1914-06-04 — Page 6

A SHANGHAI “BANK" VENTURE.

THE PROMOTER'S EXAMINATION IN BANKRUPTOY,

'JUDGE'S "STRONG COMMENT ON THE

HONGKONG AUTHORITIES.

ruptoy) were the subject of further proceedings in H.M. Supreme Court at Shanghai on Wednesday, before F. 8. A. Bourne, Esq., O.M.G., Assistant Judge.

Mr. J. C. E. Douglas appeared under instructions from the Official Receiver, Mr. E. S. Moberly Bell appeared on behalf of the petitioning creditors and Mr. R. E. S. Gregson represented soms

WitnosWhy should 17 If you will. give good reasons, I will. Continuing, witness stated that in January, February and March he received sums which | brought the total receipts to Tls 109,800, and there was at the end of March the sum of Tls. 84,000 to be accounted for

There was some laughter, in which the witness joined, and then observed: Is that the false pretences you are alluding

to?

THE HONGKONG DAILY PRESS, THURSDAY, JUNE 4rn. 1914.

RUBBER PLANTATION

REFORM.

cursory

ELUSIVE FACES.

TO BOW OR NOT TO BOW,

[TROM A CORRESPONDENT IN “TER TIMES. **}]

Our

In view of the position which the com- pany has attained in the plantation industry, Linggi and rubber have come The Royal gift of remembering faces in Counsel quoted a prospectus" of the

given to few, but to still fewer is granted company in which appeared a few to be regarded almost as synonymous the priceless boon of being able not only biographical notes concerning Gh. de terms, and therefore no apology is to remember a face but to remember the Macar (Baron). “He has attained that needed in drawing attention to certain name that it accompanies. Gone are the The affairs of the British and Belgian age" (the writer observed) at which Industrial Bank of China (in banka man enjoys the fulness of his ability features in the report of the Lingii Com good old days when a Christian name alone was necessary, and when a bow-yor and his deep knowledge of business questions which they raise in regard to Not always nowadays is a Howard a hog- was a Bowyer, and a reeve was a Reeve. and the application of his experience; pany, issued recently and to the would prevent his embarkation upon any the industry generally. A

ward, or even a Goodfellow a good follow. certainty business without the

Tom-of-the-Good-ford, now lives by of examination of the document might easily bridge, and as T. Goodford, Esquire, has success."-...

give an unfavourable impression and lead lost the reason for his patronymic

fact, as time goes on, it seems inevitable.. to erroneous conclusions: there was a that in order to give each personalia comparatively slight increase in produc- tinguishing trade-mark we shall all have tion, the average price realized was about at least one hyphen to our names. This l. 7d less, the pront per pound decreased is, however, digression from by la. 2d., the total profit declined from purpose, which may be useful as a worn- £147,814 to £83,740, while the dividending to our children that their task will cent. Last year's results look even poorer is reduced from 1431 per cent. to 70 per indeed be worse then ours.

But even today, how often is it that we as compared with those obtained during cannot for untold gold remember how 1910 the profits amounted to no less than ust. To how or not to bow, that is indesc the prosperous days of the boom. In and in what circumstances we laat met £271,181 and the dividend to 237 per the question. Is it better to endure the the face that is now bearing down upon cent. It is true that the falling off in shafts and arrows of outraged strangers profits during the past three years disappointing to those who acquired their or to take one's hat and courage firmly shares at the absurdly high premiums in hand and rely on the probability reached during the boom period, "but that they also are making a similar mistake, or at my rate believe themselves shareholders of longer standing, though

One cannot they may regret the reaction, will not be capable of making one? inclined complain, in view of the past rationally discuss the cowardly alterna- record of the company, for in less than tives of turning down a side street or 20 years it has distributed over 900 per looking the other way. There never is cent, in dividends a remarkable result

a side street on these occasivas, and the had to resort to the making of Govern- The probleni must be boldly faced, and for a company which in its earlier days pavement would not shelter a mouse. ment roads and the cutting of railway there is little time for consideration sleepers out of timber on the property in as we rapidly approach one another. order to provide funds for keeping it alive,.

of the creditors.

In answer to further questions, witness said the compradores security deposited, Tla. 30,000, had been spent. He admitted the statements in an interview with a representative wherein it was reported that about Tis. of the China Press The NC. Daily News has the follow-300,000 were subscribed, and Tls. 100,000 ing report of the proceeding

Harald Lancelot Becchy, secretary of A promise had been made that Frs put up by Baron Macar and his friends. the Bank, was recalled by Mr. Douglas. 250,000 would be subscribed at home if Chunsol produced the witness

bank witness could raise Frs. 260,000 kere. In book for March to July, 1813...

the minutes of the meetings of the Bank Questioned as to his means, witness there was only one mention of business, stated that when in the employ of and that was with reference to the Mustard & Co. his salary amounted to Hongkong Iron Mining proposition. $175 a month. Occasionally witness received money from his father. At fraty company had no business.

