1931-05-23 — Page 7

AFFAIRS OF LAI

WAH CO.

PETITION HEARD FOR WINDING UP.

COURT MAKES ORDER FOR

SUPERVISION:

HONG KONG DAILY PRESS, SATURDAY, MAY 23,

HONG KONG STOCK CORRESPONDENCE. COMPANY MEETING.

MARKET.

All letters intended for publica. en must be accompanied by the CROUCHER & CO.'S DAILY name and address of the writer. nel for publication, wrless to desir ed, but as evidence of good faith.-- Ep.1

REPORT.

The market is on the quiet with a gond demand for the better clans investments.

.

EDUCATION IN HONG KONG.

Unions changed hands at from | (70 THE EDITON or Tr

DAILY PERS." 043.00 to 8050,00, closing with sell-

Banks were negotiated at 82,030.00 Humphroys are higher at $20.95 and Lands at 205.00 July.

At the Supreme Court yesterday, the Chief Justice (Sir Josophers at 2017.00, Kemp) heard a petition for the winding up of the Lai Wai Co., Ltd.. 143-147, Des Voeux Road Central, to which there was op position by a body of other credi- tors, who asked that a resolation passed by the company at an ex traordinary meeting for voluntary liquidation be allowed to continue.

Hotela touched $18.70 July but elone easier at 818.50. Cements are lower at $16.00 with mal buyers

at 820.25 June. «

Wharfs are offering $109,00 with buyers slightly under.

Constructions crime to business at

HONG KON

'CHINA UNDERWRITERS MAKE HEADWAY,

INCREASED LIFE AND MARINE

INSURANCE.

Rising to second the adoption of the report and accounts at yester day's meeting of the China Unde

A Sin-I have read with interest writers, Ltd,. Mr. N." V.

Prem an Articlo Croucher said he was sure he was in the Daily by Profesor L. Forster on Mar-vaicing the sentiments of all share Karet Macmillan's' contribution to holders when he congratulated the board of directors, the managers and staff of the Company on a very satisfactory year's work.

Education.

In Education, as with most things in life, opportunity is a fina

thing.

England may not have produced many practical reformers of fame, but it is comforting to note that Watsons were easier on profit tak during recent years, at any rate,

Mr. H. G. Sheldon, instructed, by Messrs. Wilkinson and Grist, ap-88.30 with sellers at $8.40, peared for the petitioning creditor,

China Providenta remain neglect- ed at $5.80.

Messrs. Johri D. Hutchison ❘ing at $16.00. Co. King's Building. Mr. Leo

·D'Almada, jnr., instructed by Messra Lo and Lo, was for the creditors opposing the petition.

Company's Position.

The petition, which was support- ed by an affidavit of Mr. P. S. Cassidy, a partner in Mears, John D. Hutchison and Co., was referred

to Mr. Sheldon. It disclosed that

the Lai Wah Company was incor-

Ropes at $22.50 are steady. Electrics are wanted at $51,00 and Lights at $20.95.

May 22, 5 p.1.

DEATH ENQUIRY.

porated in Decenter, 1920, with SEQUEL TO KOWLOON, MOTOR

nominal capital of $1,000,000 divided into 10,000 shares of $100

bach. The amunt, of capital paid up, or credited as paid up, was $600,000. The company was indebt ed to the petitioner in the sum of $20,803.60 for goods sold and de- livered There were also contracts outstanding for £1,002 8., which were not yat due, but there was one tract already due amount ing to 21,319,23, the market for these goods having fallen in the meantime.

Other particulars disclosed in the petition work that the company. closed their store on May 2 and had not reopened. They were in. solvent and unable to pay their debts. The stock was valued ab 820,000 or less. There were a few book debis, Furniture and good valued at less than will $50,000, while liabilities excved $100,000.

wêre

FATALITY.

befors Mr. Hamilton and a jury at An enquiry was held yesterday the Kowloon Police Court into the death of a Chinese girl, aged 0, who was killed by a motor-bus in Shanghai Street.

Dr K. Utley said that on May 6, at Kowloon Mortuary, he examin-

the body of the girl), and found that she had very severe head in- juries, which could have been caused by hus wheel passing over the head. Death must have been instantaneous..

The mother of the girl gave evidence of identification at the

mortuary.

