1936-04-15 — Page 9

THE CHINA MAIL, WEDNESDAY, APRIL 15, 1936

BANK OF CANTON LOCAL NEWS BREVITIES A. S. WATSON &

LIMITED

Arrangement Scheme

Approved

COMMITTEE OF INSPECTION ELECTED

The following forthcoming wed-, The fortnightly whist drive of dings are announced: Mr. Ellis the Craigengower Cricket Club} Heyer Joseph, broker, residing at will take place on Saturday begin-

4 Felix Villas, and Miss Fannyjning at 9 p.m. Salti, living at Courtland, Ken-

1

on the morning

nedy Road; Mr. Charles Engel- The Bhutan is due here berth Dworjak, engineer, of 20 from Singapore Shameen. B.C. and Miss Olga of Friday. Kaupmans, residing at 2 Peking Road, Kowloon.

CO., LTD.

NO DIVIDEND DECLARED

QUESTIONS BY MR. ELLIS

།་

School-Children On Tour

Visits To Belgium And England

London, To-day. The annual general meeting A thousand school-children left of Messrs. A. S. Watson and Victoria Station yesterday undar A Charity Ball will be held in the Co., Ltd.. was held this morning the auspices of the National The Bank of Canton. Ltd.

Garrison Lecture Hall on Friday in the Jacobean Room of the Union of Stadents for a tour of was packed to capacity this morning when A meeting of Among the passengers booked in next. The proceeds will be given Hong Kong Hotel when the Belgium and will stay in schools the unsecured creditors of the Europe to connect with the Em-to the widow of the late Sergt. Chairman, Mr. D. E. Clark, re-and hotels at Brussels. The Bel- institution was convened for press of Japan from Vancouver, Layzell, Royal Artillery. Dancing ported a profit for the year of gian students' organisation is the purpose of considering and, B.C., on April 4, and due in Hong will be from 8.30 pm to 1 am $20,256.33, which was less by sending three parties of school- if thought fit approving with or Rony on Friday, April 24, were to the strains of the hand of $10,000 compared with the pre-children to England on a similar

Admission will vious year's working. The Dir-visit, and the first party is expect without modification, a Scheme! Mr. C. 3. Barwick. Mr. and Mrs. HMS Hermes,

between the J. E. Barrow. Miss E. Townsend. be Gentlemen" $1 Ladies ectors very much regretted that ed of Arrangement

arrive to-day.---Renter's 50 cents (includes refreshments). they were able to recommend Bulletin Service. creditors and members of the

A Piano and Song Recital is There will spot prizes." Bank

a dividend. An unanimious vote was being given by Mae Bonenfant

The Chairman was supported rent year. given in favour of the Scheme (Piano) - and Frau Muller-Kau- Two Shantung constables of the

Alexandra Building of Arrangement. which is cher (Soprano)

at the Helena Hong Kong Police, Hui Shu-lia, by Mr. J. Scott Harston, Sir

The Company hold a lease of set out in detail below and May Institute at 9.15 p.. Tickets D4 and Miao Hoa-sung D119. Shou-son Chow, and Mr. S. T. the following Committee of In-$1.50. Proceeds are in aid of the charged before Mr. S. F. Balfour, Williamson (Directors) and Mr. these premises. of which there. J. A. Tarrant (Secretary), are still about 6 years to run be- at the Central Police Court, with spection. comprising five mem-Piano Fund.

conspiring to obtain brides from while the following shareholders fore expiry date. hawkers, were yesterday senten-were also present: Messrs. F. M. recently all shops and offices were tion of the Bank shall apply ced to the maximum term of six Ellis, J. E. Jupp, J. D. Hum-let; but with the opening of more

months hard labour each. Mr. L phreys, F. W. Stapleton, Peter modern office accommodation

Wong and Wong Kin-tsoi H. C. Calthrop, A. S. P. prose- cuted.

>

bers and two reserve members, | ———— ——

was elected:Mr. Wu Te-cheng.

Mr. Chu Yuen-chee. Mr. Chan Kaan-po, Mr. Woo Yauk-pang

mutatis mutandis.

H

K

and Mr. Kwok Sing, and Mr.:

Regarding Profits Lee Yat-ngok and Mr. Lam 4-Whenever the profits of the Kow-mow.

Company in respect of any year Three Special Managers were shall be more than sufficient to Hong Kong rainfall for the 24 also appointed and these were pay (a) the Preferential dividend hours ending at 10 am. to-day

MARRIED WOMAN

WOUNDED

*

Chairman's Speech

The Chairman, in his speech said:--

The result of the year's trad-

previous year.

