1926-04-09 — Page 5

Page

CHINA PROVIDENT" CO.'S POSITION.

(Continued from page 1.)

At the meeting of the 30th April, 1924 the Chairman did not intend to lead shareholders to believe that the million dollar cash bad already beet received; but that the Company's resources had bean "strengthened by the increase of capital to that extent as it subsequently for all practical purposes was.

MORTGAGES.

THE HONGKONG DAILY PRESS, FRIDAY, "APRIL 9, 1996

THE CONSULTING COMMITTEE'S THE CANTON OIL MONOPOLY THE KWANGTUNG NORTHERN

SHARE OF BLAME

Mr. C. A. Da Roza said: Mr. Chair man and Gentlemen,-Like Mr. Dunbar and every person at this meeting, I ain sure, I have listened with great interest to the speech made by Mr. Wesll and also to Mr. Shewan's speech is to the charge made against the general mana gers, but I confess I would have liked to have heard a little more.

MOVEMENT AMONG WORKERS FOR ITS ABOLITION. (FROM OUR CHINESE CORRESPONDENT)

EXPEDITION.”

URGED TO ASSIST FENG'S ARMY.

[FROM OUR CHINESE CORRESPONDENT.]

The workers in Canton, with the sup. |--Addressing the members of the Cen- port of the farmers in the districts and tral Executive Committee of the Kuo- public at large, propose to take action mintang in Canton on April 5th, Mr. to force the Kuomintang to abolish the Ma Pa Huan, political agent of General petroleum oil monopoly. It is urged that Feng Yu Hsiang, of the Kuomiachun while the monopoly "enriches the new | Army of North China, said that his chief party leaders, it has brought hardship (still had 250,000 men intact at Nankow upon the general public. '.

and his "' come back" to Peking would

This business of locking the stable door after the disappearance of a horse is very This was a matter for the discretion commendable, for we have, fortunately, Before the monopoly was crested | be certain. He urged the Kuomintang of the General Managers, and they fob [other valuable horses in the stable, but kerosene oil could be bought through the {to immediate undertake the proposed lowed the advice of the Company's Man- I see from the speech of Mr. Weall that | Standard Oil and the Asiatic Petroleum Northern Expedition and to co-operate ager, the late Mr. Taylor, who bad had we are asked to set up a body to mit On Companies at less than four dollars with their Kiangai and Hupeh comrades many years' experience of property deal in judgment only on one person. That a case, whereas it is now selling at more in their work for the pacification of ings in this Colony.

than $12.50 a case. It may be purchased China. in Hongkong for about one-third of the

It will be realised that to get a high rate of interest the margin must be small With regard to Tong Hok Ting, Mr Tayler assbred Mr. Shows that the security was far more than ample for the loan. In fact he stated it was worth something like $1,000,000...'...'

Subsequent to the dismissal of Mr. Taylor, investigation was made and it was

I regret to say is impossible inasmuch as the Consulting Committee as a body is as much to blame as the General price, Managers for this disastrous state of

The kerosene oil monopoly in Canton affairs. If what has been said is true was brought about less than a year ago and I must assume such to be the case when the foreign importers, like the in view of the responsible position of

He suggested that substantia) aid be given towards the Kuominchun Army in North China. Success from this joint affort, he said, would make a nationalist government in China possible.

The Canton Kuomintang has decided

the parties, the Consulting Committee Standard Oil and the Asistic Oil Com-to take immediate action to support their must take its full share of the blatae,panies decided to close down their I think the fact has been lost sight of depots in Kwangtung as a protest against watchful waiting policy towards Kiangai, comrades in Hunan, while, adopting a that persons acting as directors assume

discovered that although the title deeds a position involving duties which cannot taxation in violation of treaty provisions which has just been occupied, by mili-

had been deposited, no mortgage bad been put through. The title deeds were sent to the Company's Solicitors, who advised that they were not in order in as much as Probate Duty had not been paid in respect of the property the sub ject thereof and we at once communicated with Tong Hok Ting. We have been quite vised that it is doubtful whether Dona recently (and not two months ago) ad- Tok Ting had any right to pledge the securities in question.

