1931-09-17 — Page 12

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China

Mail

ESTABLISHED 1845.

HONG KONG, THURSDAY, SEPTEMBER 17, 1931.

DEBTOR'S ASSETS IN FOREIGN

CHINA.

Application to Rescind An Order..

BANKRUPTCY CASES.

In the Bankruptcy Court this morning. before Sir Joseph H. Kemp, K.C. Mr. E. L. Agassiz, the Official Receiver, strongly opposed an application by creditors of Yan Kwan, trading as Yan Kwai Kee, 186, Temple Street. South. Yauma- Iti, for the rescinding of a Receiv ting Order against debtor, and the

withdrawal of the petition.

CREDITS

HUGE SUM USED TO BACK STERLING;

MARK HELPED

NEW AGREEMENT WITH REICHSBANK.

SHARE MARKET FIRM.

Whampoa Docks Again Wanted,

EWOS ALSO IN DEMAND.

The official summary issued by the Stock Exchange to-day states:

The market this morning con tinued firm generally.

Banks which were dealt in at

$2,045, closed in demand at $2,040. In request at

Cantons were $1,545.

Unions had buyers at $555, but on shares were..procured.

New York, Yesterday. It is reported in Wall Street, A creditor was called by Mr. A. R. that $80,000,000 of the recent according to the Evening Post, Covey, neting for a number of credit of $200,000,000 to the Bri- ereditors, to give his reasons why tish Treasury have already been the application should be made.used up to support sterling, ow He affirmed that debtor had labi-ing to the fact that the French lities in Hong Kong amounting to credits will not be available till about $17,000 and assets, about

Monday, when £20.000.000 sub-. $1.720. But there were also assets scribed by the French public, will in China, which had been the sub-be transferred to the British wanted at $29.

Treasury. It is understood that

Hong Kong Fires were wanted at $1.485, but nothing resulted

"Wharves were also in request at yesterday's ratè $161.

Whampoa Decks were agala

Providents (old), after being

ject of recovery proceedings there. The creditors feared that if

no further drafts will be made done at $6 and $6.60, could have debtor was returned bankrupt_in Hong Kong he would turn to his upon American credits until the been obtained at the latter rate. creditors in China, and ask-themench credits have been drawn The new shares were the medium.

on to an equivalent amount. Lof sales at $9.20," why they had not collected their

Thus, it is estimated that Great Hotels (old) were dealt in at Britain will have used up about $17.85 and $17.45, and closed in $325,000,000 of the $650,000,000 demand at $17% with sellers 28- credits granted by the Federaling $174. The new shares were Reserve Board. Bank of France also done, at. $16.65, and terminat- and American bankers,

ed with buyers at $16.60 and soll- ers at $17.

Lands were wanted at $904, after sales at $90%.

debts in Hong Kong. Ther had formed their opinion that by this attitude he would make Hong Kong

debts frrecoverable in Canton, con- tending that his bankruptcy in Hong Kong was a full discharge from Hong Kong debts.

to

A Peculiar Cane. The Official Receiver had pre-

New German Agreement. The Committee, representing bankers of the United States, has instructed Mr. Wiggin, chair- man of the Chase National Bank,mand at $22.

1

Humphreys (old) were in 'de-

to accept an agreement with the Realties, which were done at Reichsbank and discount bank $17.36, could have been obtained drafts on Berlin before the ex-at $17,40. term credits for seven months.-proved rate. tension of outstanding short. Reuter's American Service. ག་ར་བར་ཞི་མ་༡༢༠༡༧་ཟླ་༧་བ་དང་སྟར་ང་རང་ཐང་

viously intimated that, he objected the application, or to Mr Covey's request ̄ ̄ ̄ ̄för an adjourn- ment of the hearing. The position was a peculiar one. The matter had been before the creditors at two meetings. At the first one a resolution for adjudication had been proposed by a creditor, who did not find a seconder. Many of ed. the creditors desired the Receiy-that point, also the question of ing Order to be rescinded, and the power to rescind, and the limits of petition withdrawn, on what that power. grounds were not.clear_to_the_Off

cial Receiver.

At a further meeting on August was passed that

31, a resolution

But he would like to consider

The hearing was accordingly. ad journed.

Unsatisfactory Evidence. When the case of Li Wai-tong,

оп

Ewos were in demand at the im- of 316, but shares were not forthcoming at. this figure.

Shanghai Cottons were also in request at an advance of T2, the rate now being 3106.

3

Zoong Singe were wanted at 12%.

Trams had sellers asking $232. but buyers did not go beyond $28

Star Ferries and Yaumati

were

Cements (combined): advanced to $20.70 buyers, but sellers were

In the market at $20.90.

application be made to the Court 52, Dee Veux Road, Central, was Ferries were in demand at yester for rescinding and withdrawal. called,

adjourned public The Official Receiver added that he examination, the Official Receiver day's quotations-$95 and $28% objected in toto to the application, asked that the examination be respectively.

Electrics were put through at and again, addressing the Court closed. Debtor, had given very

$82. after the creditor had been heard, unsatisfactory evidence-at-the-last

Telephones (part paid) the Official Receiver submitted there was no power to hearing, but rescind. It had been laid down bad come to the reluctant conclu- done at $35. that a Receiving Order might besion that it was impossible to take rescinded the same circum-proceedinge against him elsewhere stances as might an Adjudication The examination was closed. Order. That meant that the An Adjudication Order was made Order, to be rescinded, must have against the Kwong Mee Shing firm, been improperly made-which was of 48A, Bonham Strand Wast, by no means the case hereof that and a Receiving Order against the the debts had been paid in full.

Cheong Wuen firm, of 56, Des Absconding Debtor.

Vœux Road, West The applica- Mr. Agassiz added that the debtion for the release of the trustee tor had absconded with a view to in the case of the Wa On Company, avolding bankruptcy proceedings, 254, Des Voeux Road, Central, was He had not been able to find deb- also granted.. tor.

But if and when he return. In the case on the Tai Yuen ed to the Colony, he (the Oficial Shing firm, of 80, Connaught Road, Receiver) would immediately con- West, the bearing of a petition was sider getting out a warrant for adjourned for further enquiries to be made, power being given in the meantime to the Official Receiver, to sall certain timber lying in stor-

him.

Dairy Farms were in request at $82.

Sinceres were wanted at $20,

without shares, being obtained.

Constructions, cum ights, had buyers at $144, and the rights re ceded to $2.62% nominul.

P

BELIZE DISASTER.

Reassuring Cable From

Governor.

Rugby, Yesterday, The Chief Justice told Mr. Covey that the application was not in the

A telegram received by the proper form, in any case. He age.

Colonial Ofce from the Governor would require evidence from other The hearing of a petition against of British Honduras regarding the creditors. If it were shown that Chan Cheuk-war,_of_289, Queen's Belize disaster reports that the the great majority of the creditors Road, Central, was also adjourned. situation is now well in hand and were in favour of reclssion, on theIt was explained that the debts estimates the total deaths at about; grounds that Hong Kong bank were largely those of the firm in 1,000. Medical and personal sup ruptcy might act as a discharge, which debtor was a partner. Ar- plies are adequate. The people, the making them unable to recover rangements were proceeding to sell cable says, have shown excellent debts elsewhere, he would not say the firm as a going conceru, in spirit and it was. not necessary, to that there might not be good which case the debts might be pro- declare martial law-British Wire-

Aless Service. grounds for recission being grant vided for to

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