1915-06-21 — Page 3

RIFLE

LEAGUE CHAMPION. SHANGHAI STOCK EXCHANGE.

SHIP.

TAIKOO'S FINE WIN.

IMPORTANT RESOLUTION ON FORWARD CONTRACTS.

FAILURE OF THE SYSTEM OF MARGINS,

THE HONGKONG DAILY PREJS, MONDAY JUNE 31st, 1915.

The final shot for the championship of the Hongkong Rifle League was shot off on Saturday at King's Park, thy contesting beams being, H. M. Naval Dockyard (the Exchange on Monilay, the 14th inst the share market: It could xct be said that

An important inreiing of merabers of the Shanghai Stock Exchange was held at the

holders of the Shield), Taikoo R., and object being to discuss what action should the Hongkong Volunteer Reserves.

be taken with regard to the King'a Regu- Although the weather was much more settled than it has been of hair, the light Intions which were advertised to come forced June 15th Mr. was very bad. This was particularly into noticeable when firing from the 500 and H. Crossley, Chairman of the Ex- 300 yards ranges. Regardless of the in-change, presided over a full attendance. The CHAIRMAN said that the meeting had different light, however, Mr. N. Brodie put on a "possible" at the 500 yards been called, as no doubt they were aware, range, which is a somewhat uncommon with the object of passing resolutions achievement nowadays, since the re-luz relating to the recent proclamation issued tion in the size of the bull's-eye, At the by His Majesty the King in regard to share The regulation as it now 500 yards range there seemed to be quite a transactions. blue hase over the targets, which tried the stood was so worded that it not only Nevertheless, regalated forward business, but it also put most experienced shols,

them in a very awkward position as to there ware really good sores, Captain their cash transactions a position he was W. M. Scott being top with 05, Mr. H. certain the officials who were responsible R. C. Elson and Sergt. Tollan next with for the wording of the regulation never in Beach, while there were four other scors tended to create. Their committee decided to write to the Consul-General and ask of 90 and over. On Saturday's shooting him to give them an interpretation of Hongkong should put up a good repre- exactly what was wennt, and he would sentative team, as the average for the bat rrad correspondence en that they would eight scores was 92.2, and there are other be able to see how they stood capable shots to select from who were not then shooting.

The Chairman then read the correspond enee referred to, and also a letter received from a firm of solicitors who were asked by the committee for their advice.

themselves. If they only confined them- selves to cash business they would one day sen a stock go up and a lot of the pulbic would be stuck."

MT. GUBBAY called atte⠀tion to the fret that if the numbers were stated on the. contract it was all right.

Mr. W. G. PIETE nid that the matter had beer sprung upon the members and it was not wise to rush a thing through." He thought they should adjourn the meet- ing to enable them to consall their clients.

Mr. ANDERSON said it had nothing what- ever to do with the general public.

Mr. C. J. WHITE proposed an amend- "That discussion with regard to the addition to rule forty-seven be post- poued for fourteen days,

He thought that if not now it was bound to come. when they would pass a rule to that effect that the committee should have absolute power in their discretion to suspend numbers who had deviated from the recognized custom of the Stock Ex- change. The committee for the past four years had been most anxicus to bring about a healthy state of affairs in the prior to 1910 it was in a healthy state. It might have been in some purple's view, as long as they were asking money, but it became very auhealthy as scum na peoplo began to lose money. If the Steck, Ex- change did not take steps to fall into linement: with the authorities we had formalated the King's Regulations, he felt certain that should another gamble take place, if there were a lot of illegal contracts enact- ed and a swash caure, that that institution as a Stock Exchange would most likely come to a standstill, in fact it would prob ably be wound up by the authorities. There ought to be given to the committee the discretion to deal with illegal business. Mr. F. J. Bruter seconded the resolation.

