1923-01-24 — Page 7

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THE HONGKONG DAILY PRESS, WEDNESDAY,

TABAQUERIA

FILIPINA

We have just received the

WELL-KNWN MIXTURE

#

BARNEY'S

Barney's Smoking"Mixture (Medium) Panchboat

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PRICE: $1.60 Per lb. tin.

P. & O. BANKING CORPORATION, LTD.

(INCORPORATED IN ENGLAND, 1920.)

with which is affiliated

THE ALLAHABAD BANK, LTD!

AUTHORISED CAPITAL

SUBSCRIBED AND PAID UP

RESERVE FUND.

***

Board of Directors:

£5,000,000: £2.594,160.

£90,000....

The Bt. Hon. Lord INCHCAPE, G.C.M.G., K.O.S.I., KCLE. (Chairman).

Bt. Hon. the Eart of SELBORNE, K.G,,0.C.M.G.

Sir FREDERICK ELEY, Bart

Sir MONTAGE CORNISH TURNER.

Sir DUNCAN CARMICHAEL

JAMES MACKENZIE, Esq. M. M. 8. GUBBAT, Esq., C.8.1,

FRANCIS ALIKINDIA JOHNSTON, Esq. ALEXANDER KEMP WRIGHT, Eag WALTER OSBORN GRAZEBROOx, Esq. The Hon. ALEXANDER SHAW, M.P.

་་ ་ (Managing Director).

CIE. (General Manager).

HEAD OFFICE:-19, Leadenhall Street, London, E.C.3: West London Branch:14-16, Cockapar Street, London, S.W.1.

V

Eastern Branches:

Bombay, Calcutta, Karachi, Madras, Colombo," Bingapore,

Hongkong and Shanghai,

"The Corporation undertakes General Banking and Exchange Business of every description and in addition to its Branches has Agencies all over the world

C. CHAMPKIN,

12, Des Voux Road, Central, Hongkong.

DONNE

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A FANTASY OF FINANCE.' THE BEVAN STORY,

IN C. BAILEY IN THE. "DAILY TELEGRAPH."]

could

Only

JANUARY 24TH) 1928

position of chairman and governing part- nor save Bevan control of a very large and continually increasing amount of capital. Neither his acumen nor his pro- bity proved equal to the strain,

THE SLUMP. ·

least financial of us

WZA

BOMBAY SANITARY

REGENERATION.

TWENTY BLOCKS OF MODEL. DWELLINGS,

The Governor, Sir George › Llad,

the rehousing,

It is surprising that Bevan retained this faith in human nature, for his ex. perience had not, according to his own account, beery encouraging There was a manager at the Fire Company, who was authorised to borrow £15,000, and did borrow £96,000 Ives astonished, thunderstruck," said Bevan He very much upset intleed so he naturally inaugurated recently, the first stage in the consulted a friend of the manager's as men scheme for the sanitary ne This consists of twenty blocks of model to what to do about it. The result was generation of Bombay. an agreement to give the manager £5,000 a year plus commission, out of which dwellings which are the first result of a o as to repay the loan, an agreement programme aiming at equipped further with a wonderful clause through direct Government agency of " providing,, as the judge put it, that it 230,000 industrial workers, or one-fifth of was only necessary for the company to the present population of the City. The go to pieces or the manager to misbehave work is to be completed in 1899. This in himself for him to wipe off the whole apart from the reclunaticu work by which debt. Bevan may have been a bad ser 1,200 acres are to be reclaimed from the and the improvement schemes by which rant, but who will say that he was not a sea for residential and business purposes good muster!

all open land in Bombay and the adjacent island of Salsette is being scientifically developed, thas providing for a popula

The scheme for the development of tion of two to three millions.

ran away.

"BUTTER IS ALL FOOD, AND NO WASTE."

of

The thesis of Bovan's defence was that The Sancier has always excited the luck had beet against him As Becky imagination of mankind To manœuvre Sharp would have found it easy to be masses of money, whether honourably or honest on £10,000 a year, so would Be dishonourably, is in itself a title to fame.yan if the market had gone the right Since the modern historian tells us that way. Even the everything which has over harpened from knows that between 1919 and 1991 there

War to the the Trojan

"Crusades was a change in the value of industrials and from the.