Counsel-It has been said that the the Bank paid witness 3225 per month,

Witness What du you mean by and afterwards $276. By cheque and

business cash, witness paid $320 into his account or March 31st, and $300 on April 30th, contract with anybody to do anything?

Bis Lordship--Did you enter into a both amounts in excess of his monthly

Witness-No. salary.

Counsel-How is that?

Witness I have always made practice of paying in as much money as 1 can. The cheque referred to was probably the balance of my saving bank

account.

Baron Gb. de Macar was next called and examined by Mr. Douglas. atated that his title was a Belgian one, He originally French. It was a hereditary title descending to overy member of the family. Witness first came to Shanghai in August, 1910, and for a worked as a clerk in the Belgian Bank, afterwards establishing himself as a barrister-at-law,

Counsel You made a trip to Chang aba. Did you do any business there ?

Witness-No.

Counsel-When did you first begin think of writing up some books 7

to

Witness-I thought of that from the beginning.

18

THE LACK OF OUIDANCE.

A closer examination of the report, Clothes are no guide. It is, in fact, however, reveals progress in important just as likely as not that we have met matters affoeting the plantation ontor at dinner or at a dance, and we are now prise which will interest shareholders in trying to remember an almost forgotten rubber companies generally. In view of Partner who is in very different clothes,, the great expansion in the past few years and wears a spotted veil. Unfortunate in the production of the plantation by there are so many people nowadays variety experts have for years past justly that one secs constantly and yet does not felt that it would be unwise to reckon.

Familiarity breeds content, we are upon an average price higher than 2a.

know.

Counsel-But you only, engaged Mr. all the money had been spent? Anderson to look after the hecks when

Witness-There was Mr. Anderson came.

a ledger before As to whether the moneys, received from the compradore were received as security or on fixed deposit, witness was unable to say. being a doctor at law and a member of the nioney and you spent it.

His Lordship-At all events you got the Belgian Bar. Witness continued as

Continuing, witness stated that it barrister until the time of starting the May 19th, a Chinese gave him $5,000 and British and Belgian Bank. which hela. 4,000 on fixed deposit, and began to do in March, 1012. He had no

November 19 this had to be repaid. The capital of his own, but he wrote to a powerful bank at home and asked if company had enough money to

these sums. The compradore had 500 they were prepared to finance mines and in his safe, there was at least $25,000 in railways. They replied that they would the strong room, Tls. 1,250 in the Hong- this direction, but economy of manage in Kent, say, one only expected to meet be glad to undertake railway business, kong and Shanghai Bank, and Tis. 1,800 ment remains still the dominant problema Kentish man. Nowadays he is the last

iron

but would prefor a mine, and more thoy maine, an particularly an proposed to build a steel manufactory here. Witness afterwards received funds from Chinese, Chu Seng-mei obtaining for the bank from his friends the sum of The 300,000. The first cash receipt was Tls 5,000 from Tsai Chu-chien, the son of a former Taotai, who was intro- duced by Chu Seng-mei. Mr. William Brand was in the same office as witness, and as he was a land agent and kaew: Chinese, witness arranged with him to

on

гораз

d. per lb., while in some quarters there always told, but it is often barren of is a disposition to look for an appre-acquaintanceships. Even the guarantee ciably lower level in the future, when the of respectability implied by having been estates reach full maturity. During the hidden to the same house does not avail us if it so happens that we are claiming boom period the liberality of expenses. matched that of dividends, but the heavy acquaintance with a person to whom wo

made the question of lower costs a vital fall in the price of rubber has naturally have never been introduced.

It was all very well in the days of old, one great deal has been affected in when popalation was more sparse, and

in the Russo-Amatic Bank.

of the industry. Old methods of tapping left of the 830,000 deposit!

Counsel--The $3,500 was all that was were found to be injurious in the loss ran," and have been replaced by new Witnoas-Yes, but if the liquidation systems, and the comparatively small problem so rapidly approaching was goes well there may be more. (Laughter.) increase recently in the production of the

Counsel produced samples of new bank notes and asked what proposed to do with them.

Witness I intended to float another company and was going to issue bank

notes.

