1912-02-07 — Page 5

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Ceibler Falmer &&

"The term parchang at the last

THE HONGKONG DAILY FESS, WEDNESDAY, FEBRUARY 70, 1912.

INVESTIGATION OF COMPANIES.

THE NEED FOR GREATER

· PUBLICITY:

The Tours has commenced the publication ot a series of articles on this subject, which, In view of the fact that company law of Hongkong has recently been brought more into accord with Home Legislation, may be

NAPIER JOHNSTONES interesting to many tiere

* SQUARE BOTTLE"

WHISKY.

· UNVARIED FOR OVER

150 YEARS.

THE SAME TO-DAY AS IN

1745.

BEWARE OF IMITATIONS.

SOLE AGENTS IN HONGKONG.

LANE, CRAWFORD & Co.,

and from ALL WINH MERCHANTS,

* Analysis PROVES that

[62

PLASMON OATS

ace. Scotland's Best-Enormously increased in food value by the addition of Plasmon."—Lancet.

PORRIDGE IN PERFECTION. 4-minute holling only,

PLASMON is used by the ROYAL FAMILY?

Plaanson, 14. Doedon, Eng

Rowland's Kalydor

Makes your skin soft! and smooth.

You can chally have a clear, volvety, healthy completion If you use

Rowland's Kalydor

"For Your Skin.” -- This world-famous preparation- quicki removes freckles, tedness, reagheri culapenas craptions, and ollier diorders of the skin

ho hev sanpleasant la

troubles--but whether you do or not, y & about (al-says have a boule of lawlas R / Kalydor handy and use it night and mer in ing Get it from your chemist, Rowles &

Sous, 67, Hutton Canden, London, E Sold by Kims and chomifsis. Ask Keywkend's Ilydor, of 17. Hattori Gard » Löwilə), and ivoul spurious janítations,

The Unrivallad Killori

Fatal to insect life- harmless to everything. else. Sold in tins and bortles only, but

be sure you

BIG

1300-3

KEATING'S

- POWDER

get-

A

Big G

Flens,

Files, Bod

Beciles, str.

ented Golden ace! -

Compound

and simple ramedy for

B. schitis, Catarrh, Hay Fever ERDAMENATA, ne, krritasioun, KLICNE» lom UT ALhron

er langs of the moon, throwk.

stock or urliary organa,

AT CHEWISTS

“Why not cara yanarself. Timeline with aman botite

orstalled DEEP

The Enas Omini (aj

T

1304

APIOLINE

(CHAPOTEAUT)

SAFE

LADIES. REMEDIC

For functional troubles, delay, pala and those irregularities proufiar to "The pes.

Preserbed by the highest French Medi! authorities and superior to Tansy. Meet Drops and Penny royal. KAMFEART & Vivienne, Parking

Sold by n.* Chomists.

1133

The writer says A right note was struck | by ** Invested in his letter published in The Times on December 14th by recording: an opinion that no company of any magal tude which has lost half its capital should be allowed to go into liquidation without a

WM.

POWELL, LTD.

FALEFIIONE 346.

Gentlemen's Outfitters.

public inquiry into the causes of its failure NEW DELIVERY OF

"GLYN'S" HATS.

NEW SHADES NEW STRAWS.

BOWLERS.

AND STYLES IN SOFT FELIS.

MODERATE PRICES.

"GLYN'S"

being made. Indeed, the argument may be earried further, by suggesting that every company, great or small, that goes into Tiquidation, voluntarily or otherwise, without paying 20s. in the pound to its creditors and contributories, should be automatically sub ject to public official investigation. As the law now stands there are three courses open for winding up companies (1) By order of the Court; (2) by voluntary winding-up, sub. ject to the supervision of the Court and NEW (3) by voluntary winding-up, without the intervention of the Court. The second course quoted is seldom pursued; according to at least one Judge in recent times, it does not seem to be a satisfactory process ; and in any revision of the Companies Act that. hybrid provision might usefully be deleted.

As to companies wound up by order of the Court, extended provisions are needed to ensure that it shall be the rule-instead of the exception, now for certain stages of the official proceedings In relation to the examination of directors and other responsible officers to be publicly conducted. As to voluntary winding-up, the object of this article dealing with that aspect of the sub- ject is to submit(a) That voluntary wind- ing-up should be abolished, excepting for the purpose of commencing liquidation," in "the same sense that an individual may file his own petition in bankruptcy; or that voluntary winding-up should be allowed, as. under existing law, up to a certain point, but subject to restriction of the liquidator's powers and to his transactions being re viewed by the Official Receiver, by whom alive the winding-up should in all cases he completed..

COMPULSORY WINDING-UP.

