1927-11-08 — Page 2

Page

THE TWO LEADING BRANDS ON THE MARKET

FIRST STILL

1627

300 Years

STILL FIRST

1927

it's stood the test, And still of whickles is the best;

"Tis "Scotch" but that's a trifle vague—-- To get the BEST SCOTCH call for

"HAIG"!

JOHN KARL 2 C? LIP CARVELMA, MURENER SCOTLAND.

SOLE AGENTS :

GANDE, PRICE & CO., LTD.,

St. George's Building, loe House St.

Tel. C. 135.

[133

THE HONG KONG DAILY PRESS, TUESDAY, NOVEMBER 8th, 1927.

THE ACCOUNTANT AND THE PUBLIC.

WHAT THE PUBLIC REQUIRES AND WHAT THE

ACCOUNTANT IS PREPARED TO GIVE.

}

At the Incorporated. Accoun- economy and efficiency. Certifi- tants' Conference, Manchester, Mrcata were as required from ac E. Cleton Elliott, I.A., read a countants for the purpose of ban-| paper on "The Accountant and the kers' advances, and they had Public" In iniating a discussion onerous duties both to the banks on this important question, Mr. and to their clients to state the Cussleton Elliott addressed himself facts as they understood them, “ to four questions: (1) Who are the clients of the accountant ↑ (2) What¦ does the public require and export of the accountant (3) What is the accountant prepared and able to aive the public and (4) What are the accountant's public duties and how are they fulfilled?

Referring to the services which members of the profession rendered when directly retained as account tants, financial advisers, or in scre other capacity, Mr. Elliott referred to the opinion of a prominent busi- Bess man as to what he expected. The business man required an ac countant to be sound and cons The public, so far as the accoun- petent on the technical side, but tancy profession was concerned, who could regard his problemis sym comprehended those people who re pathetically, from a business point: quired or relied upon the services of view. The qualified accountant of a professional accountant direct should not practise the arts of ne ly or indirectly. Direct clients "dountancy on chase theoretical par- were those whoni ther

served fection at the expense of his clients. apecifically, and who retained their The business man expected of his services in connection with the wecountaut, balance,judgment, work of public and private com common sense, human kindness and He panics, or in relation to the affairs other intangible qualities. af firms or private individuals. On liked to discuss with his profes the other hand, indirect clients." sional adviser the affairs of which were those who indirectly relied the accounts were a reflection, the upon the work of accountants and wisdom of developing in one direc who reposed implicit trust in the tion or curtailing in another, the certificates which they gave" and the suitability of this or that man for independent position which they a job, the trend of trade, the char newpied indirect clients personal-acter of the market, and all things

|

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tants or remunerate them This penda.

To Give?

group included shareholders of What Is The Accountant Prepared companies, creditors in liquida tious and bankruptcies or bankers. In the case of indirect clients, ne. countants acted for a class or group with common interests, which was their duty to protect.

t

affected

FINDLATER'S

OLD TOM

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Doubly rectified-22 u.p.

FINDLATERS

OLD

TOM

GIN

ENTATER MACKIE TODD &

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"When the accountancy profession profession of qualified persons of was formed, the need arose, for a

repute, to whom could be entrusted the duties of trusteeship, and to What Does The Public Require? advise upon the new technique. The requirements and expecta crented by the expansion of busi- tions of indirect clients, particular-pers and industry during the latter ly of shareholders of companies, half of the 19th century, The could not be easily ascertained and creation of the limited company in were therefore defined by statute. 1867, the compulsory appointment The apathy of shareholders was of auditors by the Companies Act proverbial, and if they received of 1800, the sanction of private substantial dividends and enjoyed limited companies in 1909 and other

legislation a rise in the value of their shares, commercial their requirements were largely enormously the work of the pro niet. He did not think directors fession. Gradual growth had en used their powers unwisely or un- auled the governing bodies of the fairly, but an investment having Chartered and Incorporated Ac- been made, the shareholder practi-countants to maintain a well-recog cally lost personal control of his nised and high standard of profes money.

