1929-10-26 — Page 10

10

JAVA-CHINA-JAPAN-

JCIL

LIJN.

Tel. Address JAVALYN

Tel Central

York Building

Hongkong:*

REGULAR PASSENGER & CARGO SERVICE BETWEEN HONG KONG,

AMOY, SHANGHAI, MANILA AND THE DUTCH EAST INDIES.

SOUTH BOUND."

STEAMERS

FROK

MAXFECTED

OX OL

ANOTT

WILL IRATK ON

Fox

TJIBADAK ...S'KAT. & Amor 3rd Nor.

---

TJISAROEA

AMOT

TJISONDART... SEAL & Axor

TJILEBOET

Alor

4th Nov, MANILA, M'KJAR.

Noon

4th Nov.

Sth Nov,

& SOZRABAJA BATAVIA

Noon

7th Nov.

9th Nov,

BATAVIA

Noon

17th Nov.

Noon

19th Nov., MANILA, M'koax.

BO GABALA BATAVIA

Мосп

TJIKEMBANG S'KAL. & AMor! 18th Nov. 20th Nov,

NORTH BOUND.

EXFICTED

TO NO

STEAKERS

Frox

ABOUT

TJISAROEA ...AVA,MAKASSAR In Port 26th Oct. TJISONDARI BATATZA

BATAVIA 6th Nov. TJIKEMBANG

WELL LEATH ON DE ABOUT

FOR

27th Oct. SwATOW & AMOY,

28th Oct. "Axor & S'HAI.

6th Nov. Axox & S'mat

TJILEBOET JAVA, MAKASSAR 5th Nov. 11th Nov. SWATOW & AMOT

JAVA.

THE TROPICAL GARDEN OF EDEN. Follow this flag on the comfortable steamers of the JAVA-CHINA-JAPAN LIJN to JAVA. Gorgeous motoring along hundreds of miles of Asphalt roads. *.

Famous Botanical Gardens of BUITENZORG, Smouldering Volcanoes,

Ancient Hindu Barubudur and Mendut Temples. -Native Art and Art Craft.-Numerous cool Mountain resorts 3,000-6,300 feet altitude:

A round-trip that takes 3 to 4 weeks to be remembered for a life-time.

For particulars apply to:-

JAVA-CHINA-JAPAN LIJN.

Agents:-

ROYAL NETHERLANDS INDIES AIRLINES, LTD. York Building.

Telephone C. 1574. 1575. 1555,

KUBASE)

EXPRESS

PASAKA

SEPTICE

BARBER WILHELMSEN

LINE.

THE PREMIER ALL WATER ROUTE TO NEW YORK and other U.S. Atlantic Porta vin Panama..

All vessels call at SAN FRANCISCO and LOS ANGELES

en route.

Passengers, desiring to travel by this interesting route will find the accommodation provided well up to their expectations, and at a cost most reasonable.

42 Days To New ork

For Passenger and Freight information please apply:-

DODWELL & CO., LTD.

Queen's Buildings.

Agents.

Telephons 0. 1030.

THE HONG KONG DAILY PRESS, SATURDAY, OCTOBER 26, 1929.

Money and Markets

H.K. DEVELOPMENT, BUILDING, AND SAVINGS SOCIETY, LTD.

ONLY' THREE SHAREHOLDERS AT GENERAL MEETING.

"DIFFICULT TASKS" BEFORE LIQUIDATORS,

ין

40% PAID TO CREDITORS TO DATE.

A further attempt on the part of the liquidators (Meaars. Forcy Smith, Seth, and Fleming) to call a masting of shareholders in the City Hall yesterday proved a failure. Only three contributories were present and, as nobody would second the adoption of the liquidators' report and statement of accounts, an adjournment was decided upon.

At the previous meeting only two shareholders atlanded. ..

AN APPEAL TO CONTRIBUTORIES.

Second Dividend.