It is not easy to say what rule-if there really be one is followed by the Official Receiver in determining whether any director or directors of a company whose affairs are officially investigated shall be examined privately or in public. It may be that there is no hard or first rule. Probably each case is judged on its merits. But, according to impressions-gained by shareholders who have had occasion to make inquiries at Carey- street, it seems that an official order for a public examination may generally, although not necessarily, be interpreted as an imputa- tion of fraud or of some other grave.itre- gularity. That appears to be the reason why so many companies that go into com-

ARE HAND-MADE.

Wm. Powell,

HATS

Powell, Ltd.,

(Sole Agents for Glyn's Hata).

15%

GARNER, QUELCH & Co.,

WINE MERCHANTS,

DES VEUX ROAD CENTRAL,

TELEPHONE 036.

Supply the Highest Quality WINES, SPIRITS, CIGARS

pulsory liquidation are dealt with by the AND CIGARETTES obtainable, consistent with price.

Official Receiver without a single director being publicly examined, and without even. the creditors and shareholders concerned being acquainted with many details as to the causes of the failure of their company.

All Wines and Epirits bottled in Europe by Shippers of World-wide reputation.

But, although a public examination may generally be viewed as an imputation" of serious irregularity, a non-public examination does not always imply an absence of strong presumptive evidence of wrongdoing. That the only persons present are the examiner is indicated by the Measures case. From the and a non-judicial examiner. Even in enses moment that Measures Brothers (Limited) where directors simply hold a seat on the went into liquidation two years ago grave board of a company, but do not actually take suspicion against the elderly Measures must part in the working of the business, public have existed at Carey-street, by reason of examinations should be the rule, |How! the condemnatory report issued by the Board much more desirable are public examinations af Trade Inspector a few weeks before the when, as in the Measures and many other winding-up was ordered by the Court. And, companies, every director is head of a de at the statutory meeting of shareholders apartment, drawing a substantial salary in few months later it was officially announced consuleration of giving whole time service to that the inspector's conclusions had been con- the concern t firmed in the course of the further investiga.

by the Official Receiver,

tions

PUBLICITY IN ALL CASES. Yet there was no public examination of the since convicted Measures nor of any other director. The explanation may be that. in the one case it would not have been wise to anticipate criminal proceedings by a public examination before the Registrar, and, in the ather, that as criminal process was not con- · templated against the remaining directors, a cloud might unfairly have been cast over them by a public ordeal. Whatever the

explanation may be, the case reveals that, guilty or otherwise, directors may escape public inquiry into their conduct, even from the point of view of their civil obligations. and liabilities. That being so, it is not sur prising that many, of Measures Brothers shareholders are now complaining that while justice has been meted out through the united Action of the Director of Public Prosecutions and the Official Receiver,

A CHECK ON DIRECTORS.

matters have not been followed-up by the Board of Trade with reference to the civil aspect alluded to two years ago by its inspector as the legal liability of the board as a whole," The duty of the Crown should not be limited to sending a fraudulent direc tor to prison. It should also be the duty of. the Crown to give shareholders reasonable facilities to re over their money if there has been irregularity of any kind whatsoever, And that would best be accomplished by s public examination of directors in all cases, quiet apart from imputations of criminality,

That is what the law demands in In dividual bankruptcies. A man may become insolvent through no fault of his own; still; if he goes into the Bankruptcy Court he must face a public ordeal, and in the public interest it is not desirable that the law should be otherwise. If seven men trade separately and fail, each must be examined in open Court. Why should they have the benefit of privacy if they amalgamate their busi nesses and the joint venture, is a failure? The knowledge that in the ordinary course public examination will follow liquidation would tend to make directors more careful to acquaint themselves with details of the working and conduct of the companies o which they lend their names and from whichi they draw fees. More care on the part of directors would probably mean less company failures. Moreover, in cases where public. examinations took place shareholders would often have opportunities to gain enlighten- ment upon matters not within the knowledge of the Official Receiver or upon points which it might not be easy to fully elicit at an examination in camera. Under existing practice the majority of the directors of cars pants that go into compulsory liquidation are seldom examined on oath, and never i a-duly constituted Court, and, if examined: at all, then merely in a private room, where

P

STOMALIX

Saiz de Carlos Cares Dyspepsia acıl çë për' cent of Diseasey of the Sionmeli and letestines. painful and viberwise.

- Distributing Arestsi FRANCIS NEWBERY & SONS, LM., London, Eng.

{123

&

PIANOS

BY

THE LEADING EUROPEAN MAKERS

ON

HIRE.

The Robinson Piano Co.,

Des Voeux Road.

SPORTS!

CRICKET.

TENNIS.

HOCKEY.

FOOTBALL. GOLF.

CROQUET. &c., &c.

[49.1

SPORTS!!

SEN OUR GOODS

BEFORE

PURCHASING ELSEWHERE.

PRICES MODERATE.