Therefore, shareholders sional qualification and of profes- looked to auditors of companies to sional conduct. protect them and the interests of

--Discussing recent controversies shareholders as whole, It was

on the form of certificates to bal curious that the law did not define ance sheets of companies, Mr. Cas the qualifications of an nuditor and seton Elliott Felt that the attitude- bad left him wide powers of dis of auditorsigbala positive. I gretion; but the omission was not they were no died, it were bec se serious in practice, as few com ter to say or report, rather panies employed other than falls than to use phraseology which left qualified chartered or incorporated too much to inference and crented a Recountanta. Shareholders were feeling of doubt. They could not justified in the belief that auditors "permit the suppression of unsatis- MAKING SAPPHIRES AND used their best endeavours to en- factory facts, which the share.

RUBIES BY ELECTRICITY, sure that balance sheets presented holders ought to know, but the full and fair statements of the responsibility for an adverse re

"Some details of the way in which Affairs of companies; but when the port, if necessity arose, was onerous science and skill have been employ

NovzxZER 7, 1927. affairs of companies went wrong and serious.

ed in the production of faked B.E. Bank ...............$1,140 nom. -it-was-net-always-fair-to-blame theReferring to taxation-matters, jewels was given to the Daily News. Don London...120 nom.

auditor's.

Mr. Elliott stated they were not Investors placed implicit trust in always in agreement with the views by Mr. J. Easterinan, of the Hat Chartered Bank£202 bay. auditors' certificates, given in pro- of the Inland Revenue with regardton Garden firm of Easterman and Mercantile Bauk, A. &B...£313 com. 0...21${ num. spectuses and offers for sale. Such to their clients' liability, but he Gellman, jewellery manufacturers.

Bank

210 nom "It is among sapphires and P.&O. certificates should indicate the past paid hia tribute To the courtesy

rubies-among

365 zom. coloured stones East Asia Bank profts of each year under review and assistance of inspectors of

$540 bay.. neither the average of past nor taxes, a class of officials who were that the largest number of fakedCanton Insurance..........

292 boy, Union Insurance stones are to be found," he said: North China Ine, Ths. 143 nom, estimates of future profits were of somewhat unjustly disliked.

"Nowadays & this top of real any use to investors and should not believed accountants could exercise

} spl Chins Underwriter......$1.20 se In fact, in the Com a fearless independence, and at the stone is fastened on a false back angleze Insurance...M. $451 buy. be given. panies Bill: before Parliament, it same time be of material use to a glass. The renal thing forms but Chins Fire Insurance...15 am, vencer. These stones in the trade Hong Kong Fire Lut......3550 buy was prescribed that a certificate of clients and the Inland Revenue.

meaning Douglass ..... past profits for each year under re- In all these duties he emphasised are termed

8354 buy $21 sel Stenza bosta view must be given by auditors, or the importance of the personal fac double stones.

"They may be bought in the FK Tugs...... by accountants appointed for the tor and the capacity both to keep vicinity of Hatton Garden and Indo-Chinas (Prof.)

and offer counsel. Initiative was When acting for creditors in required in advising new methods can get them from a shilling a Shell

Do (Def.) on labour-eaving bankruptcies or liquidations, incor- of accountancy,

·porated accountants aimed at devices, finance and methods of realizing

with speed, costing.

purpose.

aasots

COUNSEL FOR 100 MUR. DERERS.

AND NOT ONE OF THEM

EXECUTED.

He

FAKED JEWELS.

doublets,'

Clerkenwell. Those in the trade

HONG KONG STOCK EXCHANGE.

CLOSING QUOTATIONE.

Do..

$1.80 nom

$3000

$48 nude.

„89/- nem.

nom

记

9.40m.

Transporta dozen, and, of course, the ordinary Waterboats. practical jeweller is only able to Benguets detect them by observing the depth Kailan Mining Ad. 62/6 buy. of colour or diecolouring on the Langkats (combined)..... 16.00 nom. edze.

