1930-10-08 — Page 7

SALE OF EXCHANGE BUILDING CRITICISED.

(CONTINUED FROM PAGE 6.)

Mr. d'Almada said that he pro- posed to show by certain facts and figures how the position of the purchasers had improved since buy ing the building, so that any very romote contingency that night once have arison was now over further removod.

Detailed Figures. The gross rent receipts of Ex clango Building were $23,000 a month or $270,000 a year. Add to this

|

HONG KONG DAILY PRESS, WEDNESDAY, OCTOBER 8, 1930.

SUN YAT SEN UNIVERSITY.

INDUCTION OF NEW PRESIDENT.

[raoxounowN CORRESPONDENT.]

CANTON, Opt. 7,

STRAITS AFFAIRS

REVIEWED.

REDUCTION IN THE COLONY'S SURPLUS.

CIVIL AERODROMES FOR SINGAPORE AND PENANG. '

ALLEGED EMBEZZLEMENT OF $40,000.

DEFENDANT RETURNS TO

CLEAR HIMSELF,

The case in which Chan Kwong Choong, a partner of the Choungi Hing Loong Keo Arm, now dissolv ad, is charged with the embezzle iont of $40,073, lielonging to the f Straits Settlements, prepared in, was resumed before Mr. B. E. Lindsell at the Central Magistracy University, was formally inducted the Colonial, Souretary's office, was

yesterday,

Dr. Chu Chia Hun, the newly elected President of Sun Yat Sen

A review of the affairs of the

yesterday morning in the Univerleid before the Legislative Counvil The defendant, it was stated, on sity auditorium following an in Singapore on September, 21.seeing a report in the papers that

Any

ny return of capital to the extent of $7 per share would not result in iropoverishing the 'com. pany. You will are that a return of $7 per share will leave the com- pany in quite a good position still. The company would still have $360,000 in cash. They would still have 8880,000 against the second mortgage, and they still have cer- tain bungalows at Repulse Bay, and finally they would still be receiving from the purchase of this building 825,000 annually, being payment ofpressive ceremony." the principal on the mortgage. After the reduction the available cash would still be over $1,000,000 which to-day was worth more than $5,000,000 in 1924, from the point of view of the comparativa tightness of money. Is it not better in this case to risk losing your second mortgage rather than a double loss on both the first and accond murt guges 1

I have shown that from tho

the allowance for certain periodical vacancies and for the rental which the Hong Kong Honity and Trust Company were not pay ing and tho would have 84,000 more, so that the gross receipts from rent for this building, assum. ing that every room was occupied position of the purchase of the and every tenant paying rent, was building there is absolutely, and $280,000 a yonz. An allowance of completely a total absence of any 20 per cent. off this was made for ity of retaining $1,750,000 for the purpose of meeting a contin- rates, taxes and insurance and de- geney which is so romote. It is casional vacancies which amounted better to risk the loss of only $850,000 rather than the total of to 888,000. This left a net profit 8910,000 in shares." in the form of rent of 8224,000 per

Among those prosent were General Chen Ming Shu, Civil Administra tor of Kwangtung, Mayor Lin Wan Koi. Mr. Kin Cheng Taing, Com missioner of Education, and a num ber of foreign educators in Canton. Mayor Lin represented Nanking and officiated. The principal speech was delivered by General Chon Ming Shu, who said that the new President in the right man for the post. Dr. Chu has bo actively connected with the University for a number of years in the capacity of Vice-President, and his promo tion to the presidency marks a new era in the growth and expansion of the institution. The Dew President had been associated with education.

al work in the Peiping National University for a long time. He was educated in Europe, specializ

Mr. d'Almanda claimed that the annum. This sum, capitalised at shareholders were actually being seven per cent., would amount to exceedingly generous in the matter in demanding return of 87 A $2,500,000. Mr. Almada said that share. The company had completing in geology. he marely mentioned that in pass, ed its main object in the building ing but it showed that the purchaser and selling of Exchange Building of the building paid $2,400,000 .for, and he considered the best course was the liquidation and return of property which on tho not pro- ceeds of rental alone was worth the whole capital to the sharehold

1,200,000.

Proceeding, Mr. d'Almada stated. that the purchtsora were paying in. terest on their first mortgage at the rate of six per cont, which came to $105,000 a year, and on the second mortgage seven per cent., which amounted to 845,500 a year, making a total interest per annum of $150,500. It may bo assumed that this was what the purchaser was paying as equivalent for rent for the whole building. Deducting this sum from the net proceeds of purchaser with not less than $73,000 rental-8224,000, would leave the as a profit only on the rental of this building. These figures, he said, could not be taken as strictly accurate, but they were the nearest available in the circumstances.