.to Crusadee

the It is not worth while to quote figures caused French, Bevolution

and here. 1915, said a bank manager at directed by the financiers, this glory Bevan's trial, was an exceptionally good no doubt justified. But it will be found year for industrial securities that peculiar honour is given by the voice somewhere about the middle of 1990 the Bevan, held, of the people to the gentlemen whose bottom began to fall out." daring, let us say, has been greater than as his counsel put it, that "even to the their good fortune. When gossip speaks middle of 1991. and would have been

THE CRASS. of financiers it is referring to."King" justified in buying industrials rather

In June, 1921, Bevan was telling his Hudson or Baron Grast, to Jabes Hal-than buying smaller dividend producing four or Whittaker Wright, or Horatio securities. Ha was backing, and of shareholders about the twin bastions of Bottomley. To those celebrated name will now be joined that of Gerard Lee course, with his private funds and the modern nano" banking and insurance, funds of the Brm in which he had the the two main forts that guard that

credit," In Bombay is one of the most ambitions mer Bevan Nor will ho lack the tribute on controlling interest he was justified in majestic citadel called which his spiritual predecessors could backing, his own financial judgment. February, 1023 his bastions went, crash-planned for the improvement of, a single

a.ren Au expendituro confidently rely praise for a determinat unfortunately be backed it also with ing down. There had been nasty, rum- municipal

ours going about the City. One of the 130,000,000 is contemplated in the first tion to believe himself blameless Eve the funds of the Fire Insurance Con- the counsel who prosecuted him pany: the chairman of which was not directors of the Fire Company asked for five years, and that is only a start.

intellectual

Bombay stands on a narrow spit of land scarce forbear to cheer his

justified in putting its money into specu- explanations, and did not like what he might. And, after all, to waste many Intive investments. Still more unfortun- got. He demanded an independent running out southwards into the sea, and hundreds of thousands of pounds is, it: ately, his financial judgment was not re vestigation. Bevan talked about "a stab

difficult one. One of the chief of the must be admitted, almost as great liable. Afterwards one of his fellow in in the back," bat his directors had lost the problem of expansion is; therefore, achievement as to make them.

surance directory complained that Bevan, their simple faith. He was asked to leave

ote thousand two hundred acres from the genius can do it.

on his sola responsibility, had been the room, and when he carto back was development plans, the reclamation of

avoted out of the chair. The game was Bavan, however, had advantages over these others. They were the architects pouring the company's funds into

directors had filed a petition, the city six times as wide at what is now No new factories áro" of their own fortunes. He was born in Brazilian raach concern and, as he mildly up. On February 3rd it was announced sea on the west side of the spit, will make

His way to put it, "demurred to this having been a that the

insurance on February 17th the failure of Ellis and its narrowest part. the aristocracy' of finance.

When he suitable investment for an opulence was made smooth

his our company. Bevan replied that is was Co, was anounced. Meanwhile Berun to be built in the city itself, but onter suburbs and satellite industrial" towns left the university, to quote

He bad ceased to be a member of Ellises, are to be built outside in regions which words in the witness-box, he "went as just she of those things where it is easy clerk in the autumn of 1899 into Barclay's to be wise after the event." The innocent Bank. His family and the family of may think that it would also have been the world was told, on February 10th:bre now padd folds, swamp, or jungle. it was said that he had been ordered The two railways down the islands are Barclay were very close friends, and had quite rasy to be wise before.

Bevan, according to Sir Ernest Pullock, abroad for his health, that he was com being quadriple-tracked and electrified, ing back, that his friends had at any an that they will be able to carry twenty been associated for many generations.". The Association is, of course, well known, had a remarkable brain for finance." and the two names stand in the highest It did not apparently provide him with rate advised him to come back, and for thousand passengers an hour in rush

When It esteem. That a man of Bevan's family very sound judgment, but it certainly some time people had no suspicion of hers from the new suburbs into the city. should run such a course to such an end was fertile in expedients. The City his criminal responsibility. as his would seem among the impossibi- Equitable Fire Insurance Company, which became clear that he had no intention of

a sound business till Bevan explaining himself there was a good deal DAIRY FARM NEWS. lities of life. There is no doubt that his had been name added much to his influence over joined the board, became under his guid of surprise. Nobody supposed that he an instrument to prop up the had been worse than foolish, or that he men, and so to his opportunities forance rashness and misuse of their confidence. tottering fortunes of Ellia and Co His would be so extravagantly foolish as to remarkable brain for finance had run away. Then a warrant was issued trouble by for his arrest. Strange stories of his

Use it in everyway possible in preparing He does not seem to have thought that it imposed upon him responsibilities. To brought Ellis and Co: into hold bin up to any peculiar condemna committing them to industrial securities wanderings came to London, and at last and cooking other foods.