(single) 11. 3.

8.40 buy. Jargoons.

Explorations Tha, 3 sal

Tim. 5.10 nom ..buy. ..19/3 Rom. ..$120 buy.

$35 sel

take in the way, it is dealing with When you come to the larger bay.

Loans

Justice is making a great mis- crime. It must be recognised that sized sapphire or ruby, which is Tronoh Mines ........ there is a cause for everything. A not genuine, the faked stone is H.K. & K. Wharfs sick man goes to a doctor, who, in often made from the powder of real. a.W. Docks..... order to cure him, traces the cause stones. The particles are melted Chink Providents of his illness. A wrongdoer goes by electricity into a blob, which is in front of a judge and is usually turned out pear shape, and is after- sent to prison.

wards cut. It is of real stone in its properties and scientifically pro- duced.

"every

A lawyer who has defended & hundred men accused of murder,

Analysis" Plan. not one of them has been executed,

seldom has prison curel chatted with an Evening News re- presentative in London on Septem. any man, yet we still persist in the ber 21st, about the paychology of pid methods, although it is an ac knowledged fact that once a man crime and modern justice.

He is Mr. Clarence Darrow, a has been in prison be returns to it kindly, genial, grey-haired man, as an even more violent character who is famed throughout America.

"We try to cure crime by frigh He has battled for the lives of ban- tening people, which is about na dits, thugs, gunmen, burglars, robalaurd an idea as curing war by bers, and rogues of every type.

He it was who defended Leopold and Loeb, the American "boy, mur- derers." He was also the champion of Darwinism in the Mankeyville " frial at Dayton Tennessee.

to

As regards the diamond, there is, of course, glass paste, which is detectable by the ordinary, jeweller, but there is also a semi-precious stone-the jargeon. It is natural, and is very much like the diamond, and in articles of smaller size it is extremely difficult to detect.

"The jargoon has been used in the majority of cases of swindling |

Tia, 147 kay. Bongkaw* ************ New Engineering...... Tla. 4,60 buy.

Tla. 90 bay. Shanghai Docka... Ewo Cottons.......

Tia

74 Oriental en

2.20 лот. Shanghai Cottons (old).... 46)

48 buy. Do. (new)..............Tim. 21 bay..

$61 #el. H.K.& 8. Hotels

buy. HK. Lands an Lands

117 bay. Shangbai

$12.20 buy. Humphreya Ratates,

..$6] buy.. 7 sa, Hong Kong Realties.. H.K. Territorials

Bel

tay. Prince's Buildings.... FLK.

$20 bay. K. Tramway Peak Trams (old)

Da..

(new)..

Do (old)

$14 Bol.

$7 sol.

354

net,

hom.

fighting Since the Great War there is more desire in the world in diamonds. to fight than there.ever.was before.

"If a ring set with diamonds Commission of scientific nep

What is wanted is a recognised was worth £150, about 50s. would re- Star Ferries

Chins

Lights (comb.)......$12 sai. present its value if the jargoon analyse cases of crime and decide were used."

Do. (now).....$61 nom what can be done for the criminal.

Mr. P. Goldberg, of the firm of

H.K. Electrics

102 buy, The community must be pro- Newark and Goldberg, Hatton-

Macan Electrics $44 buy. teated-but prison is not the way garden, said: "There is a lot of

Telephones to do it,”¿ND

faked stuff about. Some of it in. Among many of Mr. Darrow's wonderfully clever, but it is quick- cases have been crimes of pass detected by experts. In real sion," and here be holds the view stones there are often imperfections that most of them could be pre- to be seen, but they are of a type vented.

that cannot be copied." "The world expects that a hus band and wile who are always fight-

Bandits And Bankers. Many years ago," he said, "I formed the opinion that you cannot cure a criminal by sending him to prison, so I have always taken the brief for the defence. Not one of the so-called murderers I have fought for has been executed,

"I am convinced that criminals are made and not born.

