1927-09-01 — Page 3

Page

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THE ORIENTAL STROLLING PLAYERS.

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Opening Night September 13th, 1927.

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THE HONG KONG DAILY PRESS, THURSDAY, SEPTEMBER 1st, 1927.

BROKER'S CLAIM FOR $33,000.

HAZY MEMORIES ABOUT TRANSACTIONS,

,7

DEFENDANT GIVES HIS VERSION OF

THE DEALS.

The hearing of the case in which Mr. M. A. Razack, a local sharebroker, claims $33,818.98 in respect of dealings in Tramways, Green Island, Dock Land and other shares prior to the crisis in the sare-market in June, 1005, was continued before the acting Chief Justice (Mr. Justice J. R. Wood) in the Supreme Court yesterday. The claim is made against Mr. P. N. Cooper, a mor- chant of No. 1B, D'Aguilar, Street,

Yesterday the case for the plaintiff was concluded, and the defendant went into the witness box and gave evidence. At the conclusion of the afternoon hearing, the case was provisionally adjourned until to-morrow afternoon.

LORD CECIL'S RESIGNATION.

LONDON PRESS COMMENT.

[BAITISH WIRMÈSS SERVICE)

Rugar, August 30th. Commenting on the resignation of Viscount Creil, the Timer con- siders that the main points in Lord Cecil's indictment of the British Government's policy regarding dis armament are adequately met in the reply of Mr. Baldwin.

M Baldwin remarks that successive British administrations, including the present Government, have not contented themselves with presch ing disarmament. They have dise armed to the limits of nationali safety. Differences between Lord Mr. J. E. Seth, who at the re- be did not think that this could be Cecil and the Government, he says, quest of the Shareholders' Associa-| 50 the shares had already are differences of method rather The Times re- tion, took charge of Mr. Razack's been bought from three brokers. than of policy. business in connection with the Razack had to pay them somehow marks that the Government will, April settlement, was called yes either by set-off or by cash. It in fact, simply have to carry on terday morning. During

was impossible to remember what its work of pacification, so sucOESS-

Mr. C G. Alabaster, K.C. (instructed by Mr. J. M. Remedios, of Messrs. d'Almada and Nephew) appears for the plaintiff, and Mr. F. C. Jenkin. (instructed by Mr. D. McCallum) is for the do- fendant.

cross-

AS

AT THE

QUEEN'S

THURSDAY TO SATURDAY.

280, 5.10, 7.15 & 9,20.

JACKIE COOGAN

Johnny

Get your Hair

Metro Goldwyn Mayer

PICTURE

ALSO-

Cut

At all Performances To-day

examination, Mr. Jenkin alleged actually did happen.. Witness had fully inaugurated at Locarno with THE BROADWAY FOLLIES

that there had been no sale of certain shares under which defend- ant was debited with 819,000, and that the statement which has been prepared in respect of the alleged sale was a bit of accountancy ́ia the plaintiff's office.

Examined by Mr. C. G. Alabas ter, K. C., Mr. "Seth said that under this settlement, Mr. Cooper was due to take up 700 Lands" and 100

Docks." Mr. Cooper sent written instructions for the shares to be sold at a certain price. They were in fact, sold at & Agure slightly less.

|

given plaintiff's brother instruc-out Lord Cecil, though Lord Cecil tions to sell and the latter had re- will certainly be missed as Geneva. turned and reported that the shares had been sold...

The Morning Post remarks that everyone who knows Viscount Referring to the settlement sheet, Cecil knows that any step he takes Counsel pointed out that the is actuated by the most honourable amount that Mr. Razack had to motives in which "self-interest has pay out on this settlement was exactly the amount credited to no place at all and as men of such Cooper on that account Counsel character can never be too comicon suggested that this strengthened in public life it must be a matter his suggestion that it was merely of sincere regret to "Conservatives a question of balancing the SC- accounts and that there was no sale.

Mr. Seth disagreed. They had to sell at the best price they could, he stated, and they had not varied much from the amount stated by Mr. Cooper.

By Mr. Alabaster: Independent ly of Mr. Cooper's written instruc- tions witness considered it his duty to sell the shares for what he could

Counsel said that he was not get as Mr. Cooper had indicated attacking witness, but it was inter- that he could not take them up.esting to note that the best Witness had to sell the shares to carry Mr. Razack through the

settlement..

By Mr. Jenkin: The instructions witness received in regard to taking charge of Mr. Razack's business were verbal and not written. They were, he thought, by Mr. Kew, who was Secretary of the Shareholders' Association at the time.

Mr. Jenkin: Did you get instru tions to take a similar part in con- nection with the business of ang other member of the Association I

Witness: Not the same work. We did carry through one or two brokers' settlements, but that was a question of delivering and re- ceiving shares and cheques. In this case, cheques were signed and endorsed by me. We took charge entirely of the whole office.

