1931-02-11 — Page 6

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Your Underwear

This

a subject6 literally, touches you very closely-next the skin.

Mapy a man is wisely clad without and scantily clad within.

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Let us show you our stock of good underwear.

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HONG KONG DAILY PRESS, WEDNESDAY, FEBRUARY 11, 1931.

COMPANY MEETING.

SUCCESSFUL YEAR FOR LAND INVESTMENT CO.

PROPOSED INCREASE IN DIRECTORS' FEES.

SINO-RUSSIAN AFFAIRS.

ENVOY BACK AT NANKING

FROM MOSCOW.

RESUMPTION OF RELATIONS.

COMPANY DISPUTE.

CLOSING STAGE OF THE SZE YAP ACTION.

FINAL SUBMISSIONS BY COUNSEL.

The closing stage in the Sze Yap Steamship action at the Supreme Court was reached yesterday, when aluded and Counsel for the two sides addressed his Lordship on the merits of their respective cases.

The annual general meeting of

Nanking, Feb. 3-Mr. Moh Teh shareholders of the Hong Kong Ini, Chinn's chief delegato at the Land Investment and Agency Co Moscow conference, arrived here Ltd., was held in the board-room of his morning. In an interview the evidence of witnesses was con Messra. Jardine, Matheson & Co., with Press correspondents Mr. Ltd. yesterday, when the Hon. Moh stated his chief object in com; Mr. J. J. Paterson presided over ing to Nanking was to obtain in a large gathering..........-

structions from the Central Govern-

In his submissions for the defence, During the course of the meeting ment regarding the proposed re- it was proposed by a shareholder

sumption of diplomatic relations Mr. Jenkin said that the fact which that as a mark of appreciation of with Russia and the proposed co-would weigh the scalo was the num the good work done by the diree-mercial treaty with Russia.l tors, their fees be increased, but

ber of people present at the meet-

He added that while in Mukden ing of which Mr. La: Yu Tong was this was left in abeyance as it was he reported to Marshal Changchairman. If 78 per cent. of those stated that an extraordinary meet Heuck Liang upon the Mostor con present left with Mr. Li, then that Counsel re- ing had to be called for that pur ference but the Mukden londor refact was absolutely destructive to pose. Supporting the Chairman were frained from making any recom. the plaintiff's care. Sir Robert Ho Tung, Messrs. H.mendations and ordered Mr. Moh called the gvidence of Mr. Leo H. H. Priestley, A. H. White, J. E.

to proceed to Nanking for further d'Almada and Sergt. Bill which was to the effect that the meeting was Joseph, T. E. Pearce (Directors), instructions.

olosed and about 150 persone left. and L. S. Greenhill (Secretary).

Two suggestions regarding re- sumption of relations with Russia THE CHAIRMAN'S SPEECH.

are reported to bo before the Gov- Addressing the meeting,. the ernment here. These are, firstly that Chairman said-With your permiethera should be formal resumption

Another point which had to be considered was whether there was a lull during the meeting which would have permitted the chairman son I propose to follow the usual diplomatic relations and, second-putting a resolution to the meeting. procedure and take the report and jy, that there should only be re. On looking at the evidence given accounts as rond.

sumption of commercial relations in the warly part of the case, Coun

Profit and Loss Account: There without formal diplomatic rosol submitted, there would appear

Iations.

Communist Poisibility. The Government is believed to be carefully considering the matter as it is reported some quarters fear the possibility of Soviet communist activities in this country in the event of resumpton of diplomatie relations.

to have been a Juil.

Mr. Junkin also argued at length on the question of notice given for the confirmatory meeting of July 23 called by the requisitionista.

aro few appreciable differences as compared with the previous year, Apart from sales of property the net result is some $10,000 better.

Turning to the balance sheet you will notice that the amount ad

Mr. Potter's Submissions, vanced on mortgage has been re-

Addressing the Court on behalf duced by slightly over twelve jakhs.

of the plaintiff's case, Mr. Potter This is largely due to mortgage on the Praya East Reclamation lota

Mr. Moh said when he arrived in argued on the question of onus and expiring and being paid off, mort-Harbin he had conversations there submitted that it was clearly on gagers having found a ready sale and reached an agreement with tho by splitting up their lots and sell Soviet railway authorities on some the side of the defendants. There important issues in connection with was no question of the propriety the Chinese Railway. Among other: ing free of encumbrance.

things this agreement stipulates that of the requisition for the meeting hereafter both Chinese and Russian of July 8. The shareholders pro- languages be used in all officia perly convened the meeting for the documents of the C.E.. and that discussion of eight points, which, more Chinese be added to the staff

admittedly, were not dealt with. If the railway

the eight points were not discussed, the justification must come from the other side, and the onus had ahifted to their side.

The amount invested in property has increased by about three and a quarter millions. This is partly accounted for by our having paid the final call on the areas we still own on the Praya Enst Reclama tion. The remainder is chiefly due to the construction of Gloucester Building. You will, of course, understand that included in this figure are contracts to which we are already committed, but not necessarily completed.

Mortgage Paid off, On the liabilities side you will notice that the mortgage of 8660,000 on Prince's Building has ceased to This has been paid off appear. and the whole of our property is, now free.

This afternoon air. Mah called upan General Chitrig Kai Shek and submitted to him a memorandum on in Moscow conference, Dr. C. T. Wang, Foreign Minister, is now on his way back to the capital from Ningpo and after he has mined the menorandum part of it will be released to the Press for publica- tion.