"The Canton Aerated Water

to

Until quite

in

the city, we have lost some of our] joldest rénants, and we have noti been able, so far, to let the space racated This means a consider- able loss in rentals.

"Without attempting to pro-

now somewhat

its almost unbroken record as a dividend-

Factory again had a poor year, raying concern.

"I do not think there are any to which I can

Ac-

Mr. J. M. Wong. Mr. Ho Ching- aforesaid and (b) the dividend on was 0.13 inch. The total since ing shows a further decline, and phesy as to the future. I believe hoi and Mr. Cheung Wing-poo. Second Preference Shares to the January 1 has been 4.87 inches,

The Supreme Court appointed close of such year. the holders of against an average of 8.26 inches Your Board regret they are un-the outlook is

able to recommend the payment brighter, and I hope that next Dr. Li Shu Fan. M.B., Ch. B.. First Preference Shares shall

lof a dividend. Profit for the D.T.M. and H. and F.R.C.S. participate

year may be able to come before in the surplus pari Chan Sai-mui. unemployed, was,

year, viz., $20.256.33 is less by you with an improved report and (Edin.) who presided. as Chair pass with the holders of ordinary this morning sentenced to

six man of the Creditors' Meeting shares. Such participation shall months hard labour and to 12 over $10,000 than that on the the Company resume and he was supported by Mr. be by way of dividend which shall strokes of the birch. if unit to Leo D'Almada e Castro: Jnr be the same as that on the ordin-serve an additional two months' solicitor for the above mentionary shares so long as the dividend imprisonment, for snatching

the continued rains and foods in ed creditors, and others.

on the latter does not exceed rattan golden-mounted bangle from the early part of the summer ad further matters Scheme of Arrangement

per cent.. but shall not in any case a five-year-old girl at the inversely affecting sales, and the usefully refer, and I now formal- The following is the Scheme exceed that figure.

Hau temple yesterday.

later months were comparatively propose that the Report and of Arrangement in detail:-

5.--No unsecured creditor of

ly cool. You will no doubt re Statement of Accounts as present- ed be adopted, and that the I-An Application shall be made the Bank shall be entitled to more

member that the month of Sep- to the Supreme Court of Hong "Second Preference Shares" than

tember was the coolest ever rebalance at Profit and Loss Kong for the withdrawal of the is represented by half the amount)

corded here by the Royal Obser- count, viz. $72,063.78, be appro- vatory.

priated as follows:- Petition for Winding-Up of the of the debt due by the Bank to

Write of Building Improve- Bank of Canton Ltd. (hereinafter him and no such shares shall be

"Our export business, which ments

$ 1.238.09 referred to as "the Bank") pre-issued for a sum representing a

is considerable, suffered severe-Transfer to Chinese Staff sented by the Directors of the fraction of $10.00.

Superannuation Afc. 6.--The Bank shall issue

ly owing to the rapid rise in the Bank on September 4, 1935.

Chan Kan, aged 18. 2 shop feki. value of the Hong Kong Dollar, Carry Forward "Debenture to Bearer to each 2-The capital of the Bank unsecured creditor for the balance was this morning charged before and in order to keep our connec

Central tions, we were forced to trade!

Questions And Answers shall be reduced from $3,665,600.00 of 50 per cent. of the amount due Mr. W. Schofield at the (divided into 216.640 fully paid- to him by the Bank, which amount Magistracy with wounding at a very small margin of pro-

The following questions were up shares issued

of $40.00 each shall be treated as a debt due by Yu, a married woman, at Ship fit, and in some cases even at a

Since the drop in the asked by Mr. F. M. Ellis, aud the in this Scheme referred to 33 the Bank but not carrying inter- Street on March 24 with intent to loss.

dollar value this business shows answers follow:- "Ordinary Shares") to $1.083-est. This amount shall be repaid injure, maim or disfigure her. 200.00 divided into 216,640 shares to the creditor and/or his execu- When the charge was read de-a healthy increase and will. I "What was the gross profit or loss of each department for each of $5.00 each and such reduction itors administrators and assigns fendant said he had no intention hope, prove remunerative.

