1923-10-04 — Page 3

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Foamite Firefoam

THE MOST EFFECTIVE FIRE EXTINGUISHER.

SOLE AGENTS FOR HONGKONG AND SOUTH CHINA:

"THE UNITED ASBESTOS ORIENTAL AGENCY, LTD.

Tel. Contral 236.

Okk

THE LATEST.

3, Queen's Buildings.

FOUR SELECTED RECORDS.

4897-DIRTY HANDS DIRTY FACE! The Fox-Tret of the hour. Al Jolson's Masterpiece in "ROMBO" played by Markel's Orchestra.

4900-GOOD NIGHT. The New Novelty Waltz with the "BUGLE

CALL" effect, played by the BLUE RIBBON TRIO.

Good night, dear, good night,'

"There's light in your eyes, shining bright.

4903—MY LADY AND ME. Fox-Trot. Played by Rega Dazes

Orchestra.

*

4898–ÒN THE ISLE OF WICKI WACKI WOO. Fox-Trot.

Markel's Orchestra.

OKEH STUDIO,`

8, DE VEUX ROAD CENTRAL (COENIE OF ICE HOUSE STREIT). TEL. No.-CINTHAL 4453.

NOTICE.

MESSRS, FINDLATER, MACKIE,

TODD & CO., LTD.,

WINE & SPIRIT MERCHANTS;

LONDON.

The Agency for this Old Established, and Well Known

Firm has been transferred from CARTERS, to JAMES

H. BACKHOUSE, LTD., No. IA, CHATER ROAD.

ASAHI BEER

SPECIALLY AREWED FOR EXPORT

DAI NIPPON BREWERY CO.

LIMITED,

TOKYO, JAPAN,

SOLE AGEN IB

MITSUI BUSSAN

KAISHA, LTD.

HONGKONG,

THE HONGKONG DAILY PRESS, THURSDAY, OCTOBER 4T 1923.

DUTIES OF DIRECTORS.

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Enter the above hending the Funeral, Yes, in its issite of August 21st, las much to say eur the meal as well as legal duties of directors of pub'is companies towards their companies. Only yesterday news was received of a Loudon business

THE SHANGHAI COTTON MARKET.

concern with an issued enpitál of two and taking more interentrices however

Weekly Cotton Market Report says:--

Messes A. B. Boeufeld Band. Son's

rather

China Cotton;-The market has hail the past week, with the general public. more active appearance during

a quarter million sterling whose £1 shares for some time past and

staple than have now to be valued in terms of a few rating the same as compared with last pence and which has no other alternative weeks lerrl. The demand for actual cot before it than that of a timely liquida tow has been very good indeed, the largest tion, voluntary or otherwise. Particularly, part of the demand coming from local in these days of stress and unprecedental Spinners. Arrivals in the meantime are trade depression, the position of directorya ng daily.

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of public companies is by no means an Under the girgupistances, therefores ww enviable one. The legal liability fail to see any reason for taking a bearish director

may be very small- As view of the situation, and believe that the the Financial Sex say, the share chances are in favour of higher prices, holders have no legal remedy against nevertheless, after a fairly steady rise directors in respect of losser incurred by about four tacks per pleut in the local ronson of any negligence on the part of staple from the low level, we are of the a rectar.

opinion that a fraction anturally may be Wild-cat speculations, overlooked forward to. |buying in a fall-market," failura to devale proper time to the conduct of the ect panies affairs, these do not fasten the director of a company the Hability to make good to his victims the loss they had suffered as a result of his own mismaringement and ineptitude. and an increased demand is looked forward Unfortunately, however, the directorates to in the near future,

of many companies are still open to the objection that sufficient attention is (ant

paid by shareholders to the choice of the

week have been important, and although Yard-Fluctuations during the past during the early part of the week the ten- dency was somewhat easier, the undertone of the market at the chuses was steady to firm Interior stocks are generally light

..

right men as directors. According to the CHILD LABOUR IN SHANGHAI London journal, the director of a public company is the paid representative al

COTTON MILLS.

shareholders and he must posses three At the annual meeting of the Catton important qualifications: business cap Millowners' Association of China, held city, knowledge and experience of the at Shanghai last week under the presid particular trade or industry carried on!

A

by his company, and the devotion of neey of Mr. P... J. MeXient, the Chairman qante time to its affairs. We agree that said in the course of his address: as regards the first qualification, it is in The question of Child Labour "bas possible to follow any hard and fast rule engaged "the attention of your. "Com- as to the business capacity of a director pittee. though it should be possible always to In November last year a joint meeting point out at a glance the utter incon-of our Association and the Employers' gruity of appointing, say, a stockbroker; Federation was addressed" by Afr. Shere to the directorate of a preserve manu word Eddy on this subject. Later, there facturing business. There is, however, no was meeting of these two bodies to dis legal provision against the appointment cuss Child Labour following upon a letter of a stock-broker with a fat bank balance addressed to them by the Shanghai to the directorate of a preserve manu Municipal Council, and correspondence facturing company or any other leompany was also exchanged with the General if the stockbroker has taken a fancy for Chamber of Commerce and the Chinese the billet Similarly with regard to the Cotton Willowners Association. The time to be devoted by director to the general feeling was that the only satis business of his shareholders Though a factory method of dealing with the matter pointed out by the Financial Yeniä it is would be the introduction of legislation. not possible for the shaholders to Under the auspices of the S.M.C. "Com- stipulate that a Managing Director shall mission an Child Labour is now sitting devote a fixed portion of his time to the and it is hoped that their report will re- work of the company, it is not equally sult in an improvement of conditions and possible for them to insist on all the the elimination of the younger element directors devating their whole time to the from the Mills; work of the company.