THE DIGNITY OF THE EXCHANGE

Mr. C. H. C. PLATE said that he quite agreed with every word that Mr. Read had said, and if they all thought over the matter seriously they would also agree. After all, what had they gained up to now by the system which had been in gel He thought they had gained absolutely nothing. It had led to most irresponsible and reckless gambling, and all of them had lost. The resolution would do a great deal of good in the long run, their money would be surer and they would gain in the end a great deal more. Another thing to retkeinber was Mr. A. L. ANDERSON said he need say the dignity of the Stock Exchange. The very little, inasmuch as the Chairman had resolution would undoubteily add to it, told the members that the committes had and it would show to the public outside in view some other action to find out ex

that the committee and the members were netly what their position was, and what trying to do what they could to regulate They the dealing in forward business and to Considerable interest was shown in the course of action should be taken.

were, however, confronted with one de-eliminate irresponsible and reckless gam: shooting on Saturday, a large number of finite position, which was that certain con-bling which did ruin all round. He there spootators following the scores very tracts would not be binding under Bri- fare hoped that the members would pass

the resolution. keenly. Among those present were Coin- tish law. As that Stock Exchange was a

Mr. G. NIELSEN said that he sympathiz modoro R. H. Anstruther, B.N., Lieut-body incorporated by British law, they were bound, as they boasted in the

ed in a great measure with what Mr. Read Colonel Chapman, Major Wakeman, Mr. preamble of their articles of association and Mr. Platt had said, and he M. B. Northcote (Hot. Secretary of the that they existed for the purpose did not think he was cxaggerating when League), Licut. Evan-Jones (President of of regulating and preserving she said he was one of the strongest su

porters for doing away with wild the League), and Lieut. B. Branch. The justice in dealings with shares So

The results in the League this season, between the three competing teams, have heen very close, the Reserves beating Taikou by ont point and Taikoo heating the Dockyard by two points.

|

Mr. R. URE Huamil seconded, Mr. ANDERSON repeated that the King's Regulations come into forer to-day, and if the meeting was adjourned for fourteen days and the resolution was then passed, they would be allowing the public to be misled by the publication of prices for

INTIMATIONS

LANE

CRAWFORD & Co.

(ESTABLISHED · 1250).

(TELEPHONE 1741).

TROPICAL WEIGHTS IN

AERTEX CELLULAR

forward business which was absolvi SHIRTS & UNDERWEAR.

illegal, and, not enforceable by law. That was to be allowed by a committee of an institution which gave fles ore of its' reasons for existence the establishment of just and equitable principles in the stack and share market of Shanghai.

After further discussion, Me. NIELSEN proposed a second amendment es follows:

That all forward business without. numbers be suspended for three weeks and that this mecting stands adjourned for

one week."

Mr. H. GENSBURGER semonded, and on the amendment being put it was carried by twelve votes to clover.

The meeting then terminated.

CAPT. MULLER OF THE "EMDEN."

INTERNED WITH OTHER OFFICERS AT MALTA

is not having the services of their best mittee shall take no cognizance whatever They must remember that there were two war broke out before the formalities, could

Speculation has often been rife as to the whereabouts of Capt, von Muller, Prince Franz Joseph von Hohenzollern and other officers of the Ender. According to an interview granted by Mr. Conrad Haumann to the Fremantle correspondent of the Western Bail, Australia, they are interned at Malta Haumann's parents are Scoteb, but became naturalised Germany, Some time before war broke out he tooks steps to become a naturalised Belgian, where his chief interests lay, but be completed. Mr. Hamann left Eng- land to join an uncle in Australia was travelling by the R.M.S. Moldavia There when he was futerned at Melta. he was kept for months in the same batch," he says, as Capt. von Muller, Prince Franz Joseph von Hohenzollern, and a number of other officers of the orden, and after some time he gained the friendship and confidence of his fellow Von Muller, said Mr. Hau- prisoners

He re mann, was a model of modesty, frained from talking about his succe ges and when asked by Lord Methuen if he desired anything, he said that ho did not wish any preferential treatment, and

sailors. At night time the officers would

chess, or talk reminiscently over their exploits.