Is there a concerted mova to offer I make up their minds that the credi "passive resistance" to the com-itors must be paid, and the sooner pany's liquidators on the part of this is accomplished the better it large numbers of shareholders of will be for everybody concerned. the Hong Kong Developmant, Building, and Savings Society, Ltd. ? At any rate, despite the statement of the Chairman of the meeting (Mr. J. Hennessey Seth) that the meeting had been well advertised, only three contribu- tories were present in the City Hall yesterday.

Mr. Leo d'Almada, Senr., appear ed on behalf of a number of share holders whose names, with the ex-. ception of one, were not divulged

When the third shareholder ar- rived, nearly 20 minutes after the meeting was scheduled to commence, the Chairman read the notice con- vening the meeting and then de livered a speech commenting upon the report.

Heavy Legal Expenses, "It was with great reluctance" he said, that the Liquidators felt compelled to make a second call of 83 per share an all shares of the Company, but this was unavoidable as a perusal of the receipts and payments will show.. The response to the first call, over a period of nearly three years, resulted in the Liquidators receiving approximate ly $82,000-which is just over 16 per cent. of the total call of $500,000, and the legal expenses in- curred in collecting the 882,000 have been heavy.

This is dus entirely to the fact that contributories have not yet re alised that the creditors must be paid in full so long as there are assets with which to pay them, and I would again impress on you to pay the call as early as possible

I may add that although the date of payment is the 15th of November, 1920, we shall be pleased to accept payment before that date. All Securities Eealised. "Since sending out the State ment of Accounts, we have arrang-

"The liquidators delayed making the second call in the hope that the burden on the contributories who paid their first call would be ensed by calls being collected from the majority of the contributories, but having exhausted all means at their disposal for collecting the first call, they have now been compelled to make a accond call, and trust '30 further calls will be necessary.

"During the year ended July 31, 1999, a second dividend of 10 per ent, was paid to creditors making to date, 40 per cent.

In April, 1028, the liquidators applied to the Banque de l'Inde Chine to waive any further charge for interest, but unfortunately they could not see their way to give an baconditional conscat, but agreed, to waive all further interest on their loan, provided such loan was repaid in full by the 29th April, 1920. There no option but to ac quiesce in this arrangement, and the liquidators hoped that, even if they were unable to repay them in full, they would so substantially reduce the amount due to them, that they would be induced to waive further interest without conditions. Unfortunately the amount collected from the call was so small that the liquidators were unable to appre- cably reduce their claim, and al- though they paid them a dividend in common with other creditors, the charge for interest practically nullified the payment made to them, and their accons remains substan tially the same

"It is with regret that we have come to the conclusion that credi- tors will have to be paid out of calis made on contributories, as we sce no possibility of collecting sub- stantial amounts from debtors in

the near future, if at all.

assist us by paying their call with

t with the Netherlands Tradingly request all contributories to "In conclusion we again earnest- Society to waive all further in- terest from October 1, and I am pleased to announce that the Ban- little delay as possible, as in- que de l'Indo-Chine have agreed to

terest is being charged or the over allow the Liquidators to deposit drafts, and this amounts to a sub- money with them free of any lien stantial monthly sum and allow 6 per cent. interest an against a charge of 8 per cent, on the overdraft. I would urge, all contributories to forward remit tances in settlement of their calls early in order that we may take advantage of this concession.

With the exception of one house in Prince's Terrace and house at Fanling, mortgaged to the Company, all securities have been realised, and the amount due by debtors is unsecured.

"In conclusion I should like to -state that while we have estimated the second call will be sufficient, it depends entirely on what we col- lect whether a further call is made or not.

"I will now propose that the report and accounts of the Liqui- dators as presented be adopted, and after this has been duly seconded I shall be pleased to answer the questions which will be asked by DẾ. A. B. da Souza or any other questions to the best of my ability.'

The Report, The Liquidators' Report and Statement of Account read in part as follows:-

..

|

An Adjournment.

Mr. Chung, following the Chair- man's address, pointed out that as only three shareholders were pre- sent it was no use carrying on with the meeting.

