1926-04-01 — Page 4

SUMMER HEADWEAR.

THE HONGKONG DAILY PRESS, THURSDAY, APRIL 1st, 1926

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THE WING HING BANK.

LI WING KWONG EXAMINED,

HIS LORDSHIP AND "SCANDALOUS BUSINESS,"

No, no; the bank lent the money to the firm in which the Lis were partners, and they lent it to another firm.-The shop paid about 10 per cent, interest.

And the proft you and your assogintes had was the difference between 9 and 19 per cent.. Yes.

The public examination of the, part- ners of the Wing Hing Bank was çon-

His Lordship: As far as I can see tinued before the Chief Justice (Sir then, this aim was & Charitable institu- Henry Gollan) in the Bankruptcy, Court | tión.-(Laughter.) | yesterday."..

Witness stated that he and his part Mesars. D. McCallum, J. T. Prior, and He agreed that part of the capital with ners eventually bought the fish shop. T. G. Bennett represented some of the which they had bought the business had come from the Bank. He also agreed that the firm owed about 8 lakhs to the Bank. He, however, disagreed that he personally owed any of it, since he had set off his debt by putting up a lot of his property.

creditors.

Li Wing Kwong, residing at Bobinson Read, a partner in the Bank was in the witness-box from 10.30 am to 2p.m.

"The Oficial Receiver: Are you heavily indebted to the Wing Hing Bank 1-Not very much; only $100,000,

Is it unsecured 1-Yes. Then why does it appear in your state- ment of affairs as secured debt!-I have only a share in it.

Further questioned on this point, wit neas said that he could not give the exact amount of his indebtedness to the Bank. He would have to have time to examine

In response to a question put by the Official Receiver, witness said that he first know of the Bank's insolvency in August, 1925. He said that be had never been given to understand that the fish shop was doing badly. He had occa sindally inquired, and was told that it was doing well.

His Lordship: Does a business, which is doing well borrow six lakhs of dollars, wanted fresh capital-A lot of the or was the business so good that they people who owed the shop money were living in Kwangai.

The Official Receiver: What reason

ANOTHER PIRACY.

CHINA MERCHANTS COUS SHIP VICTIMISED."

LOOT OF OVER $100,000 TAKEN.

SUMMARY COURT. CONSUL-GENERAL FOR NETHER LANDS SUED.

DISPUTE OVER A MOTOR-CAR.

According to reports reaching the At the Summary Court yesterday before made the victim of piracy by the Bins Messrs. Hewitt & Siu, architects, aued Colony yesterday another ship has been Mr. Justice Wood, M. A. G. Hewitt, of

Bay gang of pirates.

Mr. M. J. Quin, the Consul General for

The vessel concerned in this' instanes

is the fah Kong, (China Merchants the Netherlands, for $69290, of which Stenm Navigation Company), which was $500 was in respect of the depreciation pirated while on the way from "Shangbai of a car which plaintiff bad lent defen to Canton and looted to the extent of dant between $110,000 and $190,000.

The report of the outrage was made by the steamer at Canton on her arrival there last Saturday, but the local office of the Company have heard nothing mora than the details recorded below.

Mr. H. J. Armstrong appeared for the plaintiff and Mr. J. A Gordon Leask represented the defendant.

43

Mr. Armstrong said that Mr. Hewitt As in previous instances of piracy, the had feared the residence knowti pirates concealed themselves as passen-Mount Fiew," Pokfulam, to Mr. Quist gers on the ship joining the steamer at the port of embarkation, and later taking for ten months from April 1st, 1995. He those on board by surprise..

was to pay $300 a month, which included the use of an Oakland car.

PIRATES SURPRISE SHIP.

Mr. Hewitt stated in evidence that be

From details received in Hongkong, it appears that the rin.. Kong left Shanghai at 7:30 am on March 23rd and bought the car in 1903 for $2,000, and it was off Amoy about 6.23 a.m. on March ran well until it was taken over by Mr.

th It was then that the pirates made

Ihis books before he could ascertain the bad you to think in 1999 that half this their presence on board known Between Quint. When the latter took it over. it.

exact augoudt.

As a matter of fact you yourself made out your own and the Bank's statement. of affairs-No; the Bank's statement was prepared by the accountant.

Witness further stated, that he bad made guarantee for his indebtedness to the Bank, and he believed that if it were clearly worked out, it would be found that he owed nothing to the Bank. Es agreed that money was taken out from the Bank for a firm of which he was a partner.

