1930-08-19 — Page 6

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HONG KONG DAILY PRESS. TUESDAY, AUGUST 19, 1930. RUSSIAN BANK ASSETS. KWANGSI CAMPAIGN.

JUDGMENT GIVEN BY FULL COURT.

PREVIOUS FINDING UPHELD AND APPEAL

DISMISSED WITH COSTS.

Judgment affirming the findings of the Trial Judge was given at the Supreme Court yesterday by the Full Court of Appeal, · which dismissed, with costs, the appeal in the Russo-Asiatie Bank case. The decision of Sir Peter Grain was read by the Chief Justice (Sir Joseph Kemp), who said he concurred with it, and also the judgment of the Puisne Judge."

At the hearing of the appeal, Mr. Eldon Potter, K.C., with Mr, H. G. Sheldon were for the Shanghai creditors (appellants). Mr. C. G. Alabaster, C. (Attorney-General) was for the Official Liquidator of Hong Kong, and Mr. F. C. Jenkin represented the London creditors.

TEXT OF THE JUDGMENT DELIVERED.

The following are extracts from the judgment of the Full Court:

This is an appeal against the judgment of Sir Henry Gollan, Chief Justice, in the matter of the liquidation of the Russo-Asiatic Bank of St. Petersburg.

The parties represented in the Court below were the Shanghai Liquidators, the London creditors of the London branch of the Bank, and the Official Receiver of Hong Kong. The same parties are re presented on the appeal now before

us.

·

In the Court below it was held that the Russo-Asiatic Bank had not been discovered. That finding has not been disputed in this ap- peal.

It was argued in the Court below that branches of the bank in the Far East had formed themselves into an Eastern Group of which Shanghai was the head office and that the surplus now in the hands of the Hong Kong Official Receiver ought to be handed over to the Shanghai Liquidators for distribu- tion.

Appellants' New Argument.

The Court below found that ne cording to the ordinary procedure, the liquidation of the branches of the bank in the East should be ancillary to the liquidation of the bank in St. Petersburg, but that under the exceptional circum- stances of the case, namely, the Soviet decrees concerning the con- fiscation of property in Russia, it was impossible to hand over the surplus in question to the back in Russia...

"

The learned Chief Justice in the Court below found against the con- tention of the Shanghai Liquida

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should be handed over to them, as Shanghai was the head branch of the Eastern Group, and, finally, the learned Chief Justice ruled that the London Liquidator was entitled to put in proofs in Hong Kong of the London creditors he represented and leave to do so was given.

On the arguments before this Court, on behalf of the Shanghai Liquidators, they appear to have accepted the ruling that they cannot have the surplus paid to them, but contest the ruling that the London creditors should be allowed to benefit by the surplus. The Shang- hai Liquidators, in the hearing now before us, have practically discard ed all their previous arguments and introduced, as far as they are concerned, an entirely new argu- ment, namely, that Paris is the head office and that the surplus should be handed over to the Paris Liquidator.

PLANS FOR DREDGING SOOCHOW CREEK SCHEME ESTIMATED A1 $1,000,000 IN PREPARATION. Plans for the dredging, and im provement of the Soochow Creek, so as to facilitate communicatione on this waterway between Soochow and Bhanghai, are being made by the Whangnob River Conservancy Bureau

An Unrepresented Party." I am extremly doubtful whether the Shanghai Liquidators have any locus standi to put in a plea for a party which has had an opportu nity of being represented at both hearings but has refrained from doing so. I am inclined to think it is an argument that we need not have listened to as coming from the Shanghai Liquidators, because what it comes to is this. The Shanghai Liquidators" say "we accept the decision of the learned Judge below against ourselves, but we do not like the London creditors touching the surplus, so we will say a good word for our Paris friend and see if that can stop the London credi- tors putting in proofs and parti- cipating in the surplus."

After referring to other grounds on which the decision must be made, the judgment continues As regards the further suggestion that this Court should, of its own initiative, adjourn, this appeal in order that Paris may be invited to appear with evidence in support of their being the head office, or to supply information on the sub- jeet, I am of opinion that it is not within the duties of this Court to do sc, and the definite repudiation of any connection with the Eastern Group by the Paris office would justify us in not doing so,

It appears to me that there have been no serious arguments against the London creditors being allow cd to put in their proofs here, be yend the argument that Paris is the head office. I therefore have no reason to disagree with the find- ing of the learned Chief Justice in the Court below on this point. I therefore am in agreement with the finding of the Court below and am of opinion that this appeal should be dismissed with costs.