Mr. Moh also discussed Bino Soviot issues with Mr. Hu. Han Min and Dr. Wang Chung Hui this afternoon, and to-night he was en- lurtained at dinner by General Chiang Kai Shek..

The plaintiff's caso, in a nutshell was that the meeting was extremely turbulent, and Mr. Li, the chair- man, retired. The defendants' case was that the chairman closed the the chartering of mesting after it had been voted upon sp far as ships and paying of dividend was concerned and the abandoning of the eight points. Mr. Potter, and

voting on the resolutions.

With regard to the appropriations: proposed by your directors, special I now bog to propose the adap-he could secept every word of the repairs and renewals account would, tion of the report and accounts aa defendants' case except as to the be brought up to its original figure, $25,000.

Equalization of Dividend Ac count: By appropriating 850,000, this account would be brought up to $300,000, which is the equivalent,

presented and when this has been duly seconded I shall be pleased to answer to the best of my ability and questions shareholders may wish to ask.

Mr. G. C. Moxon seconded the

of $1 per share of issued shares. proposal, and when put to the vote,

It is also proposed to put weide it was passed unanimously. $400,000 to initiate 'n fund for re-d

building. As years go on your

Election of Officers.

Continuing his submissions on the evidence, Mr. Potter asked his Lordship to consider the plaintiff's case and seo whether the conduct of his cliente was, the conduct of the sine men: At the second meet-

properties tend to become obsolete. On the proposition of Mr. G. Hing of July 8, the police, were re-

and require more and more repairs, Potts, seconded. by Mr. K. Stuart-tained because the requisitionists so that before long a scheme of re- Smith, Sir Robert Ho Tung and feared that the turbulent elements building will inve to be taken in Mir. T. E. Pearce were re-elected might return and cause a further. hand, Your directors, therefore, directors of the company..

disturbance; If they were bent on consider it wise to set aside some,

Mr. D. V. Stevenson proposed of our profite for this purpose.

and Mr. D. T. Newbigging scooaded doing anything wrong they would As regards the property market that Messrs Percy Smith, Seth & not have retained the police, An- during the past year, matters im- Fleming and Messrs.Linstead other significant point was that there was unanimity of the facts as proved somewhat, but not to any Davis be re-elected auditors. This great extent. Your directors, how was carried unanimously.

reported in the Press and what ever, took advantage of offers for, two blocks of vacant land on the Praya East Reclamation and Inland.

stually transpired at the meeting according to the evidence for the plaintiff's case.

Directors' Feos.

Mr. E. M. Raymond then addreas Lot No. 48, which were sold at a ed the meeting. He said he wanted good proft. We also disposed of some old property in Kowloon ngon to congratulate the directors on which we had had to re-enter owing the Company's success and propos -ed-as-a-murk of appreciation, that to non-payment of interest, There the directors' fees bo increased to was no immediate profit in this sale, but it secured the profit made on 815,000. This was seconded by

Họ Kwong the original sale soveral years ago.

Inconsistent Pacts, Counsel asked what reputable

board of directors finding a false The Chairman said that he was statement in the papers would afraid they had no power to dobesitate to repudiate it at once! The construction of Gloucester this at the meeting. They would As regards the evidence of Mr. Chiu Building is proceeding satisfactorily. have to call an extraordinary, gen-

Gloucester Building

of directors, Mr. Potter sub-

In spite of loss of time owing to eral meeting for this purposo and Yu Chi, former chairman of the bad weather, it is anticipated that a confirmatory meeting thereafter board the greater part of the ground and Ho wished, however, to thank, Mr. mezzanine floors will be ready for Raymond for his proposal and scid mitted that no business man of re- occupation in May. The whole that the directors would look into puto would lie down like that when This bankers were told that a certain building, granted no unforeseen the matter. delays, is estimated to be completed The shareholders present includ chop is not valid, before the and of this year, some ed Messrs. F. H. Crapnell, PC. two months ahead of contract Potts, G. Puncheon, D. C. Weir, timo...

As regards the documents in the

M. G. Bilya. y. L dos Remedios, case, Mr. Potter argued that there

As you are well aware your F. Austin, Ho Kwong, B. C. Ran was not a single one put up by the directors decided to take advan- dall, Kwok Hin Wong 0. F. tage of the money market and offer.

Ribeiro, D. Skinner, F. A. Xavier,

defendants which was consistent

nd 60,000 new share in the propor- M. Fernandez, H. A. Rodgers. with their casa. On the other hand

tion of one new for every four old shares at a "premium of 835 per fidence of the public in the Com pany that the whole of these, shares were taken up with the exception of -8, which were nearly all offer d. to shareholders not now in the Colony,

(Continued on next Column.)

C. Moxon, G. H. Potts, A. W. Last man, M. H. Lo, NV. A. Croucher, Thaba AC. Rocha,

Stuart Smith, D..Lyon, HL Dun-

there was not a single document from the other side which was in-

nett AB., Stewart, F. C.. Hall, I. Mr. Potter reserved his address E. Macdougall, P. S. Cassidy, Aon legal points until this morning, P. Hoar, S. Stevenson, FM intimating that he would need only Raymond, Tan Ene Hooi, A. Piercy,

P. Morrison and W. Logan,

about half an hour.

K. M. A.

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