Mr. d'Almada emphasised this as an important point and that it wont to show that the directors, instead of fearing a contingency in connection with the first mortgags, in June last allowed the buyer a second mortgage on the building of $400,000 instead of in- sisting for payment of the balance in cash. He submitted that the contingency which the directors had referred to was even more remote with the igures placed before the

meeting.

Iers.

Mr. d'Alianda then moved the resolution that no portion of the present uninvested money of the company be utilised by the Board of Directors without the sanction of the shareholders.

Mr. d'Alranda, str., seconded the resolution.

Chairman's Reply. The Chairman, addressing the meeting on the points raised by the would like to congratulate Mr. previous speaker, said that he d'Almanda on the efficient manner

1

a warrant was out for his 'arreat; · returned to the Colony and gavo himself up to the polien.

It was mentioned that the revenue for the current year will amount to 892,750,000 and the expanditure to $49,730,000, so that the Colony's

M. D. L. Strellett appeared for surplus on December 31, will be re-the complainant, and Mr. F. C. E. duced to about 873,000,000. This Rendall was for the defendant.. surplus does not include the Ro Outling the case for the com- venne Replacenient Reserve Fund,plainant, Mr. Strellett said: "The which on June 30, Inat stond at Kwong Cheong Hee Arm, which has 815,538,019. If the fund continues since been dissolved, came into exis to oarn interest at the rate of 4 partence in April 1998 at 282, Des cent. for a further 14 years it will Voux Road West. It dealt whole- amount to over 203,000,000, It is anle in live pige brought from not proposed to make any addition arious parts of the ovuntry. The

pig breeders camo to Hong Kong. to the fund from revenue during with their cargoes and had to be 1931. The position of the Currency paid at once, The retailers to whom the firm traded were always Guarantee Fund was described · na.

on credit and therefore the firm had "very sound."

to have a big capital which was raised by several persons to $20,000, The accused was a partner of the firm to the extent of 81,000. The firm was under the management of Lom Wing, the complainant in 'tho

It is mentioned in the report that work on the civil aerodrome at Kallang Basin, Singapore, will be gin next year, and similar work will be undertaken in Penang where a site has been selected.

In connection with the Singapore Harbour Board, it was atated that

The speaker then went on to dwell upon subjects of vital interest to the students, and said, among other things, that the anejent civi zation of China, which has with- stood .the test of time, has much to commend itself to the present age, despite its many de-arrangements were made to afford feets viewed from a modern stand point. The ultimate object of a university, as the ancients put it, isto illustrate illustrious virtue. to renovate the people, and to rest only after the highest excellence has been reached."

Dr. Chu delivered an inaugural speech, in which he laid stress on the great importance of the works of the different colleges. He gave done to make cach constituent on! a brief review of what has been

the Board relief in the repayment of its debt to Government, so, that the Board might reduce its rates in the internats of the port. Details of the financial relief afforded were given, and it was stated that the Board has made substantial roduc tions in its Wharf Department charges.

in which ho had dealt with the sub-lege more efficient and better equipya had been hard hit by the fall.

ject, and the excellent manner which tid had put it forward in the interests of the shareholders.

With regard to the main objects of the company, he admitted that our sense that which the direc fors were seeking to do was a sub- He pointed out sidiary object. that although practically the whole of the capital was sunk in the build- ing, they could always increase their capital."

ped, and he gave a brief outline of what the University has set out to accomplish.

MEETING OF ENGLISH

-ASSOCIATION.

OFFICERS FOR THE YEAR ELECTED.

CRAC,

Appointed Accountant.

At the commencement of the firm, the accountancy department was under the charge of one Mat Chin Man. At the same time the accused was appointed as his chief assistant. On February 18, 1929, however, Mr. Mau resigned and ge cused was appointed to take his place. Before Mr. Mau left the firm, all the accounts were checked before being handed over to the accused."

with the amounts which the accused Mr. Strollett then went on to deal was alleged to have embezzled from the time he took charge of the se

The report mentioned that Malacountancy department till the time be absconded. The total amount was stated to have been 840,073, in the prices of tin and rubber and On March 15, 1930, accused in- stated that much anxious thought his brother-in-law, that he wished. formed complainant, who was also

was given to the requests to restrict to go to Siu Tong Piu; Heung Shan rubber prodution, but it was found village, for a week in connection that no official co-operation could with the wedding festivities of his cousin. When he had gone, com- be expected from the East Indios.

plainant engaged two men to keep the necounts till he came back. They found, however, that there was no money at all in the sale. Coin- plainant then wrote a letter to the accused asking him to come back to deal with the accounts but he refus-

DEATH OF MR. W. J-G. WHILEY.