BLUFFING HIS PURSUERS.

teams were fairly evenly balance, each Shanghai, to put themselves absolutely gambling. But they were now attempting Germans, and Mr. Haumann was born in at one with the law as it at preto enforce a rule, which was non-existent Club having the best shots that they would split existed in Shanghai, He proposed in any other stock exchange, or any body of a similar kind in any part of the world. command. The Reserves were unfortunate the following rezolution: That the com-

of any claim arising out of any forward sides of the question in the way of contract unless such contract specify the numbers by which such shares, stocks, and gambling. There was the one side of booming a stock to the skies, and they were for other interest are distinguished in the as guilty of gambling as the man who said that they had no right to boom up the register or books of such company.

market. It would be a much more reason able thing to qud the means whereby they could do the forward business on a safe basis. He could not see anything wrong Mr. ANDERSON aid there was no penalty in forward transactions on a margin, at all.. It simply meant that if one mera-They could not restrain the public, and ber can before the committee and brought he thought it was a fairly sound way of a complaint about another one and there doing business, and it all of them would were no numbers in the contract, the com seriously and properly inform their mittee would rule that the contract did clients that none of them would do for not come within the scope of their know ward business except on a margin or ledge and they would not recognize it. It where there was a fortnightly settlement

shot, Corporal Bannerman, while the Dockyard were without Engineer-Com- mander Connors, both of whom are on Homo leave.Taikoo was fortunate in being able to command the host team they have placed on the range this season. When the match was originally fixed to] be played, for May 20th, Taikov, however, were without the services of their two most efficient shots (Captain W. M. Scott and Mr. N. Brodie), a handicap under which very few teams would care to face a inal Taikoo won by a margin of 10

shoot.

This was secunded by Mfr. H. II. READ. In answer to a member, the Chairman said the resolution was open from to-day (Tuesday).

Jool.

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WHITE LISLE DAY SHIRTS

SOFT SINGLE CUFFS,

$3.75 AND $5.00 EACH. WHITE LISLE TENNIS SHIRTS COLLAR ATTACHED,

WHITE

$3.75 EACH.

COTELLA” DAY AND

TENNIS SHIRTS

$2.75 EACH.

Wear AERTEX Cellular

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LANE, CRAWFORD & CO.

sought only a few extra comforts for his WE

points over the Dockyard and 17 points would apply of course with regard to com- he thought they would be on safe grounds meet together in the smoke-room and play

It is sincerely to be over the Reserves. hoped that when the rext shooting season cones round that a much earlier start will be made with the League programme, in order to secure the advantage of the good weather.

ΤΑΙΚΟΟ.

plaints affecting the public.

The resolution was put to the meeting. and carried unanimously.

Arising out of further discussion. Mr. F. J. BURRETT read an extract from a letter sent by a correspondent in Hongkong to the following effect: With regard to the official notification issued by the British Government, I have read this carefully The scores in Saturday's match areas and so far as I can make out it is on all follows:-

fours with the Keswick Act, which is in force hore. It may interest you to know that counsel's opinion, which has been taken on various occasions, rules thatTM when a furwart contract is done and it is net possible to give either numbers or the contract is quite holders' names. legal; that is to say, if I were to sell to you something forward or for cash, it would be quite in order and quite legal for you to declare shares arriving from Hongkong I only mention this as it may save you the expense of a fresh opinion. I presume that what holds good here in British low holds good for Britishers in Shanghai ?"

32

200 500 400 To ydu yds. yds. tals. Capt. W. M. Scott... 20 31 Mr. J. Simpson ...... 31 31 31 Mr. N. Brodie

12128888807

A SYSTEM THAT FAILED. The CHAIRMAN said that he was quite certain that Mr. Nielsen's system would be excellent, but he wanted to remind him that it was a year ago that the committee tried it. The member called an extra ordinary general meeting and rescinded the rule which the committee made,

Mr. NIELSEN said he had nothing to say against the committes and nothing was farther from his mind than to throw any aspersions at all upon the committee,

Mr. C. E. SHAW asked if Mr. Nielsen suggested that by the inclusion of margin he hoped that the King's Regulations would bo withdrawn. The particular con- as illegal contracta trants still stood

The although they had their margin. business that was done was illegal even although a man had the whole cost of the shares in his hand.