Pulsne Judge's Views.

In his judgment, the Puiane Jastice (Mr. Justice Wood) dealt with the facts of the appeal. His Cordship said that Counsel for the appellants had argued that he was

entitled to revise his case in view from the finding of the learned Chief of a new situation which had arisen Justice now accepted by all par- ties that the bank's existence still continues in Russia, which was a disputed issue at the hearing.

do not agree.

I

All that be has urged here, it was open to him to urge below; bat it did not suit his then contention to do so. The ob jection taken is, in my opinion,

valid." In

conclusion the judgment states:-With respect, the judgment of "Sir Henry Gollan, C.J., upon the merits in this matter seems to me to be right; and it should, in my opinion, be affirmed. If it does' not suit the interests of certain creditors to prove in the Hong Kong liquidation, that is no reason why other creditors should be prevented from doing so. Justice will be done.

For these various reasons, conour in the judgment already delivered. This appeal cannot succeed. The motion must be dis- I'missed. with costs.

DROUGHT IN THE U.S. WHEAT BELT. HIGHER CROP PREDICTIONS FOR THIS YEAR.

UNITED PRESH.] -Washington, August 11-A U.S. Department of Agriculture fore- cast on the American Wheat crop to-day stated that for all varieties. the crop will reach 20,000,000 The conservancy of the entire bushels as compared with. courao of the Creek is estimated at 800,000,000 in 1929."

81,000,000 It is understood that This is in spite of drought con-

ditions and warnings that over. production must inevitably drive down prices.

survey of part of the River has al: ready been completed and as soon ng permission has been obtained from the National Reconstruction The forecast is expected to cause "Commission such matters terong

to the development of inland-ship ping-actual engineering work will be started.

trend depression by prick the nhcot-corhotants Chicago and elit. where Krei

The improvement of the Soochow this route on Chineso vessels. It Creek is generally welcomed as is calculated that about 2,000,000 most of the food products from inhabitants-along the banks are Soochow are transported here by dependent upon the creek for their (Continued at foot of nest column,) livelihood.

FALL OF NANNING IMMINENT.

[FROM OUR OWN CORRESPONDENT. Į

CANTON, August 18.

The pre-Nanking forces, consist ing of Cantonese and Yunnanese troops, have captured the outskirts of Nanning, the capital of Kwangai, and the fall of the city is immin- ent, according to a communiqué re ceived here to-day.

The Yuznanese force, said to be over 20,000 strong, bas been push- ing down the Right River for the past several months, with Naasing as its main objective.

The Kwangsi garrison commander of the city, General, Wei Wan Tsong, was beaten, after several hours' sharp engagement in the vicinity of Nanning. His troops fell. back towards the city and are pre- pared to evacuate in case the enemy should press too hard. The mes sage adds that the city is expected to fall any moment.

Aerial Bombardment. Canton's aerial squadron bas been doing effective work alors this sector. High explosives, weigh- ing over a hundred pounds each are being dropped on the city with telling effect.

.

These serial attacks, which are practically free from retaliation, have done much to demoralize the Kwangsi insurgents, but they also have caused untold suffering to innocent people,

After the capture of Nanning, General Chen Tsai Tong expects to direct his attention on Liuchow, ope of the last strongholds of the rebel troops.

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TRANS-PACIFIC FLIGHT ABANDONED.

The Canton Higher Command ap- pears to be very optimistic over the Kwangsi campaign, declaring that A CHAPTER OF ACCIDENTS. the anti-Nanking forces there will be defeated in a very short-time.

PIRATES AND OUTLAWS

IN HAINAN.

[FROM OUR OWN CORELSPONDENT.}"

CANTON, August 18. ** Admiral Chen Chak, in an inter- view with the local Pressmen to-

day, said that be expected to leave for Hainan Island on sa inspection trip on board the gunboat Chung- ahan sometime during the latter part of this week, or the early part of the rext. The primary object of the trip will be to look over the work that is being done in the way of suppressing pirates and outlaws.

ADVICE FOR INVESTORS,

READERS are reminded

145

that inquiries relating to the share market answered on page 12 every Tuesday by "Kufan." Let- ters should be sent to this office, and must be accom-" panied by the coupon appear. ing below, bearing the writ er's name and address, not for publication. Letters should be addressed to "Kulan," care of the Editor, Hong Rong Daily Press," ·

Name

EUFAN COUPON.