The driver of the bus stated that he had been driving a bus for six months. On May 5 at 1.45 p.m. he

Mr. Robert Shewan occupied the chair and supporting him were Messrs. Allan Cameron, Li Tze Fong, H. R. Stúrt, O. A. da Roza, Mok Ching Kong and A, A. R. she has set a high value on Educa-Botelho (Board of Directors) and E. R. Childe (Assistant Secretary). Shareholders present were Messrs. N. V. A. Croucher, A. L. Shields, J. F. Wright, Jr., H. J. M. de Figueiredo, A. L Alves, Chin Nai Pan, I. W Showan and J. Concthart.

tion.

What about Hong Kong! In the interests of Loga) Eduen Lion I should like bome of our ex. parts to write articles on the fol- lowing:-

Standard of Education in Hong Kong: 1, Actual; 2, Attainable.

A · Government's Policy' towards Grant-in-Aid' Schools, particularly Pioneer Schools.

Opportunities of Grant-in-Aid Schools of Hong Kong,

Work, Salaries and Prospects of

Teachers in

THE CHAIRMAN'S SPEECH.. The Chairman, addressing 'share. holders, said. As on the last o cusion, we have converted all sil. ver figures to Hong Kong dollars and all gold figures to sterling at the Grant-in-Aid the parities. The gold figures have Schools of, Hong Kong.-Youra thon been converted to Hoag Kong dollars at the rate ruling on December 31, 1030,

namely 81-1/1. For the sake of continu. ity we have shown the figures brought forward at last year's rate and an exchange adjustment.

faithfully,

INTERESTED.

POSSESSION OF ARMS,

SIX MONTHS' SENTENCE ON

CHINESE,

Sentence of six months' hard labour was passed by Mr. E. H. a young Williams yesterday on

Chinese who was darged before him with possession of a revolver and fourteer. rounds of ammuni.

was driving a 'bus along Shanghai tion. Street. When nearing Shek Lung Street he sounded his horn, and

run

which the authorities came upon a

It will be recalled that, follow. Mr. Sheldon said that the petite noticed a woman, a boy and ing information haid with the tion was filed on May 6, and a

girl running across the street. He poice, a raid was carried out at provisional liquidator, in this cas-the Official Reculver, was ap- applied the brakes, but the little, Pak Tate Lano, as a result of pointed by the Court. This was girl hesitated, and tried to two days before a resolution was back. He had already swerved his passed by the company for wind- bus to the fight. The right front-ruvolver and ammunition on top of ing up voluntarily. On may 19, dguard knocked her down and a shelf over a bed occupied by the

the left back wheel ran over her, defondant. there was a meeting of cortain

Ho pulled up in a length and a half resolution was creditors and a passed that the petition should be opposed.

Unusual Appointments. Coquel also referred to an aff. davit by Mr. Chan Sia Ngoh, which was filed only the day ho fore. This gentleman had been appointed at an extraordinary

1931.

wan

During the early part of art year a cal of 81 per share made on the Company's sharo capital making a total of 84.00 per ahure paid up and this is shown. in the balance sheet, as on Decem. ber 31, 1930.

Auditors' "Feos.

The Company's auditors, Mesars. Lowe Bingham and Matthews and Messrs. Percy Smith Seth and Fleming, have requested an in- ereas, in their fees for their audit` for the current year to 81,50 each on account of the ineronsed volume of work and of their heavier ex- penses owing to the fall in change.

Their fees have remained at 8750 for each firm since the In. corporation of the Company and I hope that you will confirm the row fens when the re-election of the. auditors is proposed.

I regret to have to inform you of the resignation during the year under review of two of the mem bers of the Board of Directors. Mr. C. P. Marcel tendered his re siguation owing to his having left the Colony and Mr. Tsang Foo owing to ill-health. Sines the end of the year Mr. H. R. Sturt, the Company's Maunger and Secretary- was invited to join the Board in addition to his executive duties, and his re-election in accordance with the Articles of Association will come before you in dus course.

In conclusion I should like to place on record our appreciation of the loyal co-operation of the branch managers, secretaries and staf. I have now the pleasure to propose the adoption of the report and accounts for the year ending December 31, 1030, and when that has been seconded I shall b pleased to answer any questions) that shareholders may wish to ask,

Seconder's Speech.