Ho

"Capt. Muller would often laugh when be thought of the many times be bluffed his- pursuers," said Mr. Haumenn, “and par- ticularly so when he told the story of how the British representative on a small island, ignorant of the state of war, wel comed him and bis sailors, and treated them to wine and cigars. The captein attributed his long cruise to his good luck, and to the valuable assistance he received from intercepted wireless messages, told me of an instance when he wa in the Bay of Bengal. There he picked up o wireless message, Have you seen the Emden from a merchantman, to which be replied,Yes; here I am, and followed

the inquirer. He was, apparently, in up a little later by looting and sinking tight corner in the Bay of Bengal, for he knew that French, Japanese, and British the men of war were stretched across mouth of the gulf waiting for him. He, He Mr. ANDERSON said that Mr. Nielsen however, was equal to the oncasion, had talked a great deal about the margin studied his chart, and drew a course which Mr. H. H. READ said the meeting had system, but it was all within their know-he thought the waiting vessels would ledge that the margin system was tried. consider him least likely to take. That just passed a resolution which was a step Meetings innumerable were held, ways roata was along the coast line, which ho 87 in the right direction. His own opinion

and

means discussed, and Hiscussion followed, and so cecaped capture by th was that the King's Regulations which ad nauseum followed. Everything ended vessels that were waiting nearer the had just been published in Shanghai were the outcome of the smash that took place in smoke, not only because brokers did not centre for him

35

98

Mr. H. T. Heath. 30 32 Bir. W. T. Eldridge... 30 29 Mr. T. Grimshaw 28 07 Lieut. T. D. Danby ... 29 Mr. A. Nicol

26

20

229 950 226 703

H. NAVAL YARD.

Mr. I. Elson....... 31 32 31

91

... 30 27 31 ୫୫ Mr. W. R. Cousins... 28

Mr. H. Brown ....

Mr. J. Tocker, jun.

Mr. F. Goodrann

28 BS 99

DISCIPLINARY POWERS OF THE COMMITTEE.

Mr. NIELSEN-It is not illegal. Only you have no legal remerdy. I think there is a difference.

In 1010. After that smash they would play the game, but because they were servants of the public. The public were

Mr. May

32

Mr A 1 Brock.

24 #2

Mr. J. Tooker, sen. ...

24 29. 31

84.

27

달

84

84

226 229 230 '695

*. E V. RESERVES.

31

31

94

the

26

33 02

27

20

Sergt. Tollan Pte. McLennan. Sergt. Mackay Pte. Carpmael Corpl. Lyons Pte. Hamilton Sergt. Green Pte. Watson

៩៩ឥតគិត

5

17

77

234 239 203 687

As all were shooting with aperturea there was no deduction from the total

acores.

THE END OF THE '' EMDEN.' When asked if Capt. Muiler spoke of Haumann said that that finale was often

He saw but one alternative

was

10

Fe2

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SPECIAL LINE

IN

DRAB LINEN,

COAT AND TROUSERS $7.50.

GROSE & CO., LTD.,

LONDON CUTTER.

Hongkong, 14th Jane, 1915.

TAILORS,

29, Dea Vœux Road,

HONGKONG.

[£62

LEAVING FOR HOME

ON A HOLIDAY

ORDER THE

HONGKONG WEEKLY PRESS "