The Hong Kong branch of the English Association held its first annual meeting at the Cathedral FORMER SOCONY MANAGER. A warrant for his arrest wa

The case was then adjourned till Monday, October 13.

The next point was with regard to the fact that the directors thought it necessary to refer the matter to the shareholders. As a Hall yesterday under the chair. matter of fact, the matter was re-manship of Mr. W. W. Hornell. forred to the shareholders at bis Business was formal and the follow- "Inglorions Uncertainties." instance, the reason being that they ing were elected as officers for the "Your directors have stated that wished to know whether there was forthcoming year-

any tangible objection to the the object of retaining this sum of scheme. In point of fact very few $1,750,000 is to meet contingencies. shareholders attended the mesting Adopting their viewpoint for the and the directors' proposals were present let us assume that it is & carried unanimously. He did not Rev. C. R. Duppuy, Bishop of possible contingency and must be think the reasons put forward by guarded against. Your directors think that this money should be Mr. d'Almada yesterday would have swayed the shareholders at the re- retained but not in such a way as cent meeting to decline the policy to be handy immediately. They don't say that this money should of the directors, be kept at one per cent at the bank but that it should be invested in shares in any manner they think fit. If you are genuine about the contingency you cannot allow this second mortgage was unneces- Mr. Ho Leang, Mias H. D. Sawyer, Kong office where he was in charge states that a sum of 67,900 has been

He The

money to go to shares. glorious uncertainties of cricket are nothing as compared with the in. glorious uncertainties of the Ice House Street game.

The Second Mortgage.. With regard to the axle of the building, Mr. d'Almada said that

sary, and that they should have told the purchaser that they want cd cash. He thought that had they done that, the Bank would have had something to say.

Wou cannot risk the investment The next point was regarding of 81,760,000 in shares because the investments in shares. Mr. shares may depreciate at any mo- d'Almada zaid that it would have ment. There is so much fluctuation been better to leave the company in the haremarket that there is in a liquid

C.B.E..

many years ago and was at frat LARGE SUM STOLEN FROM

SAFE.

then printed in one of the Chinese newspapers in the Siu Tong Piu His many friends in the Colony village. It was then that the accus- will hear with much regret thated, on seeing the paper, came back news has been received of the death, to the Colony and gave himself up President, H.E. Sir William Feel, which occurred at Caronado, Cali- to the Police. K.B., C.M.G., Vice-Presidents, forais, on September 6, of Mr. ILE. Major-General J. W. Sands W. J. G. Whiley, formerly of the lands, D.S.O., C.M.G., the Right Standard Oil Company, at the age

of 83. Victoria, Sir Joseph Kemp,

Mr. Whiley came to the Colony, Sir Henry Pollock, the Hon. Mr. W. T, Southorn, C.M.G., the Hon

connected with a flour business Dr. R. H. Kotowall, C.M.G., Mr. established by his father. Later he B. Lander Lewis, Mr. G. P. do joined the Standard Oil Company and was with them for over 20 Martin and Mr. W. W. Hornell.

Committee:Father Byrne, 8.J. years. He served by managor in Mrs. H. T. Creaty, Professor L. Manila about 15 years ago, sub- Forster, Major W. G. Miles, R.M.,sequently returning to the Miss H. F. Skinner, Mra. W. T. of the shipping department. Southern, Miss K. Woo, Mr. H. K. was also a director of the Standard Transportation Co., which handies Woo and Mr. B. O. Birch.

Professor R. K. M. Simpson, the Socony tanker service, and left M.A., was elected as hon. secretary the Colony two years ago on retire and hon, treasurer.

The diairman announced that the first lecture of the session would be given by Major Miles on Nov. Hall, on the subject of "Travellers' Tales of the Spice Islands"

meat,...

Whilst in Hong Kong, he lived for the most part at the Hong Kong Club, the flag of which was mark of respect to the deceased.

Much sympathy will be extended to the widow and two daughters, who are in California.

no guarantee at all in' that invest | chairman) on, but he (the ember 4, at 5 p.m. at the Cathedral flown at half-mast yesterday as a

in

remind

them

Many of the shareholders were away from Hong Kong, Mr. Scott Harston explained, and he would have to fix the polling date for January 20, 1931, from 10a.m. to 4 p.D.

TELEPHONE COMPANY

FINED.

SAVINGS OF A RETURNED EMIGRANT.

A report to the Yaumati. Police stolen from a safe at the Peking Boarding House. Of this amount 9400 belongs to the establishment, while the remainder, which was in American currency, was the pro perty of a merchant who recently returned from South America.