Address

HD.P.1]

[UNITED PRESS.)

Vancouver, August 11-Robert Work and Eddie Brown announced to-day, following repairs to their Fokker biplane which suffered slight damage when the clogged gasoline line caused a forced land ing yesterday, that they will fol- lew the coast up to Skagway and then cut across to their first sche. duled landing at white Horse en route to Tokyo.

Repairs have been completed but the departure has been postponed

until Tuesday.

FISHING BOAT PIRATED IN BRITISH WATERS.

VESSEL TAKEN AWAY AND THREE MEN KIDNAPPED.

"J

A piracy on a snäll scale was. reported to the Police when it was notified that a fishing boat, having a capacity of about 100 picula, had been taken away. Previous to the. piracy, there were four mear on the boat. Before the pirates could take -master- possession, however, the jumped into the see and swam ashore. He arrived in the Colozy yesterday and reported the loss of his vessel and the kidnapping of his three fois.

It appears that fishing boat No. having left Nam Tau, was one 44400, owned by Tsang Yung,

LATER

voyage to Lung Ku. At about 9.30 While changing fields between o'clock on Sunday night, when the to-day, beat had already entered British Vancouver and Ladner Robert Wark, Tokyo-bound flier waters and was approaching Lan who expected to take off to-morrow Kok Tsui, a small boat, painted for Alaska after a mishap here black, appeared about 100 feet on yesterday, overshot the field at the port side of the fishing boat. Ladner and crashed into a swamp. The crew of the approaching ease!. Hig Fokker biplane suffered dam. numbering about 10 mon, shouted to the men in the fishing boat in. age while Wark injured his knee. The fight must accordingly he de the Bai Lo dialect to stop. The layed for several days more, it master of the fishing craft, now ever, paid no attention to the order was announced.

and continued on his voyage.

Project Abandoned. Vancouver, August 11.--Diseo- very that to-day's crash had virtu- ally wrecked his Fokker biplane in which he had intended to fly to Tokyo caused Robert Wark to an nounce, late this afternoon, that he had abandoned his project of the flight.

The engine is practically the only part of the wrecked airplane which can be salvaged.

ANOTHER WAR SCARE STARTED.

EUROPE CONFLICT IN TEN YEARS.

[UNITED PRESS.]

Williamstown, Mass.,August 11.-Prof. J. E. Liste Burns of the University of Glasgow declared-to- day before the Institute of Politics that the Western nations are drift ing toward wird ehk 2.

The pirates then fired three shots over the fishing vessel. Rather than, be. taken by the pirates, the master of the fishing boat jumped into the sea and swam to Lan Kok Tsui On. reaching shore, he saw the robbers sailing his boat with their own vessel. The two boats were pro- eceding in the direction of Macae. Since then, reported the master, he has heard nothing of his boat or of his three fakia,

The three kidnapped men are Chan Ngai (25), Chan Leung (28) and Tsang Tam (51).

The stolen vesel, valued at 8400, is a black painted fishing boat which has only been newly repaired. Besides 8245 in Chinese currency, there was about $100 worth of pro- perty on board.

FRENCH MANOEUVRES CRITICIZED. LIKELY TO OFFEND GER- MANY AND ITALY.

This war, he said, he expects to Paris August 11.-The Ministry. Bee develop between 1835 and 1940. of War denies the report that the He added that all the Govern- recently announced grand scale meats in Europe were planning to military manoeuvres in Alsace spend. for military purposes Lorraine near the German frontier amounts equalling their expendi will be cancelled or even curtailed ture of 1908, although nobody real on account of the spread of infan ly wanted such preparations to tile paralysis in that region,

At the same time it was announe- proceed for

In chemical laboratories at Camed that similar manoeuvres will be bridge University, according to carried out in the Alpine region. Professor Burns, many students near the Italian border with the were working on now poison gases Alpine regiment. mountain-arti which were to be utilized by Englery, tanks and aeroplanes co land in the next wor

operating in action,

Bimultaneously, however,

opposition 8 conden countries were increasing their co the latter plan of the grounÊN" operative methods. The tendency that it will add to the existing toward peace was stronger but it Franco-Italian tension while in re would have to increase its pacegard to the maneuvrer 'in Alsaçë within the next five years if war they are characterized sunrise: was to be prevented, in the opinion and tactless because they must of the speaker.

inevitably hurt German feelings.