1912-06-19 — Page 5

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TO REMOVE THE AFTER EFFECTS OF MALARIA.

of

A GREAT SCIENTIFIC DISCOVERY.

Professor Major-General Ross, Tropical Medicine in the University of Liverpool, has just published a pamphlet summarising the facts knows with regard to Malaria which, as Sir Joseph Fayrer has written, is the cause of more sick ness and invaliding than almost all other diseases combined, and seldom entirely ceases to manifest its effects on the con- stitution.

1

THE NEW COMPANIES' ORDINANCE,

ذيه

STRONG CRITICISM BY THE CHAMBER OF COMMERCE.

The following correspondence has been communicated to us by the Secretary of the Hongkong General Chamber of Com- merce for publication:-

Hongkong General Chamber of Commerce.

THE HONGKONG DAILY PRESS, WEDNESDAY, JUNE 19rm, 1912. -

ug for the better control of Joint Stock Companies of wholly, or practically wholly, Chines of Eurasian membership and with ¡Directorate.

F Chinese of Eurasian

Chinese members of the community clearly recognise the advantage of work- ing under the Hongkong Ordinances, for, 52 Chinese companies have been register- ed since 1907, to the end of September, 1911.

As the law is at present, and as it promises to be under the New Companies Ordinance now before the Legislative Council, British and Foreign merchants have no real protection when dealing with a Company whose directors and members may be here to-day and in the interior

Hongkong, 9th November, 1911. As everyone knows, Malaria is due to

SIR, My Committee have been enormous numbers of minute blood para upproached by certain British merchants sites called plasmodia, which are intro- duced into the body by a certain mos.with regard to the great necessity obtain- quito, of which there are about a hundred and twenty known species..

Major Ross's pamphlet is of extreme importance to all who live in China, for he also writes with great clearness on the precautions to be taken to avoid fection.

When, however, infection has accurred, and the acute etage has been cured with quinine, the sufferers blood is invariably in so poor a condition that he, suffers from anemia with its long list of depressing symptoms. His great need is,! then, of something which will revitalise the blood, restore to their full number the red corpuscles which have been destroyed, renew the wasted tissues, thus restoring the weight which has been lost and rein vigorating the nervous system, thus making the sufferer feel well and strong. To do all this, nothing can compare with Sanatogen, the tonic nerve food, whose action in these cases has been at tested by innumerable sufferers Thou sands of letters have been received by the proprietors from residents in all parts of the tropics. The following is merely an ex- ample which shows the wonderful effect which Banatogen never fails to produes in these cases. Dr. H. H. W. Hart, Hapur Remount Depot, Babugach, United Pro- vinces, India, writes: have much plea sure in certifying to the value of Sanat- gen in cases of Malaria, Enteric Fever, Dysentery and other exhausting diseases. have used it regularly now in my prac tice for the past two years, and in nu single instance have 1 heen disappointed with its results. I can honestly affirm that many of my worst cases owed their recovery to Sanatogen.

1 could quote numerous cases where the administration of Sanatogen was followed by immediate

to-morrow.

To reasonably protect commerce, my Committee suggest as essential the follow- ing additions to the New Companies Ordinance.

1-(). The books and accounts of all Companies registered under the Hongkong Ordinance must be kept in English.

()-The auditors of Chinese Co- panies must be responsible persons approved by the Registrar of Com panies.

L

Obs." (a).—This is surely a very reason- abte requirement from a concern which becomes "British immediately upon registration. There seems no hardship Chinese clerks with a sufficient knowledge from the point of view of expense, for of English for book-keeping purposes are plentiful and increasing.

Obe

()-Under the new proposed Companies Ordinaner, every Limited Company must file an annual summary

and marked amelioration of the sympt its suits and liabilities with the toms. I cannot speak too highly of its value, and I certainly consider it the best of artificial funds."

Write for a copy of a most interesting booklet The Art of Living," by Dr. Andrew WBron, which will be sent free all mentioning this paper os applien. tion to A. Weixo & Có,, 6, Kinkiang Road, Shanghai.

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Registrar of Companies, but unless the accounts are audited by responsible persons this summary will be a mere farer, and should the Court or other proper authority consider an investiga tion by a competent person desirable, it would be a most costly affair, as a certified translation of every hook would have to be made before investigation.

2.--In addition to the requirements of Clause 66, it is desirable that every Co- pany formed for the purpose of taking caster a business as a going concern should file, as a part of their "Statutory Report," a statement of the assets and Tinbilities acquired and

(1.) What parts of such assets have been realised from date of incor- poration to data of Statutory Report.

(2)-What parts of such liabilities have been discharged from date of Incorporation to date of Statutory Report.

-If the law could be made to re-

Scotland and thoroughly maturedquire the appointment of auditors (pro by age, being shipped from our ual meeting, it would be very desir- frm by the directors) bufore the first stocks of Old Whisky in the West able, fur in that case the above statement Highland Bonded Warehouses, would be audited as would the whole Greenock, Scotland.

A. B. WATSON & Co., LTD. ALEXANDRÁ · BUILDINGS.

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Sal de Carlos. Cures Dyspepsia and ut per cent. of Diseases of the Stomachand) ketentions. painful amt otherwise.

539

Statutory Report.

The effect of such legislation would be. to discourage bogus flotations, but not to hinder bond file ones.