His Lordship: Was that firm directed by you and your partners before you became directors of the Bank 1-No; the firm was formed fourteen years ago and the Hank sixteen years ago.

Did you form the firm in order to get money from the Bank -No.

THE FIRM'S DENT.

The Official Receiver: There is a sum

of $559,430 still due from the firm to the Bank Yes.

That appears in the Bank's statement of affairs as a bad debt-Yes; many of

amount would be recovered 1-I was told by the manager.

Have you ever taken arý proceedings against these people who owe you money

Not yet.

Have you ever attempted to collect a single cent belonging to the firm- Writs have not been issued because most of the debtors are in Kwangsi,

When this firm failed its liabilities were between 7 and 8 lakhs. How were they paid -My partners and I paid it out of the money of the Wing Hing Bank.

On being referred to an item of $840,000 which was put down in the state ment of affairs as a good debt, witness said that it was considered to be so be cause the money was owed by members of the Li family.

His Lordship: We know very well that you, too, were mixed up in this scandalous business. Did you really ex- pect to be paid sac cent of that money cent., that was all. We thought to recover from 10 to 20 per

His Lordship repeated the question and

twenty and thirty of them broke out was worth $1,500. Witness was respon simultaneously in the bow and stern of sible for repairs for breakdowns or de- the vessel and Bred several shots in the!

fair. At the time there were six guards fects, and also for the wear and tear of on board, but before they could put up tyres. When, he saw the car in January, a fight they had been promptly disarmed. he found that the mudguards had been

The pirates then proceeded to attend to the bridge, engine-room, compradore's department, first class and steerage accommodation.

damaged, and the axle caps were buckled. Replying to Mr. Leask, plaintiff sail that the car had given him no trouble The captain officers and crew were quickly overpowered and the passengers before it was handed over to Mr. Quist were herded together, bound with ropes He believed that Mr. Quist had been and tied up in the stern of the steamer. The pirates then proceeded to achieve employing incompetent drivers. He their object, namely to rob the passengers thought the car was a 1021 model of their money, jewellery, nad other valu ables and to loot the Hain Kong generally:

*CAPTIVITY THREATENED.. <

"NOT FIT FOR USE."

Mr. A. N. Rowe, managing director of the Hongkong and Kowloon Taxicab Co... Two days later the pirates made a Ltd., gave evidence for the plaintiff. He accond and closer search of the passengers

sions of the unfortunates.

-

the partners of the firm were out of the pointed out that in that case the Bank and on this occasion threatened to make it back'it was not fit for use:

Colony,, and as they could not be found to re-pay their indebtedness to the Bank, the amount had to be put down as a bad

debt.

Asked by the Oficial Receiver if he could give the names of any of these per- sons, witness said that the manager was the only one he knew. He said that he had asked the manager for the re-pay ment of the half a million dollars, and the manager gave him. 35,000.

was insolvent a long time ago.

Witness said that when the balance sheets were made up they had thought that all the money would be recovered.

TUO MANT“ irя.” ...

Witness was further pressed by the Official Receiver as to why he had made

no effort to recover these debts. He re-

plied that the majority of the debtors were in Kwangsi, and it was difficult to

and as a result were able to further valued the car at $1,000. or 81,900, when enrich themselves with various posses-it was handed over to Mr. Quist. At the end of January, when Mr. Hewitt brought Later again, they made a third search

He attri captives of a number of the passengers, buted its depreciation to want of experi- » but on reconsideration of this scheme, ence in regard to bad repairs, nad pon which naturn'ly threw the passengers sibly to inexperienced drivers. It would into a state of panic and terror, they decided that they had enough loot with cost 8300 to put the car in proper repair. out adding captives to their list and and even then it would be worth only eventually left the steamer and made from $400 to 8500.

steamer, the pirates demanded 810,000 Failing to find the compradore of the from the accountant, a sum of 82,000

their escape.

*

CAR DEPRECIATION.

Mr. C. Lauritsen, managing director of

The Official Receiver: "Then why did find them. If there had been no trouble | having been taken away at that time. In the Dragon Motor Car Company, was

you put it down as a bad debt -Nothing had been recovered at that time.

You made the Wing Hing Bank liable for this amount 7-Yes.

