payment of any dividend to stamp fee on transfers is in this tion even if the new owner was manager of the Ng Tak Bank of the Fair, and especially H.E. any other person unless that Colony equivalent to the cost of prepared to have the shares trans-Wuchow. Ho, who is at present in Commodore for the loan of flags other person has since had the one share in every five hundred, little parable, Mr. A may eventually the Police. His address here is ferred. And so, to continue our the Colony, gave the information to and bunting, the Editors of the "China Mail" the "Sunday Harald" shares transferred out of the whereas in England (at £1 for have to pay anything up to $9 per given as 149, Queen's Road Central. and the Chinese Papers, Waison name of the person to whom the 275/£100. value, at £8 for share on the 1,000 shares. The & Co. Ltd. the Blue Bird Co., dividend is payable and to whom £275/300 value, and so on, say cised in disposing of partly paid OBSTINATE WOMANÍ

moral le, that care should be exer Hing Store, Wlag Hing

one per cent) the cost of stamp shares in not well-established and Chang Ware Ltd, and the Salesian he is therefore applying for paying transfers is equivalent to the sound companies. One may make Baskets Of Shavings on Fathers for the splendid" music | ment.

cost of one share in every one it a condition, expressed in writing rendered by their able bandsmen

There is no doubt that, proper. hundred, nevertheless we are of at the time of selling, that the during the two days of the Fete

ly, one should, in every case of the opinion that if share owners shares must be transferred out of

are to be to some extent pressed one's name--but we cannot By Kowloon Magistracy to-day, before? purchase, send is the shares to to have their shares transferred what effective remedy: - one

L

ABOUT SHARES

་ ན

A con-

Away

Footpath

Lance-Sergeant A Banks, at the

Mr. T. S. Whyto-Smith, charged “a. Chinese woman with cousing, an ob-

Hong Kong, Tuesday, Nov. 11:1829, the company for transfer. By to their names, it might be good would have if such

not doing do, one takes the risk policy for the local stamp duty to dition were not complied with-struction at Cookes Street, Hunghom, that the transfer form one has produced to 10 cents. Der every It is not unknown (in cases by placing baskets of shavings on the

$100. valse,, Should it be found not in this Colony) that registered pubile footpath. received may be irregularly or in that the Government actually shareholders have given sufficiently executed that the suffer a

The defendant pleaded guilty." loss by such reduction partly-paid-up shares for nothing Sergt.. Banks stated that the woman transferee may be deceased or his (In spite of the probably much even paid a price to the ac-had been warned by him and other alleged signature be a forgery which would be presented for transfer.

increased number of transfers coptor of themon condition of police officers against the offence, but and by delay In forwarding to the stamping) we would suggest that

she insisted in placing six maskets, of. company, one may possibly be

shavings on the pavement, occupying about 10 yards' space.. come prevented from obtaining satisfaction However, such rik

chris is one that in practice is taken by successive holders for months and sometimes years; and it must

In the supplement to "The Hong Kong Government Gazette dat ed the 8th instant is published for general information & draft of a bill further to amend the Stamp Ordinance, 1921, proposed to be Introduced at the next meeting of the Legislative Council, the main obiect of the bill being to carry out one of the recommendations of the recent Stamp Duties Com mittee.

That recommendation Is dealt with by section 6 of the fed now. Ordinance. To atabe

clauz

section ro

Baying

sub,

cla

*point

consideration be given at a later of view it may sometimen be con- Yesterday he arrested her, when she

From a company's date to revision of the duty pay-sidered good to have a large re refused to give her address, so he took able on the nominal capital of Berve in the form of uncalled capis her to the station. new companies which may there tal on partly-paid-up shares, but in after become registored, and on our opinion it would be better for have put her shavings on a vacant It was pointed out that she could increases of nominal share capital shareholders generally for com- plece of ground about 30 yards distant, authorised after a certain date. pantes not to issue shares to a total but she refused. be recorded as a good mark to the the First Schedule to the Comare likely actually is require within

It would appear from Table B of nominal value than the amount they A Bins of $4, was imposed. integrity and enr ness 51 those panies Ordinance 1911 that reasonable period. Consideration

in shares that it is, so at

present no Hong Kong of this point brings to our mind serious ques company's is able to pay the fact that in the case of China In respect of nominal share Companies no shares may be issued capital any greater amount of except either as fully paid up shares Government is fees than $300 C or lapon the term that the shares PRavenuti susers

We might to even farther and should be paid up in full within a suggest to the Government that specified period not exceeding three transfers of shares be altogether months after allotment: if China stes exempted from stamp duty. Such Company Issues shares not Yally

the case with transfers of paid up and the shares are not paid going to make lukengs and Indian ron- rea in China. Companise and for in full before the expiration of upon diesha coolies are not only un-

TEN YEARS AGO

[From the "China: Mall,” November 12, 1919.1

Today's dollar is worth 4/8 3/16d;

When are the Polles kuthorities

atables odderstand that brutal assaulte

one week from the date upon which lawful but utterly useless methods the final payment is due, they must carrying out traffic regulations? We Torfeited by the directors and witnessed two such assapits outside the res no forfeited are deemed Ferry Wharfi by the Kowloon de on the property of the company Monday. These assaults ar se com- Kuid 18 of The Chinathon that they are quite suficient to ex-

dessin Council plain the notoridasie hat

Chinese proletariat for Indianë