"Turning to the Balance Sheet, year since 1930? (2) What was! shall be effected by cancelling (and the debenture redeemed proof injuring her. paid-up capital which has been tanto) by five equal annual in- Sub-Inspector Carey said that it will be noticed that an amount the nett profit or loss of each de- would be a committal of $275,000 has been transferred partment for each Year since lost or is unrepresented by avail-stalments, each of which shall not the case able assets to the extent of $35.00 be less than one-fifth of such one and asked for a week's re- from General Reserve for the pur-1930 per share upon each of the 216.640 balance. The first instalment shall mand, which was granted..

shares

which have been issued, be paid within 12 months next

a

and by reducing the nominal value after this Scheme becomes bind-

Shop Foki Charged

of all the ordinary shares in the ing Such debentures may at any Bank's capital from $40.00

to time be used by the holder thereof ed creditors' claims.

$5.00 per share.

to the extent of their unredeemed.

3-The increase of the capital

the classes following shall authorised:--

each.

(@) 200,000 fully paid shares of any property of the Bank.

$10.00

These shares shall be known as "First Pre- ference Shares" and shall

to

Committee of Inspection

11.-The term "unsecured credi-j

tiva.

12. Within four months Rext

Bank and its assets.

with of

5.000.00 65,830.69

72,068.78

pose of writing down the values: “We consider it inadvisable in of certain Fixed Assets, namely the interests of the Company or Aerated Water Plant and Ma-shareholders to give the informa- chinery, Motor Transport andition asked for." "If there are Floating Equipment, and Furni-1

any losing de- The larges.partments what steps have been ture, Fittings, etc.

or close them

unre-

value for the purpose of meeting tors" in this Scheme shall be portion of this amount, viz. $250,- taken to retrench of the Bank by way of shares in any liability due by such holder deemed to include all the creditors 000. has been applied to reduce the down? (4) Are any of these depart- to the Bank incurred prior to its (other than secured creditora and book value of Aerated Waterments which have proved unpro

Plant and Machinery. suspension of business and/or for those provided for by Clause 8

While fitable still being carried on? If the purchase of or in exchange for hereof) whose claims are admit-i

ted by the Committee of Inspec-generous amounts have been writ- so, which ones, and why?"

ten off yearly for depreciation. "The drug department has been and substantial sums spent

-years in for the last, two maintaining the plant in first munerative; keen competition At the Creditors' Meeting or after the Scheme becomes bina-class condition, it has been neces-exists in the various drug and carry the right to a fixed Meetings held under the directioning, a meeting of Shareholders of cumulative preferential divi- of the Court, & Committee of la-all classes shall be convened for say and obligatory to make very departmental stores of the Colony-

considerable additions during the Economies

expenses and dend at the rate of 8 per cent spection consisting of five persons the purpose of electing Directors

past few years, especially to our charges in this department have|

been Canton Factory.

effected and per annum on the capital paid and three Special Managers shall of the Bank in accordance

further up thereon payable as regarde be appointed to do all things ne-the provisions of its Articles

economies are under considera- each year out of the profits of cessary for the carrying out of Association.

Finest Factories -

ition. The year under review that year as a first charge and the Scheme including the investi-

Unsecured Creditors

"Our Aerated Water Factories showed a distinct improvement on shall rank as regards capitalgation of all claims, and the gen-

13.-The unsecured creditors of

among the finest, and it has the previous year in spite of diff-| in priority to all other classes eral management of the Bank and the Bank shall accept the provi-are of shares.

shall act from the date when the sions in their favour contained in been our policy to maintain in-cult trading conditions accentuat- the eccentricities of the |

(b) Shares

For these reason we do be known as Scheme becomes binding until the this Scheme in fall satisfaction stallations replete with the mosted by "Second Preference Shares" appointment of a Board of Direc- of all their claims as against the up-to-date machinery and equip-dollar.

ment, with a view to coping with (not contemplate closing down that of $10.00 each to be subscrib-tors.

Should any depart- 14-Unless 30,000 at least of possible expansion of business. department ed for and taken up by un-

be Unfortunately, conditions which ment persistently show a definite 8. Notwithstanding, anything the Preference Shares shall scured creditors of the Bank to the contrary herein contained subscribed and paid for within we are at present experiencing less, that course would naturally The Bank shall allot to each all creditors of the Bank, if any, twelve weeks after this Scheme are reflected in decreased busi-commend itself to your Directors such creditor shares equivalent who by virtue of Section 251 of becomes birding, the Committee ness generally, especially in the and General Managers. The ways in value to 50 per cent of his the. Companies Ordinance, 1932, of Inspection may, with the sane department under

review con- and means however would require or her claim and the same or otherwise are entitled to be tion of the Court, declare, that sequently our installations are not careful consideration.” shall be accepted in discharge paid in full in priority to other this Scheme has fallen through, working to anything like fall"Is it a fact that the Company of half of such claim. These

of the whole debts shall be paid in full by the and in the event of such declars- capacity, and at Canton, where the is the Lessee shares shall carry the right to Committee of Inspection out of tion, steps shall be taken for the season is only of about six Alexandra Bldgs.? If so what is a fixed cumulative dividend at the assets of the Eank within four voluntary Winding-Up of the months' duration, their plant is the duration of the Terse and the rate of 4 per cent. per weeks after the Scheme becomes Bank and all the other provisions idle for half the year.