It appears from the details given that the returned merchant resided at the establishment some time Inst mouth and left he $7,000 with the tronsurer, whom he had known years ago when they were both bread; for safe keeping. The money wAS deposited in the safe, but when it was opened two days ago the money was missing. There was evidence of the ante having been tampered with, and under it there were two knives which were not the property.

INSUFFICIENT LIGHTS NEAR of the establishment.

EXCAVATIONS,

The police are making investiga- tions. and are in hopes of tracing. a man who is alleged to be involved in the affair.

UNIVERSITY SOCIAL FUNCTION.

men. If you are going to invest that they could always got advance the money, you run a great risk on shares, and be thought they The chairman said that Professor Simpson would be back in Hong of losing it and you will not have should credit the directors with a any money to meat any contingoner sufficient amount of thought for the Kong on November 18. He spoke Case of default of the mort shareholders not to put their money of the difficulty in getting lecturers in anything where the risks were and said he hoped that more would gogora.

come forward during the coming. I'am instructed that at the obvious.

the question of session. Coming to time the negotiations were put through thero was persistent rumours of amalgamation, the ruinour regarding the proposed Chairman said these rumours were amalgamation between this com- well-founded, but the directora did pany and another local company. not decide that the amalgamation Certain of the requisitionists Havo war to be proceeded with, other- told me that although they realise wise they would certainly have con

The case in which the Hong Kong that the directors have a perfect sulted shareholders.

Telephone Company, Ltd., was sum- right to enter into the preliminarios

moned for failing to provide suffi- without consulting them, they

The meeting agreed to this date..cient warning to traffic in and nevertheless think that in view of

The scrutineers appointed were Mr. around excavations made by them. the importance of the stop, the

Xavier. F. H. Suckling and Mr. F., A. at North Point, was concluded at shareholders should have been con-

the Contral Magistracy yesterday. sulted before any steps were taken

The meeting closed with Mr. Kartar Singh, an. Indias, public in regard to that particular point.

l'Almada proposing a vote of car driver, said he was driving aA DRAMATIC EVENING NEXT fare to Quarry Bay on September Recent Company Failure.

thanks to the chairman, Hon. Sit Bheu-son Chow, Messe, the place. He avoided that portion The directors present were: 19, at about 7.30. When he come to Another reason why the money

question, he coticed a should not be invested is that in

P. H. Suckling, E. M. Raymond, red 1993 another company was formed

P. K. Kwok and J. Fleming of the road, but after going about locally with its main object to deal

Shareholders present wore: Blessre, seventy yards, his car got atack in in land, and property, That com- On a show of hands, the resolu- Leo d'Almada, sar., Leo d'Almada, two holes. He could not see the pany invested their capital in deal- tion was lost by 10 votes to 14 and inr.. H. M. Smith, F. C. Potts, M. second light from the place where ings similar to those in which the Mr. d'A..aads asked for a poll. He H. Turner, D. V. Stevenson, O the first light was placed. directors of this prosent company made a similar request when his Ribeiro, M. J Gaan; IL Lim, Mr. Gardner, the passenger in tho

resolution, now have powers to invest money. sooout,

that the F. Xavier, A. Tea, C. B. White, car, gave corroborative evidence.

In imposing a fine of 850 his Warship: (Mr. Lindsell) said that the case had been proved and that the fault probably rested, on the

placed the lights properly.

་

As for disasters, they were bound to take risks in every phase of life, but he did not think the risks. would have been big in that ease. Mr. d'Almada asked for the return of $7 per share, but he would ro mind them that before the sale of the building was completed, they were in debt to the bank and with the actual cash available, would only.

be able to pay out 85.

Iteaolutions Doloated.

In the case of that company the re- capital of the company be reduced C. Barry, F. M. Ellis, E. P. sult was an disastrous that share from $2,000,000 to $800,000, by the Greaves, W. G. Pirie, N. VA holders are still being naked to pay return to the shareholders of 37 Croucher; T. R. Au, A. C.. 235ont-99-dause on Idad dealo lin a share was lost by 10 votes to Ribeiro, W Paterson, H. Lowcock, but in that subsidiary object of '15 dealings in shares generally.

(Continued at foot of next column.) and Miss L. low Fung

in

WEEK

The annual social function of the Arts Association of the Hong Kong University will be held an Batur day, October 18, at 9 p.m., in the Great Hall of the University in the form of a dramatic evening.'

Under the direction of Mr. B. Birch, the plays Doctor Love".

Rehearsal and

are to be pro- duced. The former play will be acted by men and women under- graduates of the University while

women, undergraduates,

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