Chairman: As nobody will second my proposition that the Report and Accounts be adopted, it certainly looks as if the thing will develop into a farce! I am very sorry for valuable time to be present, but it you gentlemen who have sacrificed seems that we shall have to call the meeting again. Do you want the meeting adjourned?

Mr. Chung: In view of the fact that there are only three share holders present, I think it is the only and obvious thing to do.

Chairman: At the last meeting the adoption of the report was we only had two shareholders, but

seconded.

Mr. Chung: I propose an ad- journment until November 15.

At this stage, a fourth share. folder arrived

Chairman: Mr. Chung, would you alter your motion to read, until after a period of not less It will give than three wocks? me a chance to arrange my times?

Mr. Chung: Certainly.

Dr. A. B. de Souza seconded Mr. Chung's motion.

од

The response to the first call has been very disappointing. Out of the call of $500,000, only ap proximately $80,000 has been receiv ed over a period of nearly three years. As the creditors are entitled

The Chairman: I can assure you; to be paid their claims in full as early as possible, so long as there gentlemen, that there is a lot of are assets, the liquidators have re-back-chat going outside gretfully come to the conclusion among shareholders. The liquida- that a further call of $3 per share tors responsibilities are by no is unavoidable.·

means light. We must study, our To remove suy doubts in the creditors, and the non-attendance minds of contributorics and to of shareholders at the general meet- avoid unnecessary delay, applicaings is not assisting us. At the Inst tion was made to the Court and meeting, Mr. Miller, who is here directions obtained on the 4th in- | today, was one of the two share stant that the liquidators are en- holders present. The second share titled to make a call of $3 per share, holder strolled in after half-an- notwithstanding Article 19 of the hour's wait.. Memorandum and Articles of Asso Mr. Chung: Perhaps we might ciation. Owing to the difficulty in iry to remind members just before collecting the call a large sum has the dats upon which we decide

Chairman: The meeting has been been expended on legal exponas, and it is hoped that this call will advertised in the local newspapers be paid by the majority of the and in the Chinese Press. N shareholders without recourse to The proceedings legal ection. Shareholders must adjourned.

were

then

HONG KONG SHARES DODWELL & CO., LTD.

BENJAMIN & POTTS'

WEEKLY REPORT.

Messrs. Benjamin & Ports, loend share and general brokers, in their weekly share report dated yester- day, state

The market opened with a fair enquiry and a moderate improve- ̈ment of several stocks, but it has quietened down a little at the close owing to profit taking in places and in a few instances alightly easier rates have prevailed.

Banks-Hong Kong and Shang? hai Banka came through from Lon- don £199 (Middle) and deals were mada locally at $1,365 to 81,375. 2.

Marine and Fire Insurances. Unions are slightly easier with transactions reported at $378) Cantons were done at the improved quotation of $700 Hong Kong Fires continue in request at $815. '

Shipping.-Hong Kong, Canton and Macao Steamboats after being dealt in between $27 and 827 are now offering at 826). Preferred Indos are wanted at 843. Union Waterboats steady"at $22′ with en- quiries a little below this ratęs

Docks. Wharves and Godowns.- Hong Kong and Kowloon Wharves

were booked at the outset at $148) and have sellers at the close at $148, Whampoa Docks are in some de- mand and could be placed at the improved rate of 837. China Pro- cidents opened with sales at 85.70 but are now offering at 85. Hong- kew Wharves are asked for, at Tia. 100. Shanghai Docks are quoted at Tis. 116 ex the return of capital amounting to Tls.25 per share, New Engineerings are unchanged.

Lands, Hotels and Buildings — Hong Kong Lands were negotiated at 888 to 288) but have since re- ceded to $67. Hong Kong and Shanghai Hotels have been sold at 810.40 and $10.35 Humphreys Estates closed appreciably higher at 813. Realtys are to be had at the improved quotation of $9.30.-

. Public Utilities-Hong Kong Electrics have continued their rio and were placed up to 8671, but the market ended weaker with sellers nt 8861. China Lights after having 3111 early in the week, also closed been dealt in in fair quantities at

ensier with buyers over 214.35. Hong Kong Trams declined to 819 but have since recovered to a buying quotation of $19.25. Star Ferries are ruling strong having advanced to 8794.