(3.)-The capital of Chinese Companies should be paid up, as regards the capital issued.

Ol-There does not seem to be any

this. particular hardship in

If a Chinese Company with a nominal capital of 8100,000 requires only $50,000 it can sell and issue half its shares instead of issuing the whole half paid up,

It seems very necessary that some law of this kind, or some form of security as regards un-called capital, should obtain.

At the moment, Chinese use this appar- ent reserve to obtain credit, and it is FRANCES NEWDERY 2 SONS, Ld, London, Eng the unfortunate experience of liquidators that this reserve is seldom, if ever, forth coming upon a winding-up.

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In fact, my Committee understand that the impossibility of collecting the un- called part of the capital of a Company in liquidation is within the experience of the Court itself.

It is so perfectly simple for a China- man to disappear to Canton or further afield when required to pay up, and so difficult, it not impossible, for a Euro- pean to do likewise, that differential treatment: is surely urgently necessary.

Another matter which has engaged the attention of my Committee is the posi tion of Companies enjoying the protec tion of the Hongkong Ordinances whose chief or only place of business is situated outside the Colony, say, for example, Shanghai.

It seems extraordinary, and may lead, if it has not already done so, to con- siderable abuse, that it is possible, at the present moment, for a Company to form itself in Shanghai, whose members may all be of a nationality other than British, likewise its directors, solicitors, bankers and auditors, its registered ofice in this Colony with a foreign firm, and yet it may possess the proud privilege of calling itself a "British " Company. A concrete example of this state of affairs may be found in the en- closed copy of a letter from a Shanghai firm of practising accountants.

WM

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() S

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Using my example, it might be said are merely to be translated into English that the shareholders may be of aor whether an English system of books nationality not needing British protec-and accounts is to be substituted for the tion, but, taking the concrete example Chinese system; but in either case the from Messrs. Lowe, Bingham & proposal le opposed by the representa

The Matthews letter, some of the share-lives of the Chinese commity. holders are British induced to take shares masterbooks in a Chinese Company must by the existence of a then largely British be the Chinese books and there would be directorate. How are these protected by much trouble in adjusting the accounts of the directors (who might have no the new Ordinance?

knowledge of English) with those of the English clerk, which the directors could not check.

In case of difficulty the Chinese books would have to be referred to and translated (if necessary) as is now done. His Excellency is not there. fore prepuced to entertain this sugges-

My Committee venture to suggest that, in the case of a Company enjoying the privilege of working under the Hong, kong Ordinance whose sole place of business is not within the Colony, the law should require that:-

(1.)-Half, at least, of the directors

shall be British.

(2.) The auditor, or auditors, shall be

tion.

1. (b). His Excellency agrees that the

responsible Britishers, approved by auditors of Chinese Companies-and the British Consul of the port or indeed of all Companies should. bo plage at which the Company's responsible persons; and, as it is im Head Office is situate.

(3.)-The Registered Office of the Com- possible to require that all auditors shall pany in Hongkong shall be with be Chartered Accountants, His Excellency is prepared to adopt the suggestion of British firm.. These conditions appear to be almost your Committee that they should be essential to enable a Company to pre-approved by the Registrar of Companies. perly understand and carry out the This provision should, however, apply to elaborate and necessary requirements of auditors of all Companies. I may add the proposed New Companies' Ordinance. that there are many Chinese of indepen-. No loss of revenue would result to the deat standing who are as competent to: Colony by reason of these restrictions, audit Chinese accounts as the European for it may be taken for granted that no auditors are competent to audit the Company is formed outside the Colony English accounts.

-Section 66 is based on Section 85 of which does not consider it worth while to pay the consequent fees for the the Imperial Act and His Excellency is not satisfied that local Companies re- advantages offered.

My Committee trust that the sugges- quire to be more drastically treated in tions contained in this letter, which are this respect than Companies in the advanced solely for the protection of United Kingdom, Commerce, will receive the sympathetic 3-The suggestion that Chinese Com- consideration of His Excellency the panies should be treated differently from Governor. I have, etc.,

(81) E. A. M. WILLIAMS,

· Secretary..

The Honourable,

The Colonial Secretary.

Colonial Secretary Ofice,

other Companies in the matter of fully; paid up capital appears to conflict with Article XXII. 10 of the Royal Instruc tions and is in His Excellency's opinion mention My Committee are aware that the same

open to objection. I may thing may happen in England, or,

incidentally that it would be very indeed, in the Colony itself, but in those

dificult to devise a satisfactory-definition cases the assets of the Company would

21at Febru. 1912. of Chinese Companies. be under the control of the British Court, and the directors would be on the spot.

SIR,-His Excellency the Governor has 4-With regard to the proposals relat Presumably if redress were sought taken your letter of the 14th of lasting to Companies whose chief or solo business is not within the Colony, gainst defaulting directors the action November into careful consideration and place would have to be brought in a Consular has directed me to make the following representations have recently been made Court, where the law is probably totally reply to the suggestions made by your to Sir H. de Banamarez, the Judge at

rent to that of this Colony. of the use the pains and penalties Committee for amendment of the New Shanghai, on this subject in connection with an Order-in-Council, which he is Companies Ordinance. Ordinance then any other, Hongkong

1. (a). It is not elear whether it is drafting, to define the powers of the

(Continued on Page 6.) meant that Chinese books and accounts:

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