1936-07-14 — Page 8

BANKS

HONG KONG AND SHANGHAI ↑ THE CHARTERED BANK OF

BANKING CORPORATION

INDIA, AUSTRALIA & CHINA

THE CHINA MAIL-- TUESDAY, „FILY:14, 1936-

-SHARE MARKET =

"TU-DAYS" QUOTATIONS“

The following was the list of local Share quotations issued

Authorised Capital ...... $50,000,000 Incorporated by Royal Charter, 1853-to-day- maned and Fally-Paid-up 20,000,000

Leserve Funda

*Starling ...$ 6,500,000

Hong Kong Currency

Boberts ----$20,800,000,

Reserve Ländility, of - Pro-

printors

HEAD OFFICE: LONDON Paid-up Capital

Eeserve Fund

£3,000,000 EES,000,000

20,000,000

Esserve Lishility of Pro-

vyzietors

HEAD OFFICE: HONG KONG.

BGARD OF DIRECTORS.

Hon. Mr. J. J. Paterson

Ch

G. Miskin Ex.

Deputy Chairman.

Alor Star

Bangkok

Bombay Calcitla Canton

£3,000,000

Agencies and Branches:

Ipak

Xiang

Bangoon

Semarang Seremba Shangha blagajarE

TH

Cawnpor

Hon. Mr. WH. Bell, J.B. Masson Esq., Cabe

B Compton Esq., T. E. Paars Bag Cole

Hon. Mr. S. H. Dodwell,

| Dečki

Haiphong

J. A. Plummer Esq. Hamburg

Flos. Mr. M. T. Johnson,

A. L. Shields

V. M. Grayburn, Esq.

SANGTOK

SATAVIA

CALOUTTA CANTUM CHEFOO COLOMBO

Chini MasagNE-

ARANCHES :-

LONDON

MANILA

MCA EU) NCKDEN

NEW YORK

PEIPING

PESANG

POOCEO

RANGOON

KAIPHONG

DAIGON

FAMSUNG

SAN FRANCISCO

SHANGHAI

SINGAPORE

SURABA

CSUEL

HASKOW

FLASHIN

BOMGEET

منامة

JEUER

EUFLOON

SUN ZEMPUK

TRENTSIS

TOKYO

TSINGTAO

ΣΟΚΟΗΑΜΑ

Hookow Harb

Esq., Hong

Current Aromunis apwond in Lomi Curricy and Shed Degastie procred Sor one year or shorter pers in and Correory and Simching on co

We quoted on application. Albŭ up to date SAFI DEPOSIT BOXES 1 cnou s TO LEI.

Hong Kong, 24th February, 1936.

HONG KONG SAVINGS BANK

W

The Best of the above Bank is conducs

o an cho MONG TÔNG LẠNH SAU GHI MARKING CORPORATION.

PORKANAL OR application

Bale may

FOR ZRE HONG KONG AND SHANGHAI RANKING CORPORATION.

་

V., GRAYBURN,

Chiel Jannes.

Hong Kong, 24th February, 1336.

THE BANK OF EAST ASIA, LTD.

Lord Capi6-19 Nal-up Capital

Bessere and. Undivided Pro

Kosla Lumpur Kuching

Marila

Madan New York

Taiping

Tongka

(buked) *alated Yobookma Zamboanga

Foreign Enabanga sand General Banking business Szucsacted.

Current accounts copened, and Fizać. Depouta Fed for one year or shortae pariada al cele which will be quoted on appùcation.

The Bank's sad Ofice in London undertakes Zamute and Truschen -bosinama, and recovery of Beruas Incouze Tax overpaid sarta which may be severiained at ang of ice Apomena and Branchen.

A. BRBARLEY,

o

Manager.

Hong Kong, 1st January, 1935.

Banks

5.K. Bank $1,58232 TL FK Bank (London) £101. Chartered Bank S143% 1. Mercantile Bank A. and

£31 n.

Mercantile Bank C £14. Bank of East Asia $73 n.

Insurances

Canton Ina. $255 n.

Union Ins. $525 m.

China Underwriters $1 m

China Fire Ins. $462 n. H.K. Fire Ins. $250 n.