Replying to His Lordship, witness said that no security was given to cover the

recover, the whole of the debt.

in China, they would have expected to

desperation the man obtained $200 from called as an expert witness. He said that his fokis and banded it over, then a car depreciated to 15 per cent of its The Official Receiver: There are a hiding in a lifeboat until the pirates good many " ils" in this witness'e cvi- left. It rained continually, but despite value in three years as far as the market dence.

the fact that the boat was full of water, price was concerned. Witness added that the debtors were the man remained in his hiding place, scattered in about a hundred places in being afraid to show himself before the pirates in case of further demands for

the province of Kwangsi.

The Official Receiver: But this debt was owing in 1823. It was quite possible at that time to collect money from the people in that province 7-Several at tempts were made, and letters were sent to the people. Some were found, but

advances made to the arm, but the market rate of interest was charged.

His Lordship, I suppose you mortgag- ed your character as security 1 ·

On being referred to an item which someone borrowed as an agent for the firm of which he was a partner, and lent to another firm, witness said that the Arm had merely used another name. It would have been more difficult for the And you still thought that 50 per cent. firm to have regained the money as it of these debts were recoverable 1-The was indebted to the other firm.

manager told me that.

The Oficial Receiver: You were onc firm.

His Lordship: You did not press your self to repay-(Laughter.)

Questioned in regard to a loan of $30,000 made by the Bank to a private person, witness said that the Bank tabk a mortgage on a piece of land as security. This land was eventually sold for $10,000. There was no entry to this effect in the Bank's books.

The Official Receiver: A security of $10,000 seems to be rather inadequate for a loan of $30,000 does it not? Witness made a rambling reply, totally irrelevant to the question.

Asked why the Bank wanted security on this particular loan, when it had lent out larger sums without any security whatsoever, witness said this transaction had been made following the European War, and owing to the scarcity of money, they began to be more careful:

|

only a few.

Were these debts. put down in the firm's books 1—Yes.

Where are the books now -I don't

know.

Do you mean to say that you have got seen the books since 1923, when the debt of the firm was over half a million dollars-I left it to the manager.

Do you consider that you were doing your duty to the depositors in the Bank

The manager took whatever steps he thought fit to recover these debts.

The Official Receiver asked witness for the Manager's address. He replied that he formerly lived in Lascar Row, but had not seen him since a month age. when he met him in the street. In January of this year, the manager told him that he would send collectors around to collect the debt.

:

CHILDREN, CONCUBINE-AND MOTOR CAR.

The Official Receiver: What did your personal expenses average" last year?- About $300 a month.

With three concubines, aine children and a motor-car-I have reduced my expenses.

Witness said that the manager of the firm which borrowed large sums of money from the Bank was a Mr. Wong who formerly lived in Lascar Bow, He could not say whether he was still in the You cannot reduce your children; you Colony, but he believed Mrs. Wong was.might have reduced your concubines, but The Official Receiver: Bring her to you still have three. What about your toy office to-morrow, will you I cannot motor-car?-I did not use it last year. promise you; I mest enquire if she is It is worth about $10,000, still in the Colony.

Have you bought any property during the last few years and put it in someone else's name 1--No, no, no.

"WERE YOU ABEAKED Witness was again referred by the OBcial Receiver to a sum of $20,000 lent to a salt fish shop in which he was interested. Witness said that it was borrowed from the Bank, but under an- other name, which was in fact lis Tong

дете,

Replying to His Lordship, witness said that this name had been used for seven or eight years.

Was this name used after or before you had made those heavy advances to the firm of which you were a partner After these sums were advanced.

He agreed that he had arranged s scheme of composition whereby be offer ed his creditors a dividend of 40 per cent. roughly about 6 lakhs..

HIS SON'S PROPERTY. ·

Witness vigorously denied that he had bought property and put it in the name of his eldest son. He agreed that his son had a share in houses in Connaught Road and Des Voeux Boad which he said was bought seven years ago. The house

money.

BIAS BAY REACHED. By eleven o'clock on the night of March 20th a position near Bias Bay had been reached, which the Chinese described as

thought was the market price of the car.

Mr. Leaak asked wituces: what he

Witness replied I wouldn't ask a friend of mine to buy it

Mr. A. J. Allison, former service are that the car was overhauled prior manager of the Dragon Motor Company. off Tung Shan' near' Shanmei.” The pirates bere signalled to fishing boats, to Mr.. Quist having taken it over. After which had evidently been kept in readi-it had been repaired and repainted, it ness for their arrival, and left in them was, according to the inflated value of for the shore.