The remedy is, of course, in the hands of the shareholders themselves. They nequlesce easily in the attempt of every ningompoop. -whose, enly qualification is perhaps a bloated nereage or plenty of spare cash, to enter what appears in his eyes the only, avenue to fame the lire torate of a joint stock company. It is imponible," says the Financial News to exonerate the grent bulk of share holders from a large measure of the reg ponsibility for the defects of the present Syst. The apathy of a great section of the investing public is proverbial, share holders tog often fail to take an intel- ligent interest in their property while things are gong well, and satisfactory dividends are being paid, and when things go ill their intervention, which in the main takes the form of complaints at meetings. is usually too late to prove effective. This is certainly the case, aa anyone familiar with the working of public companies can testify. As long ng the dividends come in regularly, the is no complaint, but, when the dividends cense and the goose that laid golden eggs is in deep water, the cry goes forth for the blood of the erring director...

COTTON MILLS IN CHINA.

At the annual meeting of the Cotton Millowners Association of China, held at Shanghai last week, it was stated that the totals of Spindles and Locus repres sented by Members of the Association are as follows-

Spindles. -233.830

350,532" 5-1.829

Looms. 2,807 27H

6.115

693,936

Nationality.

British Japanese Chingg

138. WINS £1,140.

The Second Extra Meeting of the Poona racing season will certainly be remembered as a red-letter day by Mr. R. Khambatta, famous in the history of the Turf, inas a "Bombay Parsi, and should ever be much as the totalisator this afternoon paid out a dividend that must be a world's record in cada

The second race of the afternoon was fur Arab ponies. Mr. Khombattta-who is a well-to-do liquor coutretor-backed Kietitor because the totalisator indicator showed that not a single, other punter had done so. His ten rupees for n win was the only bet made on Kietitor-add the neglected animal was easily by one and three-quarter length, Mr. Khambatta was staggered to find he was entitled to a dividend of

We think the law can very well inter sene to cure the defects of the average shareholders. The provisions of the Joint Stock Companies Ordinance in this Colony, which are very similar to the English Act, do not go far enough in that they do not insist on certain essen tial qualifications in a person who be comes the Director of a public company As the Finnicial News not is to "spproxi possible to define business capacity and mately 13%, he won $1.140. The would be manifestly absurd to insist on any particular hasites qualification for a Director. But it should be possible to disqualify by operation of law, a aberntee director from gracing a Bourd of Directors on paper. It should also not at all be difficult to pepatise wild specula tion and similar neral lapses on the part of Directors-Ceylon Observer,

EXCHANGE IN SEPTEMBER.

Meera Roza Bros. to their Hongkong exchange, quotations for the month of. September apprad the following "table:-

Average Rate Sept.

(1923),(Approx.) - 2/2-2 1008 (513) 8.85 Highest Kate Bopt

(1923),(Approx.)32) 2/3 (08) 621 0.30 Lowest Rate Sept.

(1029),(Approx.) 391

Average Rate to date 2/3 1045119,25 (1923) (Approx.)-2/3 108 527 8:43

Hate to dato

(1023)(Approx.)- 2/47 113 55 0.30 Lowest Rate to date

(1923),(Approx.) - 2/24 104

TO 7.95

Upwards of 50.000 acres of forest landa in the South of France have been prac tically destroyed by the firm which here raged during the recent heat wave. No estimate can as yet be made of the amount of the damage,

Discussing the progress of the work st Wembley in connection with the British Empire Fxhibition, Sir R. Me pine declared that if it did not come to be classed as one of the wonders of the world, it would certainly deserve place as one of the wonders of the Empire.

of Kletitor's stable connections, who were "o badly caught mapping, can be more "ily imagined than described.

The ormous odds caused the race course officials some extra work. The plase showing the result of the race and the prices paid by the totalisator had to inco an extra nail hammered in to show Kleti- tor's five figure dividend..

CLOTHES

MAY NOT MAKE THE MAN BUT USED RIGHTLY THEY CERTAINLY HELP.

WE WILL KEEP

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STEAM LAUNDRY CO.

HEAD OFFICE and WORKS: YAUMATI, TUI, K32 HONGKONG DEPOT: 10, Stanley Street, Tol C 1979.

64, Fraya East.

KOWLOON DEPOT 19, Chuton Road,

CANTON: 13. Sharki Central, East.

Write of Phone for complete PRICE-LIST.

PIANOS FOR SALE OR HIRE.

TSANG FOOK PIANO CO.

94A, WANCHAY Road,

TEL. 9127.

SOME DISTANCES IN THE SOUTH CHINA SEA AND PHILIPPINE ISLANDS

BY CAFT. G, H, PENNEPATHER.

BREWER & Co., Pedder Street.

On Sale at

YE OLDE PRINTERIE, LTD., Queen's Road,

SIX DAY'S SALE

from Mon, Oct. Ist to Sat., Oct. lth.

ALL BIG BARGAIN DAYS

Shawls, Hand-made Laces, Drawn and Embroidered Handkerchiefs, Beaded Articles and Necklaces. No better opportunity will be afforded to sccurs delightful prescuts.

CHINA SILK & EMBROIDERY CO., LTD,

37, QUEEN'S ROAD CENTRAL (NEXT MADAM Flexr's).

The All

British

Standard

LIGHT CAR

Overkenal Valves; Magneta Kesition: Thermo-arsham coolings" these,sonada 'forward and smatreverse gle change; Disc type whosing 3 10 1 901 Dunlzo Clipper- CHE TINKTI0 190, Ground clearance Baja

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£250 ex Works

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COVENTRY

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S. O. A. E, O.

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