NEW YORK SHARE BANK DEPOSIT CASE

MARKET

Taking Of Profits Favoured

NEW ADVERTISEMENTS

that the burden of proof is upon PUBLIC AUCTIONS

(Continued from Page 9)

him, that the Bank clothed, the Further in cross-examination be second defendant with ostensible. said he realised that everyone in authority to do the acts in this the Bank had different duties to case. Newsholme v. Road Trans FURTHER ADVANCE POSSIBLE perform and that at the place port and Gen. Ins. Co. Ltd. (1929) where second defendant sat in the 2 G. B. p.356, does not support Messza. White, Weld and Comformer Bank premises. there was the plaintiff's case but is in favour Hpany, New York Correspondents high wooden partition in front of the Bank.

for Messrs. S. E. Levy and Coms of him which was not really de- I think I have dealt with all the pany, report:—~

signed for the receipt of, moner cases cited on plaintiff's behalf jand that some distance away there having any bearing on the case

a low counter over which under · consideration and not one!

of them is to the effect that a principal is liable for his agent's fraud if the act of the agent' is

was

Evidence Accepted

[CE Undersigned have received.

Instructions to sell by Pròlid

Auction

on

Wednesday, the 15th July, 1936- commencing at 11.00 am..

at their Sales Room,

Duddell Street

A Quantity of VALUABLE HOUSEHOLD

FURNITURE

comprising:—

Iron Safe, Steel & Teak Desks,

Stocks:--Any further amall rise would meet the resistance points, which railroad stocks, in particu-oney passed. iar, failed to penetrate since 1933. Should the averages surpass 163.0 for industrials and 520 for rails, I accept the evidence of Mr. committed outside the scope of his Steel & Teak Filing Cabinets

Glass cabinets. Office Chairs,. a further advance would be indi- Church as I consider he is a far authority-rather they are to the

That being so I have Chairs, Partitions, Tables, etc., etc. International Asace. Sh$34cated. Meanwhile, we favour the more trustworthy witness than the contrary.

also Shipping

taking of trading profits. Business plaintiff, and I accordingly find to consider whether the Bank is

One "Royal" Typewriter. (prac»» as a fact that second defendant estopped from mising the defence | done-1,420,000 shares.

tically new rebuilt). Wheat: The showers have been was not authorised by the Bank to that the second defendant was not bis inconsequential in most areas and receive or to pay money and that acting within the scope of

in doing the acts the setbacks in prices are attract he had no authority to issue the employment

(Exs. which plaintiff alleges he has Total two deposit receipt books ing broader demand.

"A" and "B"). Further I am sa-performed in this case, by reason sales:-44,346,000 bushels.

of the fact that the Bank held Corn:-While the indications of tisfied that the sums shown

Douglases $36 n.

H.K. Steamboats $21 b. Indo-Chinas (Pref.), $90 x. Indo-Chinas (Def:) $20 m Shells (Bearer) 96/3 n. Union Waterboats $12 s.

Docks, etc. HK and K Wharves $37 1. HK and W. Docks $10% b

THE CHINA & SOUTH SEA BANK. Providents (Old) $1.05 n.

LIMITED

{acorporated in China). Hood Offer Shanghai Capital

.$7,500,000.00 Reserve

$1,500,900.00 Branches-All Important Cities

Chine Foreign Exchange and General Banking Busin

Carrak and Bering desouzas opened and Fized! Depositveď der aus zur of charter pecicla mà imion which will in gereed_on_application

500 Z. CELING,

HONG LONG ERANCH: M. De Vanz Bosd, Camera).

Foreign Exchange Dept. com

Cashier's Oos

THE WING ON BANK, LTD..

Head Office: Hong Kong

26, Des Voeux Road Central Authorized Capital. $10,000,000 LONDON BANKERS:-- Westminster Bank, Ltd Foreign Exchange and every des 1,095,306.cripton of banking business transact-

$30.000.000.00 $800.00

HEAD OFFICE-HONG KONG.

14 Des Feat Bosch. Catatan

BOARD OF DIRECTORS

Bon Sir Shot-son Chow, Chairman I wok, Eng. Wong Tea Tong kag Chan Ching Sisk. Reg. Li Lan

4 Loan Chan, Esqu

Lan Tung F, Eng., Chit Menneet..