In reply to further questions witness said that he could not re member to whom the particular shares in question were sold. He gave instructions he believed to Mr. Razack's brother-to have them sold.

Witness said that it must be understood that people were "rush ing in and out all the time with shares and cheques. In any case witness would have had to employ a broker as he was not a member of either Exchange."

Witness said he could not remem.

price coincided to a cent with what had to be paid out to the brokers in two different stocks:

After the conclusion of examina tion of Mr. Seth, Mr. Jenkin inti- mated that he would like to see the records of cheques of sales to brokers which Mr. Seth had stated were either with the Share- brokers' Association or at Mr. Razack's office.

the

that he should have felt contrained to resign, his office in Mr. Bald- But, it addo, win's government. after al greatest goodwill to the League of Nations does not dispense His Majesty's Ministers from the duty of safeguarding vital British interests first. It may League to avoid burdening it with even be the best service to the tasks which it is not yet strong enough to discharge. If we have any criticism of Lord Cecil it is that his enthusiasm has been apt to carry him to generous but im- prudeat extremes.

Liberal journals generally sup- port Lord Cecil's statement of his case, though the Daily Chronicle says that the opinion which he an nounces about lukewarmness of the majority of the Cabinet has yet Defendant a The Box.

to be substantiated by an account of the nature of the instructions During the afternoon Mr. Cooper which he received The fact that continued his evidence, which he he disapproved of these instruc- began at the morning hearing. He tions is not in itself suficient spoke of the agreements made be- proof that they were against the tween him and plaintiff with regard interest of the ant on or of world to the different share transactions peace. It may be that he had

He referred to the agreement for payments. Dealing with the first claim, defendant said that, he did or owe 87,552.50, the sum agreed between him and plaintiff. He had paid $5,000 and this left a balance of 82,552.50. This was in connec tion with the April. acccunt, 1995. He paid plaintiff with 84,000 and a chaque for $2,000,

With regard to claim II., the redemption of docks, defendant said be received an account show- ing a debit due by him of 829,000 odd. He received it abont May 20th or 21st. He received it after payment of the cheque for $4,000 in respect of the 8,552.

ber whether any brokerage was Mr Jenkin: You have pleaded charged in respect of the sale. All that Mr. Razack agreed to accept be was concerned with was getting the sum of $27,000 aa' fall settle- the money in to carry through the ment of the $28,000 mention. Will settlement. He did not check up you tell us when and where that the accounts in connection with agreement was made? these particular shares.

Questioned as to the amount re. ceived by the sale of the shares, witness said that the settlement shewed the debit nate,

Witness was pressed by counsel as to what amount was received According to witness's own know

ledge.

Mr. Alabaster: The settlement statement gave the figures perfect ly clearly.

Accuracy of Books Challenged,

Mr. Jenkin: It shews the amount credited, but I don't accept it. Having seen your client's books, I do not take any figures on their

SOUTH MANCHURIA RAILWAY face value.

SUMMER HOLIDAY

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Defendant replied that when he found he had not sufficient funde to meet it, he told Mr. Razack that the most his bankers could advance him was about $22,000 He thought he could raise another 85,000. He told plaintiff that the most he could give was $27,000.

When I told Mr. Razack that

the most I could pay was $27,000, added defendant, he after some hesitation, agreed to accept this."

Defendant then went on deal with Claim III., the matter of the $3,000 Trams.

In answer" to Mr. Jenkin, after he had referred to the figures in the claim, defendant said that plaintiff rendered him an account Counsel continued that he sus connection" with pected the shares in question were not sold at all but that there was "a little bit of accountancy" Mr. Razack's office.

Mr. Seth said that if Mr. Jenkin

the Trams

favoured

some British commit- ments or some British concessions, which others thought dangerous.

LIGHT AEROPLANE RECORDS.

}}

ENGLISH AVIATOR'S BRIL- LIANT FEAT.

BRITISH WIRELESS SERVICE]

RUGBY. August 30th. Captain Hubert Broad, who last week established a world's speed record for a light aeroplane of 186.47 miles an hour in a De Havil- load Tiger Moth, yesterday estab

shed the world's highest record for light aeroplanes by climbing 20,000 feet in 17 minutes on the same machine At that height the machine was still climbing at 1,000 fect a minute but Broad was with- out any oxygen supply and, bad Ee will difficulty in breathing shortly attack his present record taking oxygen with him.

THE COLLISION AT MOUTH

OF HOOGHLY;

DUTCH STEAMER A TOTAL LOSS.