Counsel What were you going to issue

person to be looked for, and the problem 28 correspondingly intensifled; in fact it is just as likely as not that the human one's companion at Fiesole, or the other occupant of the sampan at Hongkong

The possibilities are 35 numerous m the days of the year, and here have we

ingly like one another nowadays. They all. Morcover, people are so astonish- to choose suddenly from amongst them

have the same figures, the same display

give advice with regard to land business, these bank notes against? You were whether the adoption of any other would of ankle, and the same " fileted" look.

pending what money you were getting.

Witness I don't understand.

His Lordship On what security were you going to issue bank notes?

Witness-On the security of the capital of the new company.

propose

tu

Counsel--How do you refund this sum of Tis, 84,000 7

Witness-I don't propost to refund it at all. I am not responsible.

Counsel-Had you not rendered your self liable to a criminal charge??

Further questioned, witness said that the reasona given to the Official Receiver being the cause of the failure of the Bank were: lack of protection by the British authorities, lack of Courts for redress, and the consequent lack of Witness explained public confidence. that by lack of protection he meant lack of Consular protection.

always wear the same clothes, What would the Knights of the Table Round have thought of officers carrying a rifle in war for the purpose of what we may eall "protective colouration 3 recognized Sir Gawaine. I have no doubt, by his suit of ancestral armour, but nowadays one cannot recognize his at tea-time, even if one "layde fayre has sat next her at lunch. Again, it may be one of our wife's friends, and who will dare to affirm that a husband is to remember all the people to whom he has handed his own cakes and muffins ?

THE SOCIAL 'DUTY. Here is indeed a matter for the Why should emancipators of women.

Of the tyrant man have cast the duty on the weaker s of bowing frat1 course, the reason is obvious. The man 19 more easily recognizable, and his clothes are always the same shape, and may call his usually the same colour or negation of "lines" do not vary, save with the colour, while what one

Yet another

Linggi is, to be attributed to a change of witness. bad this kind. The tapping system now employed by the company is lighter, and hark, and it has justified itself already provides six years for the renewal of the directors state, for it is doubtful

have secured larger yields than are now. but he was never with witness' firm.

obtained. Very little new rubber will Wores still, as has been said, they do not Mr. Vandelet also gave assistance in

come into bearing this your, but the better condition of the bark enables the visiting regard to the Articles of Association.

agent to anticipate a higher rate of Witness deew a salary from the start,

yield than was obtained last year, which Vandelet was also paid, and Mr. Brandt received Tls. 160, the whole of this

is expected to raise the total output by about 100,000lb. One of the most coming out of the sin of Tle: 5,000 recriverl From Tsai, and with Tsai's knowledge. After witness had received

encouraging features of the report is the reduction which has been effected in the The all-in costs certain money, he opened an account at

average expenses. show a reduction of no less than 3.80d, the Russo-Asiatic Bank in June with Tis. 875. On July 3rd, he was credited with

per lb. at Is. 4.20d, a noteworthy achieve Tls. 4,000, and at the end of Angust There

ment in view of the comparatively small there was a drop to Tls. 1,700. were the preliminary expense of the

increase in output. Costs should show a company to be paid. To start a com-

further reduction when the system of pany one had to see a solicitor, and the

clean weeding, which was only under solicitor began by asking for money.

taken two years ago, has been more thoroughly carried out. The company's Probably, Tls. 750 were paid to the solicitor, Mr. Godfrey. By the end of

estates were more productive last year by 21lb. per acre, the average yield being Decamher witness had received Tls, 16,000

Achille Vandelet gave

evidence as to 332lb., which, though much below the from Tsai, and about the same time the total amount paid out was about Tle. having worked in the service of the bank quantity which it is estimated an scre 20,000 At this time witness had removed as clerk and receiving $125 a month. He will produce at maturity, must be con- from the Grand Hotel to his own flat attended to the correspondence and the sidered satisfactory, for one of the main tinuation of the thinning out of areas in Kiangse Road, furnished by the Bank agreements and know nothing about the features of the year's work was the con

Counsel--The furniture was very good spending of the money, although he did which experience has shown to be too gentle advance of years.

but most of the work. Witness Very good furniture.

His Lordship observed that what the thickly planted for the best results to be point arises, the warmth of the salata very elutap.

obtained.