In The 2006. Faça Kangur. ZORANCELES-AND-AGENCIES, p==

Manita

Maibourne Sagasaki

Bow Yock

Open

Paci

Petping

Padang Razgows

Ямар

Sursion

Tubola

Tokyo

Bracy &meription" of Banking sad Kuckaupe basse SERANciel." Losse grabbed on approved opened in Local Currency

and Fissed Deposit rédarved for cos of short periods in Lee and Femi Cara

Sertza winok wil be quoted on application:"" Safe Dapons Boas To Let

Chini Mazzy

THE YOKOHAMA SPECIE BANK

~~IGATED"

Established. 1884

Capital (fall paid-up) Yen 100,000,000 Yen 129,150,000) Reserve Fund

Head Office: YOKOHAMA

Branches and Agencies at

Nagasaki Nagoya

"AJETEDĀTIE

Berlin

Bambay

Calcutta

Canton

Dairen (Dainy)

New York

Fangtien (Mukden) Rio de Janeiro

Hamburg

Hankow

Harbón

Osaka

Paris

Peipite Rangoon San Francisco Semarang

Kang

Shanghai

inking

Sourabaya. Sydney Tientsin Tokyo

Tsingtan

Tingkow

Karachi

Kobe

London

Los Angeles

Manila

Singapor

interest allowed for Current Ac

CORETS.

Deposits received. for fixed periods

on applica st rates to be obtained tion.

G. KISHINAMI,

Hong Kong, 3rd July, 1938.--

SHANGHAI COMMERCIAL & SAVINGS BANK-LISTED---- -----(Incorporated in China)

Capital paid up....$5,000,000. Reserver

$7,500,000 Capital Savings Dept. $500,000 Reserve Savings Dept. $600,000. Head Office Shanghai

A Bank having" bi- Etu" animion the industrial development an China and the fostering of ber commercial relations abroad. Hong Kong Oncə...............

6, Queen's "Road Central Phoon SILIA

Tad.

Current Accounts and Savings Ac- counts opened. Fixed Deposits re- caived at rates which will be quoted on application.

Trusteeship & Executorship under- taken. Safe Deposit Boxes for hire.

PHILIP GOCACHIN

Chief Manager.

THE AMERICAN EXPRESS COMPANY, INC.

Inserparated with Xinlised Liability in Thuậh

Head Offices-55, Broadway, New York

Capital Surplus Rest-Tes

U.S.$6,000,000.00 2,240,344.38

897,612.65

Kapine

BRANCHES:

Late

Goo Ginayow

Montewex Xian

Asbuna

Angton

Bala

Baran

Bombay Beaten Brusni

Celis

The Hegna

Bambang

Heidelberg Interlaken Jerusalemm

Liverpool.

Colombi Copenhagen Dibalas Edinburgh Farwan Genere

Muziek

Pazins Bostardato Bathe Shaochel Sampl Kingapore Doshda

Zaciek.

Branches at Anzeican Express. Company in Principal cities of United |States of America and Canada.

All classes of Commercial Banking |Tramactions- undertaken.

Hed

Personal investment accounts hand-

The Company offers to intending Travellers the use of ita "Izavelers Cheques" and Letters of Credit and, in addition, the world-wide services of its thoroughly equipped Travel Department.

C. H. BENSON,

-- General Manager.

HONG KONG HEIGHTS

For the information of visitors the following list of some of the highest points on the Island and Mainland is published:---

ISLAND

Victoria "Peak Signal Station Mt Parkers.

Providenta (New) 20 cts: n. Hong Kew Sh.$185 ^n. New Engineering Sh.$4 m. Shanghai, Docks Sh.5100 m.

Mining Kailan Mining Ad. 11/6 2. Langkats (Single) Sh.$8 n. S'hai Exploration Sh.3434 n.. Shanghai Loans Sh.14 L Raubs $104 1

Venz: Goldfield $44 b- Antamoks $5 b, $5 sa,

Atoks 90 cts. ♫

Baguio Gold 40 cts. b. 40/42

cts. sa:

Balatoes $221⁄2 b.

Benguet Consal $19.40 sa

Benguet Exploration $2 cts.

b..

33-359 cts: s

Big Wedge 65 cts. n. Consolidated Mines 5 cts. By

54/57/2 cts. S Demonstration $1.55 sa. Ipo Gold 31 cts. n. J: Itogons $1.92. n. LXL $3 b.