Miscellaneous.-Green Island Ce- ments still continue the centre of attraction and a large business has been dong from $114 to 812.33. Hong Kong Ropes were placed at 88.85 and have further buyers nt $8.70. Telephones were bid up to $8.30 but closed nominal.. Watsons have risen to $12, Dairy Farma have likewise strengthened and were put through at 8221. Amuse- ments fetched 830. Lane, Craw fords changed hands at 82. Ben

risen guets Consolidateds have smartly to 84) buyers without any busincas resulting.

Cotton MillsEwos experienced further set-back, and were knock- ed down to Tis. 17, but the market has since recovered to a buying rate of Tis, 173..

Raw rubber is quoted at 9.7/16d. Exchange. The T.T. rate on Lon- don to-day is 1/87 and on Shanghai

*

Forward Settlement Days.-Oct. 29, Nov. 26 and Dec. 23.)

EXCHANGE RATES,

(BRITISH WIRELESS SERVICE.]

Rucny, Oct. A

Paria Brussels Amsterdam Berlin Copenhagen Vienna Helsingfors Lisbon Bucharest

Buenos Aires.......

Shanghai ä............ Silver (spot)"... Silver (forward) New York Genevs

123.855

34.875

12.09%

30.405

18.203

34.71

1911

108.25

817

407

2/21

23

23 3/10

4.88 1/32

95.17

Milan

Stockholm Oslo Prague Madrid Athens

93.105 18.155 18.205

*2843

34.20 *375,

Rio

Bombay Yokohama

11

NEW YORK BERTH.

FOR NEW YORK & BOSTON vis, SUEZ.

M.V. PENRITH CASTLE"...

Bails onfor shout · 18th Nụy.

LLOYD TRIESTINO.

FREIGHT

REGULAR MONTHLY PASSENGER AND SERVICE for BRINDISI, VENICE AND TRIESTE (FIUME). TAKING CARGÓ ON THROUGH BILLS OF LADING TO GENOA, ALL ITALIAN, ADRIATIC, LEVANT, BLACK SEA AND DANUBE PORTS.

*REDUCED PASSAGE EATES, BRINDISI. VENICE & TRIESTE LONDON

NEXT SAILINGS.

£75.0.0. £83.0.0.

OUTWARDS FOR SHANGHAI. YOKOHAMA. KOBE AND MOJI.

VENEZIA "

M.V."ROMOLO"

8.9.

M.V." HIMALAYA”

M.V. "VIMINALE"

***

+

•

From Hong Kong. Bails on/or about 29th Oct.. Salle on/or about 7th. Nov. Sails on/or about 26th Nor. Sails on/or about 8th Dec.

HOMEWARDS FOR BRINDISI, VENICE AND TRIESTE.

88. "ROSANDRÁ” MV. "RUMOLO " 8.3. "VENÉZIA · M.V.HIMALAYA"

From Hong Kong.

Bails on/or about 2nd Nov

Bails on/or about 30th Nov, Sails on/or about 10th Dec.

Sails on/or about 98th Dec.

NATAL LINE OF STEAMERS

FROM CALOUTTA & COLOMBO TO

AFRICAN PORTS

SOUTH

8.9. "UMZUMBI

*

Sails from Calentta Srd Nov,

Regular Passenger and Cargo Service to South African Forts. Through Bills of Lading issued from Hong Kong, For Freight or Passage on any of the abore Lines, apply to

DODWELL & CO, LIMITED.

Agenta,

Telephone Centr 1050,

HP

Hamburg-Amerika Linie,

COMBINED FREIGHT AND PASSENGER SERVICE. CABIN CLASS ACCOMMODATION FOR 50 PASSENGERS. FARE FROM HONG KONG TO GENOA-£70, 01, 0a, OUTWARD.