LOANS ON BHARES.

With regard to the loans made to Messrs. P. & H. A. Lammert, the amount outstanding on the 31st Decem ber, 1994, including principal and interest at 8 per cent. was $387,638.23 against which we held securities valued at that date, according to Mr. Hardman's report, at 8488,604.50, which is a margin of over 20 per cent, which was subsequently reduced to between 14 and 15 per cent by the return of certain securities against a cash payment made by Messrs. La

.. mert.

Two further loans were made to Messis. G. P. & H. A. Lammert bearing interest ab. 10 per cent, viz: $21,000 on the 99th May, 1995, and $36,000 on the 4th June. 1995, Against which we hold securities valued at that date at $80,000.

As regards the loans to Messra Shewan, Tomes & Co., we believe that we shall be able to satisfy the committee that they were amply secured at the time they were made, and will be fully repaid.

be shirked by leaving everything to A likin tax of 50 cents on every tin of) others, and I need hardly say that in law there is no difference between a director and a person on a consulting committee. The Consulting Committee, therefore, must accept its full share of blame for its sins of omission to the same degree as the general managers are to be blamed for their sins of commission.

I, for one, and there must be many in

oil was imposed. At this juncture, the Soviets came in and offered to "supply oils from Russia; and a Soviet-Chinese Trading Company was formed to under. take this business.

According to the protests now heard this room who think with me, will not everywhere in Kwangtung, officials them- fuse the issue-neither to any act which business and arranged for their exclusive be a party to any set tending to con- selves are directly interested in this oil

may be construed later that we na share-anie. holders exonerate the consulting com- mittee.

Since the monopoly several riots in the districts have resulted, many monopoly agents having been attacked and troops have had to be sent to protect them.

It is inconceivable to me how with any control at all this sad state of affaira could have arisen, and it would be of interest to the shareholders to know the

It is said that the Kuomintang seldom degree of control and attention. which the members of the consulting committes receives more than $150,000 a month from have given to the company since their the monopoly, while the bulk of the profit election at the last, annual meeting. How many times have they met, and how often shes to the syndicate farming out the have they considered the company's posi- exclusive sale, tion Irregularities of a more recent date might have been avoided by sa effctive control as the result of discovery of the earlier irregularities.

Holding these views, Mr. Chairman and Gentlemen, I regret I cannot sup- port resolution (b) in the form submit- ted, and I shall at the proper time sub- [» mit an amendment enlarging the com- mittce to six shareholders in order to balance the vote of the consulting com- mittee which, I believe, now consists of five members, and I shall also have to propose another amendment in connec tion with resolution (c)

As regards both the loans to Mears. Shewan, Tones Co., and Messrs. G. P.

I am in order. Mr. Chairman, I & H. A. Lammert these loans would still would like to ask whether any of these be amply secured, but for last year's un-alleged irregularities took place before precedented financial criais..

With regard to the Company's practice counts for that year were certified with December 31st, 1924-I notice the ac in making loans generally, it is wel! known throughout this Colony, that the out any reservation, but Mr. Weall has Company has for many years past adjust told us that debtors for storage are vanced moneys against shares and for the many cases very blaccounts. purpose of successfully competing with for a specific purpose. You will have the The CHAIRMAN: This meeting is called Chinese banks and others who were con ducting a money leading business, ad privilege of putting any question you like vances had frequently to be made on at the end of the meeting.. but it would be better to leave those questions for the Interest on loans is treated in the same Committee that will be appointed so that way as it has always been treated vis: they can deal with them. You will have by charging compound interest with very opportunity of putting questions to periodical rests and the shareholders them. have had the bonefit of the system in the past

attractive terms.

The late Manager certified to what debts were considered good, and when these were passed by the auditors, the General Managers folt satisfied with tha position.

GENERAL

The resolution (a) was then rut to the meeting and carried unanimously,

'AMENDMENT&

Mr. T. G. WEALL then proposed resolu. tion (b) and Mr. W. J. CARROT seconded.

CANTON HOSPITAL. MOVEMENT TO SECURE ITS RE OPENING.

tarista favourable to Marshal Wu Pei

THE SANITARY BOARD VACANCY.