$2.

Paracale Gumaur 65 cts. b... -Salacots Mining 12 ets. 'n.

San Mauricio $1.40 n. Sayoc Consul 54 cts. n. United Paracales $1.55/1.40

Landa, Hotels, etc. H.K and S. Hotels $440

$4.40 sa

high.

晶

withdrawn

who

Terms: Cash on Delivery LAMMERT BROS.,

Auctioneers.

Hong Kong, July, 14th. 1936.

\HE Undersigned have received

Auction

Tintrusions to sell by Public-

ON

Friday, the 17th. July, 1936, commencing at 2.30 pin. at their Sales Room,

35 Hankow Road, Kowloon..

A Quantity of

VALUABLE HOUSEHOLD

a good decrease in the visibleEx. "A" and "B" as having been second defendant out as having from the amounts ostensible authority to do the acts supply of corn are attracting at- tention, the weather is still the standing to the plaintiff's credit in question.

in the two Savings Department The only evidence as to this is dominating factor..

evi- Cotton: There was some bedg-accounts were not in fact paid to that portion of plaintiff's

plaintiff out of Bank money but dence where he says that some- ing against releases. The reac tionary trend is likely to continue. must have been paid by second times he saw

second defendant No. defendant,

had misappro-issue cheques and receive money In spite of scattered light rains,

sums of $2,000 and behind the Bank counter. Having the temperature is still generally priated the

$1,200 respectively, out of his regard to the other portion of his Flash: Steel mill activity dur-own money in order that plaintiff evidence dealing with the part of should not discover his fraud. It the case to which I have already ing the past week is estimated at

Chesterfield Suites, Black Wood' follows from this that I find Exs-referred and to the rather shifty Ware, Teak Bed Room, Dining 69.0 per cent of capacity as

"A" and "E" to be forgeries. |against 67.2 per cent the previous

and unsatisfactory nature of his Room & Drawing Room Furniture, A considerable number of week.

aa-levidence as a whole and especially Ornaments, Cutlery, Porcelain & thorities have been quoted by in view of the evidence of Mr Glass Ware, E. P. & Brass Ware, both sides. For the purpose of Church on which I feel reliance Gramaphone & Records, Enamel- my decision I consider it sufficient can be placed, I do not believed led Bath, Rattan Ware, etc., etc. to consider those to which I have what plaintiff says as to second On View from Thursday, the by Mr. McCallum defendant receiving money from 16th. July, 1936.

COMMODITY PRICES

Prev. Yesterday Closing Closing

been referred

other people.

No Evidence

FURNITURE

comprising:

Terms: Cash on Delivery

LAMMERT EROS.,

Auctioneers

Hong Kong, July 14th, 1936.

The following quotations. have on behalf of the plaintiff. been received by Renter:-

Other Cases Recalled

Barwick v. English Joint Stock That being so, there is no evi- Bank (1866-7) LR 2 Exchequer dence of the Bank having held p.259 and Lloyd v. Grace, Smith out second defendant as being in- and Co. (1911) 2 E. B. p.489. and vested with the authority in ques-USE A (1912) A. C. p.716 merely decide tion. I feel that Mr. McCallum that a principal is liable for the must have realised the weakness fraud of his agent acting within of his case when he was driven to the course of his business. In the submit that any clerk which the Hatter

case Lord Menaghten at Bank puts behind its counter is p.736 says "I think too, that clothed with an the expressions acting within his thority to receive money authority." "acting in the course of half of the Bank and to back rewithin the scope of his duties will tion with a transaction.not coming 16.578 his employment and the expres-ceipts for that money-although not render the company by which 16-69nsion 'acting within the scope of his possible not to sign receipts.

New York Cotton: July

Masbate 93,96 cts. sa. Northern Mining $45/431⁄2

October December January cts. March

21

May

Spot

13.50 13.42 12.69 12.53 12.63 12.55 12.67 12.53 12.67 12.52 12.67 12.51 13.59 13.52

New York Rubber:

July

September

16.651 16.722

·16.62

October

16.74

December

16.81

b January

16.840

March

16.90

May

Chicago Wheat:

July

December

17.00

104148 103 104 104 105% 105%

16.95

thing."

Chicago Corn:

September

8234

December

76

82% 764

Winnipeg Wheat:

July

91

90

91% 914

903

91%

H.K. Lands $294.