(THROUGE REUTERʼB AGENCZ.]}

Calcutta, August 30th. The Dutch steamer

Calcutta, shares, which he returned on the from Java, which collided at the ground of incorrectness. He ad- mouth of the Hooghly with the mitted that he had written a letter German steamer Badenfels, will be to Mr. Rizaek saying that he had a total loss.

made other arrangements to deliver

Battlefields, Heized and Diamantled Torte, Miles of barmin Hitoriginally bought in whieb case no with Mr. Tred-Kew to borrow 3,000

twice a

and

Walks

Beat place ARTHUR-Famous for its two memorable Blege and re beautifal

i

IN MEXICAN TERRITORY, US ARMY AVIATORS TO BE

RELEASED.

[KEVILA'B' AMERICAN EMEVICZ]

MEXICO CITY, August 30th, The Mexican Treasury has in- structed the Customs authorities at Ojinaga to release the US Army avintors, Reynolds and Newlands, airmen's landing was not connected with smuggling,

HOSHIGAUBA,—Firest Besxide Summer Holiday Resort in North China | locked at the settlement statement the Trams.

Five miles from Daires, bet connected with the city by special motor and ear he would see the number of shares He stated that he had made ar- ringe rond and electric framway, Yamato Hotel (85 rooms) and 13 farnished received and the number of shares rangements to deliver the Trams bangalows in charming cliff garden. Bathing, Bosting, Fishing, Golf, Tenis, sold. It was quite possible when on the payment of the sum due to Billiesala Örsharks, twice a week. - Capital place for children.

Mr. Cooper could not take them up him. OGONDAL Hot beautiful and select Seaside Resort is the Far East. Two that the shares were re-sold to the Replying to his Lordship, defend-

males team Part Arthur. Formerly the Summer Resort of the high Breslan Dicers and Yamato Hetal wad 20 rillas and hangalows, mostly with Persons from whom they were ant said he had made arrangements. detached "pervante' quarters. Excellent Bathing Wonderful!

cheque or cash would have been Trams Drives. Abundant Fimicing Facllilee. Drobetra

received,

Defendant also admitted that be, for high-alass families.

Counsel commented that before together with Mr. Rapp, went to that could be done it would have see plaintiff on July 23rd (the post Pond

shares could be sold in the market for a cheque against 3,000 Trams at a figure. If in fact the shares Mr. Razack; replied that he (de could have been sold in the market fendant) owned him (Mr. Razack) at 400 and $120 respectively, there a cheque. At that time neither be -INDIAN-YARN-DUTY. would be no debit against his nor Mr. Rapp had the shares with client at all. That was why be them, but if Mr. Razack had given (TSNOVÕI EXUTEN'S AGENCY.}" wanted to be satisfied on this point. the cheque, then the transaction

Counsel again suggested there would have been put through.

STL August 30th the figure in the settlement state Alabaster, His Lordship provisional. ton Yarn Bill by a small majority bad in fact been no sale and that after cross-examination by Mr. A Belect Committee on the Cat ment had been arrived at in Mr. ly adjourned the case until to-mor. has approved the specião duty of Razack's office, and wituran said row afternoon.

anana per lh on imported yarn.

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LIBERALISM AND LABOUR.

“ RESTORATION OF OLD ALLIANCE."

that

Sir Herbert Samuel, insugurating tha Liberal Summer School at Cam- bridge, drew a distinction between the Labour movement and the Labour party and said Liberalisan might continue to be in general agreement with the ong while it was at variance with the other. The divergence was chiefly

due to the fact that the ortunes

party had identified its with the theory of Socialism. The Socialist principle was an unsafe" | guide in practical politics, and as long as the Labour-party tied its fortunes to" that principle so long would it be impossible for thinkers who had no faith in it to throw in their lot with that party.

EXCHANGE RATES.

{BRITISH WIRELESS SERVICE)

Paris

Berlia "Copenhagen

Vienna Helsingfors Lisbon

RUGBY, August 30th."

124

Brussels. Amsterdam

34.91

12.13)

1.20.43.

18.10

34.49

193-1 2.7/16

Bucharest Buenos Aires

785

Shanghai

472 2/67.

1/115/16

4.80.7/22

95.214

80:40

18.11

-8.03

Prague Madrid

Athens Rio

Bombay dis Hong Kong

101 29.85

5.27/32

1/11.11/18:

Yokohama

New York Geneva Milan Stockholm Calo

Silver (spot)******* 251 Silver (forward) 95.5/16

I suggest," he proceeded, "that in these circumstances the right

for to adopt relation to the Labour movement is to continue the policy that it would have adopted if a separate Labour party had never come into exist ence. It should recognise clearly the principal objective of our that our civilisation is disfigured by ellarta. I entertain an expecta zrave defects, that it is permeated bion, although I feel no certainty, with discontent, and that the dis that this course will lead, somë

attack upon poverty and upon evil of the old alience between one to content in the main is justified. The day and somehow, to a restoration social conditions in general must be lam and the Labour Lavement to Continued et foot of next.calumn.) 1 the lasting advantage of both.