no market. The be was caught in disguise At

By doing so you not only improve their tion among unscrupulous financiers would for which there was be unjust. But, taking his own defence remarkable brain" proceeded to rob His advocate pleaded that he was urged of his actiona, that he was careless, that Peter-the Fire Company-in order to by someone to go away. I am not per-flavour, but add tremendously to their food" others deceived him and failed him, that save Paul. And as people of less remarkmitted to tell you who it was that asked value.

was able brains might perhaps have expected, him." The matter was inevitably part of be signed an agreement which "insanity," that he never dreamed of the robbery was much better executed the case against him. The consciousness a passage from his cross- looking as a contract," and so forth, the than the salvation. The Fire Company, of innocence was too obviously to seek. most charitable judgment must be that in fact, was pillaged thoroughly, but EllisConsider

You had no misgivings as to your con he had no sense of any obligation to and Co. still tattered. As loans to a axamination: maintain the standard of probity which shaky stockbroking firm could hardly be all the world associates with the historic represented as assets in an "insuranec duct - had no misgivings us" to my

"remarkable conduct at aux stage. company's accounts, the

Then why, asked counsel, sharply, did names of the City of London.

brain arranged to falsify the balance. sheets. But that was not enough. He you fy the country, on February 8th - After two years of banking experience Laid hands on another insurance com, Because" I was asked..

Why did you adopt the disguise of Bevan joined the stockbroking firm of pany, and used its assets, and another, Elits and Co. as a partner. He was then and another. High-class securities were Loon Vernier-Because I was asked to Why did you disguise yourself by dye- 24. Hghteen years later, in 1012, he handed over to Bevan and Ellis and Co. go became a senior partner. The advance in return for nothing in particular. menu was rapid, and his position of high What Bevan did with the proceeds, waging your hair black and by having a importance. Ellis and Co. had been in left to his discretion. The First National black beard-1 went away in response And remained concealed for six months existence for more than a century, and Re-insurance Company let him have near-to a strong request. the firm was one of the most respected only £200.000, the renter Britain Insur the Stock Exchange. Among thier aranes Corporation gave him-the word is in response to that request Certainly.

And still I intended to do so. treasured a Government fair enough-some £400,000. chives was

And yet you had no misgivings as to charter of 1814 empowering the firm to Ellis and Co tottered. Such was Beran'e

your own coduct-None. loan of £24,000,000. The financial genius.

And were not the least afraid to meet negotiate a

you Not the money was required to finance the last campaign of the long struggle with

The quality which he certainly didny question put to Napoleon. In our time Ellis and Co.

This is bold enough, but the boldness The Fire Company bad a carried on the business of stockbrokers possess was a power of making people least. and money brokers, and dealt with a trust him.

or finance committee of its directors. Be- would have sounded better ten months "The trial, indeed, could only tave one great many issues either in part

van proposed to this body investments. whole." Their business was of course;

mass on a large scale. The turnover was over One of the "directors on the committee! £1,000,000 a month In 1920, when Beran went into the witness-box and was asked same. The case was only difficult to publication of false statements by Bevan had been some time "a senior partner, from the bench, "What is Willoughby elucidate by reason of its sheer with four other men holding a deservedly Sunner" The little conversation which of material, and the main charges, the Bay bigh reputation in the City," he owned followed is illuminating:-

Witness: I cannot recollect now, but order to command confidence and the £108,000 out of a total capital of £200,000.

his own purposes were plainly proved.

Rooms on Fifth Floor. His power in the firm was even greater I think it is a company in Canada, with use of other people's funda by Bevan for tion of the man's offence,, but that he

Apply than, that controlling interest would no buildings out there and a certain amoun: There seems little to be said in extennaFFICES in UNION BUILDING-For

UNION INSURANCE SOCIETY cessarily imply. He was the dominating of carrying trade.

has paid for it and will pay heavily. Ho forceThe business was really conduct

[169 ed by him, and almost," as Sir Ernest

has not roused against him any general animosity, for the sufferers by his mis Pollock put it, by his brain alone'

Mr. Justica Avory But you were on deeds are not, in the main, as has 50 Bevan told the Court which tried him that the other partners went away early the finance committees did not you ever often been the case in similar crimes, a and left him to discuss business matters take an interest in the question whether number of small investors. But he has with a Mr. Pirit, who had been in the investments which were being made failed to canciliate any sympathy. PlainTURNISHED, for One Year or Eighteen the firm as a clerk a great many years." were producing dividends or not?

Witness: I made no inquiries about people, feel little of the admiration for Months, from 1st April, 1923, It is, in fact, plain that, whether by merit or not, he made himself the autocrat this company.