HK 4% Debentures 100% b. Shanghai Lands Sh.$13 n.

Metropolitan Lande Sh. $10 n. September

Humphreys $8.55 .

FAK, Realties: $4% 1.

Chinese Estates $80 n.

China Realties Sh$4 IL China Debentures Sh.$60 1.

Public Utilities

H.K. Tramways $1024 by, $10.-October

70/10% sam Peak Trams (old) 6 n.. Peak Trams (new) $2 Star Ferries $85% n Yaumati Ferries $20 a. C. Lights (old) $101⁄2 n. C. Lights (new) $7%1⁄2 n. ELK. Electrics $50 b, $50/50

•

Macao Electrics $18% n Sandakan Lights $8.30 n. Telephones (old) $25%) 5. Telephones (new) $33⁄41⁄4% n. China Bunes Sh.11% z Singapore Tractions 82/6 b. Singapore Pret 28/- 1.

Industrials

Malabon Sugar $9 b.

December

16.77

agency" (which Story uses) as 16.79 applied to

agent, speaking 16.88a broadly. mean

one and the same

ад

ostensible al- on be-

*the

Want Ad

FOR

QUICK ACTION

he is employed liable in respect of He laid great stress of

its consequences to a third party.” plaintiff being an illiterate man Royal British Bank, ex parte who could not be expected to have Frond (1861) 3 L. T. p.843 is the in this case the House of Lords any knowledge of the internal ad-authority on which this passage

Now is based. decided that a principal, is liable ministration of the Bank

for the fraud of his agent acting plaintiff was 20 years in Canada Proposition Untenable within the scope of his authority and has sufficient knowledge at I am satisfied on the strength whether the fraud is committed business to remit his savings from of the foregoing that any clerk... for the benefit of the principal or there to a bank here and to sub-which a bank puts behind its for the benefit of the agent, and sequently transfer it from the counter is not clothed with osten- receive money that Barwick v. English Joint first bank to the "Bank, so there-sible authority to Stock Bank (supra) is not an an-fore I do not consider he is as on behalf of the bank, much less thority for the proposition that a simple or innocent as he is made to give a final receipt for it. principal is not liable for the fraud out to be. He does not appear Were, it otherwise it would put a it dishonesty, 23 of his agent unless committed for to have ever inquired of second premium on

defendant as to the nature of his would require little 'Ingenuity for the beneft of the principal.

v.duties and he certainly ought to a dishonest bank clerk and an un- The decision in Melville

C. B. p.450, have satisfied himself as to this, scrupulous customer to conspire· Doidge (1848) 6, turned on the fact that the Court which he could very easily havaj together to defraud a bank. So,. found that the bank clerk was act-done by making inquiries of the quite apart from authority, the- ing in the course of his business-other Chinese employees of the proposition is, I consider, clearly- Silver Prices Rise

These three cases are not helpful Bank.

untenable. to plaintif as, as stated. I am

-Sweeping Proposition

It was also contended on plain-- The local dollar is steady satisfied on Mr. Church's evidence

Plaintiff relies on the fact that tif's behalf that, as he had given

LOCAL DOLLAR STEADY

opening on demand this morning that the second defendant was not he trusted second defendant as the fixed deposit receipts to the

at 1/3-5/16d.

acting within the scope of his "Spot" silver rosed % to 19-employment. 11/16; while" "forward” advanced. 1% to 190

an official of the Bank No an-second defendant to collect the-

on them and as money

he had.. BarretTM V, Deere (1828) Mood thority has been quoted in sup and M. p.200, as stated by Lord Port of Mr. McCallum's rather Presumably, done so, it being ad- mitted by both sides that the Farwell The London on New York cross Coleridge in Graves v.. Masters sweeping proposition

money had been withdrawn from Le J. in Lloyd V.