rent, and what amount thereof in aunt payable as regards

of this Scheme shall be at an end. "Your General Managers and paid by the sub-tenants?** each year out of the profits!

"The Company is the lessee of 9-As from the time when the 15. Such amendments to the Directors considered it a good of that year and shall rank

Scheme is sanctioned the Direc-Memorandum and Articles of As-policy to write down the book the whole of Alexandra Building. as regards capital next after First Preference Shares and tors shall resign office and until sociation as may be necessary for value of the plant to an amount As stated in my speech, there are. as .regards dividends next new Directors are appointed the carrying out of this Scheme commensurate with their present about six years of the present

productive value. The same ap-lease yet to run.

We do not con- after the above mentioned Povided for in Clause 12 hereof shall be made..

the Committee of Inspection and

of the 16-The Bank shall pay all the plies in a lesser degree to the sider it in the interests dividend of 8 per cont.

have Company or of shareholders to First Preference Shares, and the Special Managers shall, sub-costs, charges and expenses of other fixed assets, which

jject to the provisions of this and incidental to this Scheme and beer similarly treated. After give information as to rentals." prior to Ordinary Shares.

"What is the reason for the in- (c) Holders of First and Second Scheme, be deemed to be carrying the carrying of the same into ef-making this transfer, the General

Reserve will stand at $400,000.. |crease of $830 in Director's fees?" Preference Shares shall be the business of the Bank on feet.

17.Any modifications and/or "Stocks in Trade show a

"There is no increase in Direc entitled to one vote for each its behalf and shall accordingly

account to the new Board of Di-conditions which the Court may crease of $79,673 and Sundryjtors' fees. There are three share held by them and Articles 113 to 125 of the rectors for

all benefits received think fit to impose upon this Debtors are lesa by 331,427.66, due directors who, in accordance with

to a smaller turnover.

the Company's Article of Associa- Articles of Association of the and be indemnified against all Scheme shall be assented to... Bank dealing with the votes liabilities and expenses incurred 18-Nothing in this Scheme "Whilst maintaining the utmost tión, receive $1,500 each per of shareholders shall apply. Whilst so carrying on the same. contained shall affect any charge, efficiency, considerable economies annum, totalling $4,500.

10 The Committee of Inspec-lien, or security except as herein-have been effected, the amount "It has occurred during the last Holders or Ordinary Shares of the Bank shall be entitled tion and/or Board of Directors before provided.

charges two years that a Director has re- to. one vote for every two shall be entitled to pay in cash A meeting of the members of and expenses being approxi-signed and his seat has not been shares held by them and the all claims of unsecured creditors the Bank of Canton Ltd., was held mately $56,000 for the year immediately filled; hence the provisions of Articles 113 to of a less amount than $20.00, and at 3 p.m. to-day to confirm the under review. Further economies variation in the remuneration." 125 of the Articles of Associa-all fractions of $10.00 on unsecar-Scheme of Arrangement..

are being elected during the cur (Continued on Page 12)

од

binding.

saved 3:23 Various

de-

of

BOLS

SILVER TOP

CERTIFIED and Recommended

for its purity by the Institute

of Hygiene London.

Obtainable Everywhere

Sole Distributora:——

H. RUTTONJEE

& SON

DRY

GIN

Says the beautiful blonde

Dairy Farm cow: 'Harold'

Lloyd in THE MILKY WAY?

Baby, you'll forget you're

lady and say come up to

my dairy any time Harold!"

2

You Wouldn't Send Your Children

TO SCHOOL

BLINDFOLDED

Neither

would you

*

Sit BLINDFOLDED

IN YOUR

OFFICE!

EVERY EFFICIENT OFFICE OR HOME MUST HAVE A COPY OF THE "DOLLAR DIRECTORY ●☛ CONTAINS A WEALTH OF INFORMATION

1936 HONG KONG

DIRECTORY

NOW ON SALE

Price $1.00