#

AN IMPENDING ELECTION CONTEST.

Hon. Mr. C. G. Alabaster, C., as a Consequent on the retirement of the

member of the Sanitary Board, two candidates have been nominated, Dr. F. M. G. Ozorio, proposed by Mr. J. M. d'Almada Remedios, and seconded by Mr. C. A da Roza; and: Dr. So Chuen Ho, proposed and seconded respectively by Dr. S. Fan Lee, and the Hon. Dr. B. H. Kotewall. The election takes place on April 12th.

ROBBERS INTERRUPT MAH-JONG PARTY,

$1,000 JEWEL HAUL AT BROKER'S HOUSE.

[FROM OUE CHINESE CORBESPONDENT. 1

WOMAN STABBED ON CRYING OUT. Chinese friends of the Canton Hos pital, the oldest institution of this: A haul of jewellery, value at $1,355, character in South China which was was made by four armed robbers who closed some weeks ago on account of troke itq the residence of Mr. Tam labour

tyranny, are now arranging Cheung Chinese broker, at No. 20, matters for its re-opening. A majority Kennedy Street, Wanchal about ten

the Hospital, never personally in favour of the Chinese members of the Staff of o'clock on Wednesday night

of going on strike but having been in timidated to do so by outside pressure and threats, are also anxious to return to service.

It appears that Mr. Tam Cheang and his wife wote entertaining a number of friends at a mahjong party, which was interrupted when the robbers made their sudden appearance. On entering the The Police authorities of "Canton,room, two men produced revolvers and although rendered impotent by greater the other two daggers, and intimidated force of union pickets, are willing say Chinese supporters of the Hospital to afford the Hospital greater protection.

The Chinese interested in the Hospital are desirous that it should understood that the Chinese workers are not espe cially antagonistic to foreigners; they

their victims.

The broker's wife screamed sad "was slightly stabbed in the shoulder for her pains. She and her husband were thrown into a back room, where they were con- fined for about twenty minutes.

The robbers then ransacked the room,

and they secured the valuable haul of Mr. U. ADA ROZA: I would like to have similarly acted in regard to purelyjewellery mentioned, which they found

of money.

4

propose an amendment that six share- The Company have always advanced bolders, to be nominated at this present Chinese institutions. Those who have money on promissory notes to private meeting. be appointed to act with the watched the activities of the labon in a box, but discovered only a small swa persons to a moderate extent.

Consulting Committee sa a committee of unions in Canton, they say, will realize investigation. The amendment is really to substitute six for three with the add that the question of Chinese or foreign tion, after the words Conanting Com does not come in at all. mittee, "as à committee of investīgā- tion.'

Shareholders will appreciate that the excellent gedown-business referred to by Mr. Weal is representative of the work of your General Managers in the past, likewise the acquisition of the valuable Mr. J. M. ALVES seconded. properties at West Paint, and the General Managers agree with the Consulting ried. Committee that given ordinary and usual commercial conditions, there is no reason why there abould not be a speedy re- covery of the Company's financial posi tion.

In conclusion, gentleman, you will fully appreciate the extraordinarily difficult period through which the Company has recently, had to pau-a period altogether without precedent is the Colony's annals, and one by which not only this Company but every other commercial concern in this Colony has been seriously affected. Your General Managers have no doubt whatever, that a return to normal com- mercial conditions will bring with it a speedy recovery of the finances of the Company, and I have no hesitation in attributing the present financial position of the Company to the recent financial crisis and resultant commercial condi- tions.

Mr. SHEWAN: I beg to propose the first resolution (1).

SECONDER'S SPEECH.

The amendment was unanimously car-

The CHAIRMAN then proposed resolution

Mr. WALL seconded.

(c).

SOVIET MISSION: TO SOUTH CHINA.

FURTHER " ASSISTANCE " FORESHADOWED.

The robbers accused the broker of

owing one of their friends a sum of money, which they said they had come to correct.

#

When the police arrived the robbers had vanished. The injured woman was taken to the Government Civil Hospital.