Grace, Axed deposit; the Bank must be rate was quoted U.S.$5.02% (1882-85) 1. C. and E's Reports,]

Smith & Co." (supra) at p.510 sayld liable for the second defen- Cald, Maeg. (Ord.) Sh$191⁄2 nas compared with U.S.$5.02%, Wys not a case of authority to

while the New York on London

contract, but of payment, and pay cash into the credit of

dant's act in misappropriating · Cross-zate

the money. I fail to see was quoted at the payment was made to a per-my account across the counter of U.S.$5.02-13/16 as compared with son apparently clothed with an- bank and the cashier pockets it

plaintiff's thority to receive it and is there instead of putting it into the till there can be anything in this sub- showing, he authorised the second fore broadly distinguishable from the bank is liable beause he is mission as, on the present ease. Capel v. Thorn-there both to accept and to give a defendant to place the money in This is very the Savings Department of the ton (1828) 3 C. and P. p.352 final receipt for it." merely decides that an agent an-different from holding, as I am Bank Furthermore, in collecting thorised to sell goods has (in the asked to do, that the liability

the money on the fixed deposits

Cald, Macg. (Pref) Sh$15 n. Canton Iees $1 n. Cements $8.90 b. EK. Ropes $3.90 m.

Stores, etc. Dairy Farms $191. Watsons $3.45 z

Lane, Crawfords 36% n. Mackintoshs $5. Sinceres $3 n.

|£—US$5.02-15/16

RAW RUBBER

Buying Quotations From Ellis & Edgar

Delivery July 14 Last Price Change (old) Sh. Spot 26.13/16. 28.15/16-1/8

OLD. 27. 3/16 27. 5/16 J.M.

Win Powells 40 cts. n. Wing On (HK) $50 n.

Cotton Mills. Ewo Cottons Sh 7% i Shanghai Cottons

$70.

Shanghai Cottons (new) Sh

$39%

Feat

Zoong Sings 1.$18 m.

1,893

71.774:

Wing On Textiles Sh$25 m.

Miscelaneou

$1,734

Entertainments 32.90 m.

Mountain Lodge

1,725

6. C. Enterprises $135 m.

The Eyrie

1,720

Peak Hobel

1,305

877

Bowen Road (filterbeds)

297

MAIKLAND

HK Gost54% Lows 7% prem

Laimoshan Kowloon Prak

3,124 1,971

FK Cort 3% Lou

Mt. Davis

Macão “Greyhounds", $2 n.. Constructions (old) #13% m/

Constructions (new) 30 cts. b.

Vibro Piling 12 n.

Ch. Govt. 5% 1925 GIBJL.

93% **

prem bi p

Wallace Harpers $4/1/

27, 5/16 27,9/16

27. 9/16 27.13/16

Maricet essier.

*.

Latest Quotations From

Singapore

bow

OIL

the agent of

absence of advice to the contrary) would attach in the event of pay second defendant must be regard- an implied authority to receive the ment being made to any countered as having been proceeds of such sale and that a clerk other than a cashier. In the plaintiff as it was not his duty person cannot avow the acts of his Hart's Law of Ranking 4th Edo collect such money, agent as to one part of the trans-Vol. 1 p.81, to which Mr. Prior For the foregoing reasons action and repudiate them as to has referred me, there appears the answer all the issues in the nega another: I do not consider that following passage under the tive and give judgment for the {this - case

any bearing heading "Clerk"-"But in most Bank with costs in both actions on the one under consideration connections a clerk' signifies aAs regards the claim against subordinate employée whose an- the second defendant, as the evid- vour of Bank

thority is limited by the particular ence of the plaintiff is

In

has

tim.com-

I have also been referred to the functions which he is appointed to tradicted. the second defendant passage in the Judgment of Lord discharge. These functions may apparently having absconded, I' Messrs. H. Joseph and Co Blackburn in National Bolivian vary from time to time, and the mast accept his evidence as to the have received the following Navigation Co. v. Wilson (1879- liability of the banking company receipt by the second defendant of* quotations in Straits currency 80) 5. A. C. 176 st p.209 wherein for his acts will depend upon the the money in question, and as from Singapore for Raw Rubber he says Where an agent is cloth-nature of his employment for the second defendant did not lodge fed with ostensible authority no time being" This quotation ap-same in the Savings Department private instructions prevent his pears to have been made on the of the Bank he must be taken to within the scope of that au-authority of Melville v. Doidge have applied the money to his On use, and therefore give from binding his prin" (supra).

This dictu can only Immediately following on the judgment for the plaintiff against the second defendant in both BUECHERS insane page appears 'this'sérita

ered "The fraud of a clerk in some actions for the respective claimed, together with costs.