The estimate of the loot taken is from second-hand cars at the time, worth 8110,000 to 8120,000. Many passengers $1,400. There had been a slump in prices were emigrants returning from America since then, and even were it as good now and the money carried was very heavy.

about $700

It is stated that one man's loss in as it was then, it would be worth only money and valuables was 85,000, inclnd ing some U.8. paper currency, &

Evidence that the pirates were from Bins Bay is obtained by the fact that they spoke the Hoklo dialect.

LEFENDANT'S EVIDENCE.

Mr. Quist in the witness-box said the car had never been satisfactory and if A further report received in Hongkong he wanted to go out for any official fune states that one of the crew and one af tíon it was so unreliable that he never the passengers were wounded.

risked missing his appointment by using

The Hongkong office of the C.M.S.N

Co. were unable to state yesterday wheit. The car was the laughing stock of ther there were any European passengers the people in the Hongkong Hotel lounge. on the Hain Kong, or to give the names when it started up. It made people ex- of the foreign officere. Till June last the claim "Holy Smoke." vessel occasionally put in at this port She is of 2,000 tons, and as far as is known did not carry wireless.

برای

charged the chauffeur left by Mr., How- Asked by Mr. Armstrong why be dis-

litt, Mr. Quist said that he got down from the Pefk at 12.30 one night, having left instructions with his chauffeur to be at Then why did you tell me three days the Hotel and found he was not there. ago, that his salary was a $100 I did | He.(witness) had to walk out to Fok- not say so; you must have misunder- fulam and it took him two boura. - He stood me

discharged the chauffeur the next morn No, no, I did not. But it was rathering.

a high salary for a schoolboy was it! Mr. Armstrong pointed out that 8,000 Aot-He was introduced by the Hon miles had been done on the car during Mr. Lau Chu Pak, and he was assistant the ten-months Mr. Quist had, had the manager there."-"

car. That did not seem as if.,it was by Witness said that his son had borrow any means always out of use and break ed the money to buy the property from ing down. “ the Bank of Canton. He denied that bis son had asked him for any money to Mr. Armstrong further put it to Mr. buy the property, and said that his Quist that it was a known fact that he mother had given him $30,000. He could Pokfulam to the town" with Mr. Hew- ́(Mr. Quist) had "rixi a 'bus service from not say where the boy's mother had got litt's car, overcrowing it with his servants the money from, but she was old when and friends to whom he gave a lift. He she died and no doubt had acquired the had had as many as seven people in the money by saving. He agreed that when she died that she left only $2,000,

car at once, said Mr. Armstrong.

BOLICITORS: REQUEST FOR REGULIFY.

Mr Quist said that was false. The car

more than four, or at the most the re-

in which bo lived in Robinson Road was Mr. McCallum asked that the debtors was never overcrowded. It never bad also in his son's name, and he had also should find security for their subsequent gulation Eve in it. When the Hotel has

His Lordship: The people who bora share in a number of houses in Salt appearance. rowed the money were the Li's-Yes

Were you ashamed to use your own 'name --Witness did not reply, ✨

f service by the Pokfulam Road stopped be

shouldn't hea

Fish Lane. Witress was pressed by the Mr. Bennett supported Mr. McCallum, Official Receiver as to where his son ob and said that the creditors falt that the occasionally gave a friend a lift. Why: tained the money to buy these proper debtors would not appear next time they ties. Ho stated that he had borrowed were called upon, pl

He agreed that large stims had been advanced to this shop without security.in The only profit they hoped to make was. by interest.

A CHARITABLE INSTITUTION,

His Lordship You were paying over

The Official Receiver. Your son is only 28 years of age, and these were bought 6 or 7 years ago. He was only just out of school then Yes,

He was employed for some time as an 9 per cent to the Wing Hing Bank assistant to Mr. Kotewall at a salary What profit did you expect to make out of $100 a month - No, his salary was of this 1-We got this money, from de- $200 positors and paid them 5 per cent.

(Continued on nest Column.

The Official Receiver said that he was absolutely in accord with it, but he did not think it could be done at present Certain offences would arise following the application for the discharge of debtors.

His Lordship said that he could not grant the request of the representatives of the creditors.

His Lordship found for plaintiffs for 825, the amount of damage caused by 'ʼn collision, which Mr. Quin bad already paid into court. He also allowed defen dant on his comtat claim for taxi hire, whilst the car was got usable. He found that there had been no negligence on the part of defendant and thought that the car had been handed baskin reason. The public examination was adjournedable condition and in accordance with the Tine die

contract.