Sailings from Europe for 'bai, Japan & Northern Ports:-

S.S. "SAARLAND"

"AMMON"

8.8.

S.S. "OLDENBURG" M.V. "HAVELLAND " M.V. "ERMLAND " M.V.BURGENLAND

HOMEWARD.'

*

due here on or about the 10th Nov. doe here on or about the 20th Nov. dus here on or about the 27th Nov," ... dus here on or about the 16th Dec. site here on or abort the 30th Des. due here on or about the 9th Jan.

Sailings for Genos, Botterdam and Hamburg via Manila, Singapore, Colombo & Port Said:

M.V. DUISBURG ** +M.V, "SAUERLAND”

+MV, “KULMEBLAND" *8.8. "SAARLAND "

S.S. AMMON".

8.8.* * OLDENBURG"

+ Calling also at Marseilles.

sailing from here on or about the 29th Oct. sailing from here on or about the 14th Nov, sailing from hers on or about the 26th Nov. miling from here on or about the 10th Deo. sailing from here on or about the 24th Dea.

1930

sailing from here on or about the 4th Jan,

*Calling also at Amsterdam,

For Freight, Passage and further Particulare, please apply to

JEBSEN & CO.

12, Padder 8trest.

ÁSITZE,

CONSIGNEE NOTICES.

JAYA PACIFIC LIJN.

NOTICE TO CONSIGNEES. FROM SEATTLE, SAN FRANCISCO AND LOS ANGELES.

THE Steamship

"BAPAROFA” having arrived" from the above Forts, Consiguses of Cargo by her are notified that all Goods are being landed at their risk into the hazardons and/or extra hazardons Godowns of

Tal. C. 4754,

HAMBURG AMERIKA LINIE.

NOTICE TO CONSIGNÉES,

THE Motor Vessel

KOLMERLAND” having arrived, Consignees of Cargo see. hereby notified that their floods are being landed and placed at their rísk in the Hong Kong and Kowloon Wharf. and Godown Company's Godowns Kowloon, whers Delivery, can be obtained as the Goods are landed.

Provident Loan & Mortgage the China Optional Cargo will be landed, unleer Notice has been given prior to Vessel's 1/527/22 whence and/or from the wharves Delivery arrival 1/11 17/32 | may be obtained.

26 Claima will be admitted after the Goods not cleared by the 31st October, Goods have left the Godowns, and wil 1928, will be subject to Bent.

Goods remaining undelivered after the All broken, chaled and damaged Fack- - Flat October, 1929, will be subject to sges are to be left in the Godowns, Rent where they will be examined on the 30th All broken.

pken, ehated and dan

damaged October, 1929, at 10 am, by Mess. Goods are to-be left in the Godewas, Goddard and Douglas, Hong Kong.

where

they will be examined on 10th Claims against the Steamer must be October, 1929, at 10 by our presented in writing within Ton days Surveyors, Mesars, Goddard and Douglas, after arrival of Steamer, otherwise they

All Claims must reach": before the November, 1929, or they will not be will not be recognized.

recognised.

BERKELEY HOTEL, 63-67, QUEENSBORODCH TERRACE,

HYDE PARK, LOKEUN, W.2. Two minutes Kensington Gardens, Bases and. Taber. HOT AND COLD RUNNING WATER

GAB

FIRES ALA Noted for healthy position, quiet, clean linos, excellent food and attendance. Terms from a gas, per week, including. four meals, baths, light and attendance: from 10/8 daily. NO EXTRAS.

BLU BOOMS.

·Tarife from DAILY PRESS office.

No Fire Insurance will be affected by the Undersigned in any mane whatever..

Bills of Lading will be countersigned by.

JAVA-CHINA-JAPAN LIJN, Agenta, Hong Kong, 25th Oct., 1929. [8519

No Fire Insurance will be affected. Bills of Lading will be countersigned by the Undersigned.

JEBBEN 00. Agents Hong Kong. 24th Oct., 1929. [8644