A GREAT STOCKBROKEZ

THE DIRECTORS. "

จบ .

Counsel: Did the company ever anything ont of Willoughby Sumner,

I do not know.

Ket

#

Vienna.

..

THERE IS NO SUBSTITUTE FOR

"BUTTER" Think of it as a vital food and not luxury.

The best cbtainable Brands are—

DAISY AND DAIRYMAID.

Etocked by

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Apply of the large operations of Ellis and Co.

LINSTEAD DAVIS, Under his direction the firm "became quiries into any of Bevan's proposals are rather inclined to draw dull, old- Meter Road at Magazine Gap. involved in a large number of industrial Here is another example of the business fashioned morals from the Bevan caso, and remark that levity and superficiality

Alexandra Building... securities." When the crash came in methode of his directorates:

A board meeting was held, at which in business and a lack of sincerity in February of this year the deficiency'' of the firm, according to Bevan himself, Mr. Bevan was elected chairman. Wit distinguishing between the things & man

general was £1,151,000. Such is his title to the nese was appointed on the finance com can and cannot do are not the best policy. name which bank manager. allowed himmittee, and Mansell became

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It is, of course, fair to keep clearlyNational War Bands, held by the com- upon the record the fact that for the pans, be sold, and that the re-invest

A HEART TO LET.” frst twenty years of Bevan's partner ship in the firm all went well Adven

How were the proceeds of the sale dealt

Justine Johnstone, who is seen at the tures seem to have begun soon after his

World Theatre this week in a dual role rise to supreme power, but whether owing with 1-1 never heard. I was never con to that or to the disturbed conditions suited about it.

Mr. Justice Avory Had you any idea in the magnificent drama "A Heart to of waz-time the public have no means of knowing During the war, at any rate, why you were put on the finance com Let," a screen version of the popular possession, Nos. 2 and 3, STEWART EXKRACE,

most famous beauty who ever graced the and especially, in its later years, Bevan mittee of these companies 1-I have not novel "Agatha's Aunt," is perhaps the Pax. turned his attention to industrial securi really.. (Laughter).

If we are to believe Bevan, indeed, his Ziegfeld Follies. The story concerne & ties. In 1916, when he was already en gaged in such interests, he becamo power of making men trust him was even beautiful Southern Aristocrat who owns chairman of the City, Equitable Fire surpassed by his power of trusting other a dilapidated mansion, a worthles Insurance Company, in which he acquired men. That approached the superhuman estate, an imposing family tree and zot a large holding. For some years all Ho signed without reading it an agrée much else. Being possessed of a sturdy seems to bave gone well. Under "bis ment, which, in his own criticism was determination and a sense of humour, how guidance the Fire Company, like Ellis "insanity, because someone else said heaver, she does not despair when things and Co., put their money into industrials thought it was all right. There was a reach their lowest ebb, but resolutely Such investments are not, as Bevan, by letter certifying the possession of a trife determines to turn her liabilities into the date of his trial, seems to have learnt of £200,000 War Bonds which was not assets by taking boarders to support her to recognise, in accordance with the true.Why did you sign an untrue do- self, her young brother and an elderly | principles which the public expects in enment? naked Sir Erdest Pollock,female relative. Only one-boarder no surance companies to observe. His justi-Like other documents," Bevan answered.swere her advertisement, and before hire Bax VA, s/o Daily Pran Office, Scation is that "every business man was It was placed before me by a clerk and the docniless young woman poses not od to do what he could to contribute 1 signed it. I never dream of looking only as an elderly woman,, the supposed towards the repair of the wastage of war, at a contract. I sign, and the cloric taked owner of the place and his dignified hos

MOR disposal

and EXPORT. and this is what we were trying to do it away. I rely on my officials to bring tene, but also as the housemaid who waits to Box Y.W cía Daily Press Office. in some small measure" It has to be me true. documents." Buch are the Na spon him. These impersonifications pro. added to this that the power to apply poloons of finance. They ear not be ex-sent a real histrionic tasks to Misa John-Established IM Poning Conor O the funds. of an insurance company to pected to verify petty cash transactions stone, but she has handled the quick Business with First Class connections mad take up the industrial securities to which of £200,000, though to be sure Napoleon changes. of character with considerable Agencies. Only capable Business Men with

VV oo Daily Press Oldce. they had exmmitted themselves was kept his eyes very keenly, on the petty skill and the play abounds in wholesome substantial amount of Capital need apply-Pa

humour and comedy situations. tremely useful to Eli and Co. The dual cash account.

Letters urs lying at this Office Sayg'

Bozen W

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