MOTOR MISHAPS,

TRUCK FATALITY AT KENNEDY- TOWN.

Mr. W. J. HAWKER: I beg to propose an amendment that instead of the words "The Consulting Committee," it should read: "That such Committee of Investi- gation be authorised to employ auditors, lawyers, architects and any other experts Mission to South China, notwithstanding No fewer than five motor accidents

and advisers in connection with such fur ther investigation, etc."

Mr. N. V. E. CROUCHER seconded, and the amendment was carried unanimously

The CRAIEMAN then proposed resolution (d)." carried unanimously,

Mr. WELL seconded and this also was

lieve he is in Macao.

[FROM OUR CHINESE CORRESPONDENT.] It is widely reported that the Soviet

a nestay.

its recent set back in Canton, has re occurred at Queen's Road East on Wed- assured 'Chinese " comrades" that fur

A Chinese was knocked down by a car ther assistance will be forthcoming, driven by Mr. E. E. Burges, and was they continue, to hold on. Reports car taken to the Government Civil Hospital cent in Shanghai lately also indicated with head injuries. that the Soviets were to continue their work in connection with the Kuomintang in Canton and the Kusminchun Army in North China.

WHERE IS MR TONG HOK TING

Mr. CROUCHER: May I ask a question, Sirt. Is Mr. Tong Hok Ting still in the 'Colony !?

The CHAIRMAN: I do not know. I be General Chiang Kai Shek, on April 3rd, issued a statement announcing his Mr. CROCCHER: Why wasn't he detain-adherence to the political doctrines of the Mr. L. DUNBAR, in seconding, said: Ied when we knew his securities were not late Dr. Sun Yat Sen, but repudiating have listened to Mr. Weall's speech within order i

The CHAIRMAN A writ was issued. I the report that he was to desert the Left, interest. I have looked through the statement of the consulting committea's do not know anything more than that. auditors and 1 do not think that he has exaggerated the losses which the com- pany has suffered, bet,

It will be the duty of the shareholders' representatives to place the blame of these losses where it belongs and to make whatever recovery is possible.

THE COMMITTEE OF INVESTIGATION..

The appointment of shareholders to act on the investigation committee was then proceeded with

Mr. J. M. Arves proposed the names of I think Mr. Waall'a suggestion that Mr. L. Dunbar, Mr. A. L. Alves and Mr. you appoint three of your number to re- Wong Tso On; Mr. CARROLL proposed Mr. present you in the further investigation C. A. da Roza; Mr. Wore To Or. pro- and reorganisation of the business is a posed Mr.N.V. H. Croucher and Mr. A. sound one. The Chins Provident can A. Alves proposed Mr. J. M. Alves, still be made a very prosperous concern Mr. I. G. WEALL seconded the resols if properly handled. I second the tions, all of which were approved. Tesolution.

The meeting then concluded.

A Japancso riding a push bicycle callided with a car driven by Mr. R. E. Atwell. The bicycle and the car were damaged.

'ד

In the other three cases the cars were driven by Chinese, and the victims were Chinese children, each of whom was only slightly injured

A fatal accident occurred at Kennedy Town, the victim being a Chinese coolfe" woman, living at Belcher Strest. She was engaged with other coolies in draw ing a two-wheeled truck heavily loaded

or Red Wing of the Kuomintang in with iron, when she fell, and s wheel of order to affiliate himself with the Right, the truck ran over his body. Death was or anti-Red Wing, of the same party instantaneous. now in conference at Shanghai: Genersi Chiang at the same time denouncedor d those now "meoting in Shanghai as in-kan. struments of "imperialism.”

Upon the advice of the Soviet repre- sentatives on the Kuomintang Military Council in Canton, the Kuomintang has decided to import a number of moving picture machines and films of Russian military activities for exhibition in Kuo- mintang Army posts.

WEATHER REPORT.

Last night's weather report, forecast and remarks by the Royal Observatory said?~

The anti-cyclone is moving eastward and is now central between the Loochao and Bomon Islands. A depression appéárs to be forming over Chipa,

N Local forecast: 6.E. or variable. winds, moderate to light, cloudy,

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