"The education of the world ising should still remain tied to

all wrong at present. Teaching gether." he said. "There is often OR LEGLERG'S LYLE KEYS

Latin instead of a useful trade is only one result-charge of at- one of the most direct ways of fill- tenipted murder:

ing the prisons. No man wants to

break into a house if he can follow

'à safe occupation. pontba

A bandit is as easily made as

Easier divorce, in my opinion,

is the great and safe remedy."

It is a greater scandal for

OVER HALF A‡CENTUR√ REPUTATÓN

LIVE KIDNEYSZ INFOLTAMOS for Duriame of Home CUPORTANT: Đ-40, TRAFIL, Babrades, Goo, Rasustama PRITE: /Landing Cheskin of Loss fro a. Orang xa, Ca, Harveman ind 3.W.T -> F} Leisten.]

VEG. APERIKA T

FİLLİ FAR

DLE CLERC'S YIL Falls people who are miserable and unBLE CLERC'S AWANIA. Pris 1 them-to-bo-separated by law."!!

a banker. It is. all a question of happy to live together than for environmen

SLYN AND KRALJSH FOR KAIRI LIKIDEDE „DR. LE CLERG'S BOAP. tr, or 6 Začiat à

nom.

China Busca musia Tis, & buy. Bingapore Traction.....12/8 nom China Suga$13 nom. Malaton Bugars 30 set. Canton Iday 5 nom.

(combined)......$7 al. Dement

Do (old) $8.60

+1 BOL Do. (NOW)...... HK

Bopar (old).........$10 nom Do, (now)***) 1013. United Asbestos '.............................$12 vel· Dairy Farmsaksen

..$15.10 nom. ..811 nom.

$8 nom.

Watsons

*་་་-

Der & Wings

Lane Crawfords.

Mackintoabe.

Bincerc

021 sel.:

„93) now,

(Continued at foot of next column.)

EXCHANGE.

CLOSING QUOTATIONS"

November 7th, 1927, - ON LONDON.

Telegraphie Transfer

...2/01 Rank Bills, on demand: ...2/0 3/16 Bank Billa, at 30 days'sight Bank Bills, at 4 months'.

sight

at 4 months"

mentary Billa, months' sight...

Or PAS

...2/09

sight 2/1

Bank Hüls, on demand. Uredits, 4 months' sight

O NEW YOR Bank

... 2/14

... 1,245...

1,320

49

Credita, at

| days” night...

501

Ox

Transfor

BOMBAY

Telegraphis

on demand 80

Bank Bills, on demand...) 183

ON CALCUTIA

Telegraphia Trasfer

Bank Bila, on demand.

ON SHANGHAL

од

Bank Bills, at sight

Private, 30 days sight'

1341

781

OF TOLOHAM-On demand... 105į

OF MANUn demand

Ö

Ox

983

ปริ

121

decid

homi.

deband

Ox BLIGON. On demand

Os BABIOL-On demand

BOVERLIGE, Bank Baying rate $9.60

GOLD LAY, 100 fina, per tast...

BAR SILVER, per 02.

28 5/18

EXCHANGE RATES.

(BRITISH WIRELESS SERVICE]

Ruoay, November 6th.

Paris

124.05

Geneva

25.251

:Berlin

20.301

Oslo,

18.47

Helsingfors Athens Bombay

193

387

New York Amsterdam

1/5.15/16 4.87

12.07

16.101

24.50

09.58"

Bucharest

7872

34.93-

80.13

-19.17

·1648

27

47.27/32

1/10.13/16

2/61

Stockholm

Vienno

Madrid

Brussels

Milan Copenhagen "Prague Lisbon Buenos Aires Yokohama Shanghná Hong Kong Silver (spot). Silver (forward)

H.K. Amusements

H.K. Constructions

2/0

28.15/16 26.3/18

Wn. Powells..............................

$5 2 $19) nm. $12 vol.

H.

que. Indus. G. Bonds...54% bay.

Gort Loans,inik1% prem kay, |buy-bayers #nelemmellera ; ma—ääİ64;