WRITE FOR CATALOGUE.

JOHN ROBERTS&CO.,LD.,

SPORTS GOODS MANUFACTURERS, BOMBAY.

Telegrams: "Billiards," Bombay,

"SHACKELL"

[1134-3

"SEAL" RED PRINTING INK

IS ABSOLUTELY THE BRIGHTEST RED ON THE MARKET. SAMPLE GRATIS

SHACKELL EDWARDS

& CO., LTD.

PRINTING INK MAKERS, -

ESTABLISHED 1786

HEAD OFFICE :-5, RED LION PASSAGE, PLEET STREET, LONDON, E.G.

SINGON & CO.

ESTABLISHED A.D. 1880,

"NON, Stoel, Metal and Hardware M-crobante Wholesale san Ketail Ironmongas, Pie Iron and Foundry Coke Importers. Genera Storekeepers and Shapebandiers. Nae. 35 & 37, dino LUONG STREET (2nd St, west of Centra Market). Telephone No. 515

'54

on

Experiments

Human Beings

Independent Investigation

on food power of BOVRIL !

A Report made at the Annual Meeting of the British Medical Asso- ctation in Birmingham (July, 1911) revealed some remarkable results of physiological experiments showing the body building power of Bovril on buman beings. They confirmed the striking results of the Feeding Experiments conducted last year on animals, which proved that the body-building power of Bovril was from

10 to 20 times the amount taken.

Bat these exhaustive experiments have further conclusively demonstrated that

“in the human experiments the Increase was even more marked”

The conclusions which particularly interest the public, and which are now incontrovertibly established by these latest tests, are as follow

1. The Remarkable Food Value of Bovril itself.

The pecullar power of Bovril in enabling the system to extract greater nutriment from ordinary foods,

That these two properties together, give Bovril a body building power of from 10 to 20 times the amount taken. (See diagram.)

of Bovril in bringing up the defensive

the That is to say, Bovril is not only a great

body-builder in itself, but it also enables forces of the body to their highest" other foods to feed the body more. power, and in protecting the system: This important fact explains the value against the dangers of disease:

dlock TOAUDZENI the" body-build··

vloed from

amount of Davili s

represented by Used in over 2,000 Hospitals and Institutions,

BOVRIL

for the NAME BOVRIL when you buy, because it means so much.

175

[993

ITU BISKI GOSH KWAISHA.

(MITSU BISHI 00.)

00 AL DEPARTMENT

SOLE PROPRIETORS of TAKASIMA

OCHI, MUTABE, YOSHINOTANI HOJO, KANADA, NAMAZUTA, HATO SHINNEW and KAMIYAMADA, Collieries.

AGENTS OR KISHIDAKE AND SAKITO Coals,

HEAD OFFICE-MARUNOUCHI, TOKYO.

BRANCH OFTICES :-NAGASAKI, MOJI, KARATSU, WAKAMATSU, KOBE, OSAKA, SHANGHAI, HONGKONG, HANKOW. Cable adresses for above, "TWASAKI ” Codes, AT, ABC 5th Ed., Western Union

AGENCIES;~~

YOKOHAMA M. ASADA, Esq. CHINKIANG; Moears, GRAVING & Oce MANILA: Mesurs, MACONDRAY & CO. BINGAPORE. Mears, BORNEO CO., LTD.

For Particulars, spply to

Y. SHIBUYA, Manager,

No. 2, Pedder Street, Hongkong Hoarking, 10th Angart, 1911. -:-( 663

NEW CARTRIDGES.

BY popular English Maunlauturers. In all

Bores and Sizes,

SMOKELESS POWDERS and CHILLED

SHOTS. From No. 10 to 8880, at 26, 37.

and $7.50 per 100, 8PORTING REQUISITES

and AIR GUNS in Variety.

Inspection Invited.

WM. SUEMIDE FO

Hongkong. 26th October, 1905. (1272

# SELF CURE NO FICTION IS NO BUFFERER NEED NOW DESPAIR. THE NEW FRENCH REMEDY,

THERAPION NĚ®]

la a remarkably short time, often a fér; days DIY Caresdefargestelthers supersedingtajections.

THERAPION NË 2

Cures blood poison. Lud tegs; ulcers, sores, painful. swelled joints, &c. when there lal treatment falls.

THERAPION N0.3

Careschronio svakars, lost vigorand vital func.

Killer Number Thempion & all self treatment. rections ear loved, ofchemists or past five 3/-from: The Teen Nicine Co. Haversez Mulemen steal, Landon, Lag. Tiy New Dregeð118&dicas). Form of Therapien.easy to gakramasing cura. Trade Marked word THERAPION! is_on British Govt.Stamgrafixed tarvery genalan jacket.

THERAPION X OURES TO STAY QUBEES.