all remember that there were several quite their masters and they ssid they would his encounter with H.M.A.S. Sydney, Mr, i disgraceful eases in Court, and it was generally remarked by the public that the not put up margins, and in ninety-eight discussed. The captain gaid that at first rules of the Stock Exchange did not give cases out of a hundred no margin was he mistook the Sydney for a vessel of his! It was no use more of the margin system. They had to fight of but as as he made out powers, that it was all very well for the rules to say that the committee should not dead with things as they were. Margin or Australian cruiser ho knew that his hour BEFORE take cognizance of certain transactions no margin, at the present moment the had come. but there they stopped. Now they had King's Regulations were in force, and by to running away, and that become illegal under the King's Regula-them they must work and act. It was no approach the Sydney and torpedo her. tiss for them to go round the world on That he endeavoured to do, but when be sions. He quite anticipated some opposi tion to the addition to rule forty-seven trip with Mr. Nielsen to visit the wheat saw that Capt. Glossop, was not to be which he was going to propose, but he market in Chicago or to dive into the caught that way and retreated with him, ancient history of Shanghai. They were keeping the Emden's guns outranged all thought they would all agree that, however faced with certain conditions, and they the time, he whistled to the men en the much they might feel that that was a very had to make that security. Up to the island, indicating that danger was near, drastic rule to make against an action

present. they had been doing forward and then made a dash for Direction which was not punishable by law, it was

business more or less on the nod. A lat Island. When he was taken on board the high time that the Stock Exchange should

of them had taken risks and they had Sydney he saw that what shots did get (Hear, become a dignified institution.

suffered bitterly. Now they were faced that vessel had made no impression on her. bear) He felt that in the course of years with an additional rish It was not to Ever since he left Tsingtan, Capt. Muller the Shanghai Stock Exchange as Shang size up whether a man had money to pay. worked out every detail himself. He never hai grew would become a very important but whether a man facing a less would confided anything of his plans to his institution. Shanghai, nor was practic-

not pay and would not take the contract. officers, and was on duty the best part The reporte which were ally the commercial capital of China, and

It was time that they did something to of the day.

circulated that he had flown at foreign. Played on former's ground on Saturday as things-went on the Stock Exchang bring that house into a little more digni flag on the occasion when he went into

would have a name which they, as its ori

was to legislate in as near a way as

seemed to deeply affect Capt. Muller, B B. Hancock, and Hewitt (H.K.C.C.)ginal members, should try to give a dig. fed position, and the only way to do it Penang and torpedoed a Russian cruiser

nity 10. The resolution which had just beat Lindsell and Stephens 10-1; beat heen passed authorized the committee to possible to the legislation which their absolutely denied baring done so and id them. When the thing came to the 1st with all lights out, and after having sunk Jeffreys and Chunyut 0; beat Tayler take no notice of these illegal contracts if paternal government had devised for that he crept into the port at early morn

they came before them. He proposed to

and they had to go to court they did not the Russian he hoisted the German firg and Pile 10-1.

want to be told it was an illegal contract. for a few minutes and then drew it down Murphy and Cary (H.K.C.C.) beat go further, and to add to rule forty-seven, which provided for suspension fer per-

They were dealing with conditiors which again. He did not fly any flag at all Lindsell and Steplens 9-2; beat Jeffreystain offeness, and to make a third offence. and Chunyut 7-4 beat Taylor and Pils The resolution which he proposed was appertained only in Shanghai, and it was excent when his own was at the mast. Muller if he had had any designa ot 3. Entered into any sale or purchase to use quoting what was apportaining in Mr. Haumann said, that he asked Capt.

the rest of the world.

Australia, but the German commander deried that such was the case. His ore objective in coming so fareouth as he did was to destroy the communication station || at Cocos Island.

TENNIS LEAGUE.

H.K.C.C. KOWLOON B.

with the following results;

3-2.

Hall and Thursfeld (H.K.CC) bear Lindsell and Stephens 8-3; beat Jeffreys and Chunyut 9-2; best Taylor and Pile

7-1.

of Stocks shares or other interest for for ward delivery where the contract does not specify the numbers by which such shares, stock or other interest are distinguished in the register or books of the company."

SUSPENSION OF CERTAIN BUSINESS, Mr. NIELSEN said the proposition was to alter their business to cash business. They had a duty to the public as well as to

TO BE SENT TO YOU, AND SO

KEEP IN TOUCH WITH THE FAR EAST)

ALL TUE NEWS OF THE WEEK FULLY RECORDED, INCLUDING THE MOVEMENTS OF THE LOCAL MARKETS.

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