This process is expected to tion. Will the physical action have to Continuing, withens said that no result of the inquiry might be was be completed at the end of this year, be accompanied by any facial distortion prospectus was issued or distributed to for him to say. He must say, however,

when practically all the old areas will he indicative of pleasure at the encounter, before anybody

the

was that it was scandalous that this company company been should have been registered by the Hong-reduced to an average of 110 trees peror shall we merely fulfil the minimum of

our social duty registered. A prospectus had

It is all so terribly sudden, this draftul, but it was withheld from publica- kong authorities. He could not see how acre. The experience of the company has tion on the advice of Mr. Godfrey. The they were entitled to register the com- indicated that the smaller number of trees

A really good, kind, from expenses connected with registration, pany. The result of the registration had will not, in the end, mean lower yields dilemma on whose horns we find our-

a given area, the wider space selves inipaled. including the Hongkong fees, amounted been that unfortunate Chinese had been allowed favouring the production of a hearty smile takes some little time to

swindled ont of a very large wom

richer bark. Moreover, considerable conjure up, and this is a question ef money, over $80,000.

economy in cost of collection is expected seconds. If we do not begin at once we to result from this change of planting shall be lit with a half-used smile that will have to be totally wasted on that practice.

Other plantation companies faced with unworthy object in what painters call the same difficulties which have con- the middle distance. This is where keen fronted the Linggi are profiting by its eyesight is a boon above rubies, indeed experience, and are making the conserva

is worth more than a very Golconda or tion of bark and the saving of labour the Aladdio's Cave, as every yard, every foot

in of distanca. But the

We sigh for some main objects of their economy. secret of the Linggi's past success is to glimmer of recognition; if it is to conte be attributed very largely to the fact that, at all, it must surely come now.

bidden by the brain, has made on baforo like other plantation companies formed sign is vouchsafed, the hand that, un-

the boom, the

is company capitalized on conservative basis. The upward movement must be diverted to authorized capital per acre owned is less some other task. Yet another face with than 10, while the issued capital is its question unanswered has gone by, nameless, homeless, an unclaimed orphan- equal to less than £14 per planted aere. The corresponding figures for 30 Malayan face, a face, and only a face, nothing companies formed in the existing days of the boom were £31 and £102 respec tively. The Times.

Ths. 1,250.

Counsel At the end of Deenber you had speat Tis. 20,000. You cannot have it alt on solicitors. What did you spent spend it on!

Witness- don't know. You must see the expenses list,

His Lordship You cannot tell all the items, but if you have spent Tla. 20,00 you can give an idea as to where it went, Witness-There was my own salary of Tis 60 a month, Tls. 3,000; the pradore's salary; furniture, Tls. 4,000 or thorcabonts; hours rent for two months, Tls. 1,100; office fittings, Tls. 500.

com.

Counsel pointed to an item for dinners, etc., at the Astor House, and asked what the item had to do with the Bank.

Witness, replied that the accounts of the Bank and his own accounts were not separated, and that was where he had mado a mistake.

Counsel-Have you anything to show for the money spent, except the furnią ture and office fittings.

The examination was closed.

LATEST STEAMER MOVEMENT.

uf

The P.M. str. Mongolia left Yokohama on the 1st June, at noon, for Hongkong, vin Japan ports and Manila. The United States mail has been transferred to the N.Y.K. str. Nippon Maru scheduled to arrive here on the 11th June,

PASSED THE CANAL.

April 28th-Den of dirlie. May 1st-Malta, Rhesus, May 5th-- Benclench, Konang Ni, Siam.

Witness I have the accounts. Counsel-Has it been spent on any Patricia, thing else that was an asset?

Witness-No.

Counsel You paid all this money as private you received it into your Accounti

Witness-Yee. The company had not yet been started and because I had no authority to sign cheques the money was paid into my own account.

Coussel-But you had no authority to spend money-

Witness had all responsibility for the money received

Counsel-Are you prepared to refund

Witness I have got vouchers for the money."

Connsel-Are you prepared to refund this money spent without any aluhority frout the Bank !

May 8th-Nera, Peleus, Titan, Falentia, May 12th-Glenstrae, St. Patrick, St. Kilda S

Praussen.

There is nothing like "MONTSER- RAT" Lime Juice for bringing a feeling of freshness after a hot and dusty ride- your Storekeeper has a supply-say

Firmly.

May 15th-Athol, Helenus, Yonglore, May 19th-towers, Derffinger, Sir" MONTSERRAT” ine, Annam

May 22nd-Chili, Hyson, Lyo Maru Kazeniba, Peling

May

26th - Bloemfontein, Tenelaus, Perteur, Polyphemus, Princess Hire Silesia, Merionethshire.

Jasan)

May 29th Ajar, Himalaya, Syria, Feddor 4treus, Paul Lecat. June2nd Benarty, trem Nubia, Funnan.

Benvorlich,

ARRIVALS AT HOME.

ason, Prinzess Alice.

June 2nd-

more.

Week

HONGKONG TIDE TABLE.

Height

ស

Height

No

The Bishop of Southampton writce "It gives me great pleasure to bear my testimony to the value of Sanatogen as an invigorating tonic and restorative. It is undoubtedly beneficial,"

The Hon.

Mr. Justice Robertson, Judge of the Supreme Court, Lahore, Punjab, writes: "My experience with Sanatogen bas been very favourable. I took it for some weeks during the most trying season of the year, and found it a great strengthener,"

Sir H. Hesketh Bell, K.C.M.G.,

writes: "For a man doing hard mental work in an enervating climate, there is no better in- vigorator than Sanatogen.

Mr. Eden Phillpotts, the well-known Novelist, writes ¿ "Sanatogenia of real value to the brain worker, a tonie and food combined. I can give it - high praise from personal er-

perience.!!

(dan bullyn

To all whose health is in peril-Sanatogen brings help.

And it is real help that Sanatogen brings-help to your whole system, and especially to your nerves. Not a Beet ing stimulus--such as alcohol or drugs give but steady improvement, day by day, with never a set back, until you are really well again and no longer need help. Because Sanalogen is a true cell food, with special invigorating properties, and without any injurious effects. Try it and you will see!

Sanatogen

THE FOOD -/TONIG

Fortify your system by a short course of Sanatogen, and you may fearlessly laugh at the risk of getting run down' during this enervating season, or suf. fering from diarrhea, dysentery, and other complaints of the stomach and bowels, Moreover, your susceptibility to fevers, gout, sciatica, rheumatism, etc., will be greatly reduced, so potent Is the action of Sanatogen in ralsing the disease-resisting forces. of your blood.

Or, if you are suffering from nervous debility, Sanstogen will quickly renew your nerve cells and remove such symptoms as headache, loss of sleep, indigestion, and easily induced fatigue.

Start using Sanatogen to-day. It is sold at all Chemists' in Ou .bottles of two sizes.

receipt of a pest-card, men tioning this

paper, A. Wulfing & Co., 6, Kukiang Road, Shanghai, will send you an interesting Book which fully describes the nature and uses of Sanatogen.

“REGENT”

VIRGINIA CIGARETTES.

L VIRGINIA CIGARETTES

Regent c

NOW

Westminster

Tobacco Co. Ltd.

London

VICTORIA

SOLD BY

KELLY & A. S. WATSON DISPENSARY.

WALSH, LTD.

& Co.,Imv.

808]

IN NEAT FLAT POCKET TINS-15 CENTS ▲ TIN. SAVE THE EMPTY TINS, FOR THEY CAN BE EXCHANGED FOR PICTURES.

LANE, CRAWFORD & Co. KRUBE & Co

Hongkong, 3rd June, 1914.

☛ PRINTINGa

Nothing orestos auch a good impression fa

SOUND VOLUMES of the HONGKONG

4.43 30.4 The differans in cost between good and B WEEKLY PRESA, JULE to DECEMBER

3901

5 26

HONGKONG DAILY PRESS.

WEED PRINTING WORKS) Turn out the Best Printing st - Bomuonabli

1913. With INDEX. Price $7.50

On Sale at the " HONGKONG DAILE FRES Offer

Hongkong, 5th March, 1914.

From 4th 30 k nga, 1914 ̈ ̈

HIGH WATER

Low WeTek

B'kong-

·H'kong

Man

Time

Time

m

[381-2

Thun 4m 5.55 5 50 29

Fri, 5.m

Satar

Bun." 7 m 7.40 9.50 Mon.

8 8 21 10:63 TheFi 9 94

24

75

5 2014

-2415 6 80. 52 B 434 6.

2:140

7 3 m 1 23

3 9

business ne the nse of First Class Printing

760

22 31

bed printing and material is generally vil

3 5100 2:35

THE

Wed.

09.48

THE NEW FRENCH REMEDY. Hơi Nư2 Hos

THERAPIONE CURS 3/19 Jrading

BLOOD POISON, MIDNEY, BLADDER, URÝMANY DISEASES, ACOREZA EXVELOPE JOU FREE WOUKLET TO Stade Co. HAVERSTOCK KR, HAMPSTEAD, JANNDON ERA, PARIS DEPOT: 11 EU: CASTIGLIONE CURE NEW YORK DEZOTI 33. DEKKHAN STA. FOR YOU! SRYNEW DRAGLE (TANTELESS) PORMOF AMY TO TAKE

BAYE AND KASJINO CRUZ,

DISCHARGES, WECKNESS, FILES, - SEED SLE EXC

THERAPION

2 THAT TRADE MANRES STORA "THERATION” IS ON OVE STARP AFFALD TO ALL GEN DIZE PACKETS

CHOWOWOWO

ON SALE.