I

In the Life Department the Premium Income has increased from 8602,058 to 8835,432, this in

Mr. N. VA. Croucher, in crease boing mainly due to the effect seconding the adoption of the re of converting gold premiums to port said:-Mr. Chairman and Hong Kong dollars at the lower Gentlemen,-I tako much pleasure rate of exchange, Expenses at in seconding the proposal from $344,119 show an increase of 881,340 the chair. In so doing I crave the over the figure last year. This indulgence of the meeting to refer of the gold expenses expressed in silver at the lower exchange rate,

ercase is due to the increased value

not only to the figures contained in the accounts before you, but also la some of the figures for the past as the actual expenses both in gold two years in appreciation of the and silver currencies have decreas-sound progress which has been ed, notwithstanding our having made by the local junior company charged the Life Account with in the field of insurance. larger proportion than in previous years of the executive and genern! The informer, at an earlier hear-expenses. of the Company distri Wong Sang, a 'bus conductor.g, gave evidence and was vigor-butable between the Departments. stated that on May 5 he was offously cross-examinal by Mr. B. duty, but was riding on the 'hus D. Evans, for the defence.

He corroborated the in question. previous witnesses evidence.

of the 'bus.

Increase in Olaims, `

Gentlemen, the total business done by the Company for the year 1028 as reflected in the net premia received by all departments was just a little under $7 lakhs, a

B

In his final submission on behalf Claima at 8133,700 show Д con your after the premia income had of the defendant, Hr. Evans con. tended that to prove possession siderable increase over last year's risen to a few dollars below the police had to prove that the delight claim rate, but this is very million, and in the accounts for fendant had knowledge that he largely due to exchange and the 1930, which we are considering to having proved that, that the wea

meeting as quidator in winding saw the driver put the brakes on, was in possession of a revolver and ratio may be considered antiafne day, net premia receipts are shown

tp voluntarily, and he also repre- sented the intervals of certain credi tors who opposed the petition,

Mr. Sheldon said that Mr. Chau was the manager of the Lai Wah Company, while at the same time he was a shareholder, and also a creditor to the extent of 85,000. He went on to say that it was' unusual for a shareholder of a company to be appointed as liquidator, and still more unusual that he should be appointed to represent the credi

Sze To Chi, conductor of the 'hus, said that just after ringing the beit for some passengers to zet out, he and then realised that an accident lind occurred. He got out of the has and found that a little girl

had been run over.

Brigeant Serim said that he tent- ed the brakes of the us soon after the accident, and found that they were both in good order.

The jury brought in a verdict of accidental death.

pon was in the defendant's custory. The Life Assurance Fund at 81,333,105.

A steady progress

tory. He contended that knowledge has increased from $101,575 to has been recorded in all depart combined with custody constituted 8319,948,

ments, but the outstanding featurs poastasion.

tors in opposing the petition. In RECKLESS LORRY DRIVER. Kong and could lay his hands on

conclusion, counsel anid he would loave it to his Lordship whether to Krant an order in terms of the petition or make an order for voluntary winding up under the supervision of an independent li- quidator.

:

MAGISTRATE RECOMMENDS SUSPENSION OF LICENCE.

What was described by the Magia trate as one of the worst cases of Mr. D'Almada, after explaining reckless driving he had come across, the points raised, submitted that, was brought to the notice of Mr. the revolver even though that share in the petitioner had not shown W. Schofield at Central Magistracy might be a small one. It was quite that any prejudice might arise in yesterday when An Wong, a licens possible however, that the defen- consequence of the resolution fored driver in the employ of Wong dant did not realise the gravity voluntary winding up, and con- Lin Kue, owner of a Chevrolet of the offence. sidering als the fact that the 15-lorry, residing at 18, Tai Wong quidator (Mr. Chau) was appoint-Strock, was summoned for driving

cd at an extraordinary meeting the vehicle in a manner which was

"

The financial depression existing is the great expansion in the Life in many of the countries where we department, the net premia of operate has made it very difficult to which rose from 8495,181 in 1925 1029, reaching maintain our revenue figures and to 8002,058 in

and loss.

over

"

Mr. Evans went on to deal with the possibility of the informer try ing to get his own back on the defendant. He also drew his Wor ship's attention to the fact that the defendant was not the type has led to a marked increase in 883,431 in 1930 or a little short of 100 per cent, increase in two of person to be connected with arm the surrenders of policies, but, on years. ed robberies, seeing that he had the whole, the department may bo

Now Businos. a fairly good business in Hong said to have made reasonable pro-

grosa in a somewhat difficult year. Whilst a good deal of the im- $200 to $300 every month.

The not premiums in the Marine provement represents the lower His Worship, in passing sentence Department amounted to. 8340,414, a rate of conversion of gold premia of six months' hard labour, said considerable increase

the into local dollars, it is satisfactory that he was not misfied that there figure of the previous year. This to note that new business not only was any fued between the informer is partly due to the effect of con- in the Life department, but slo and the defendant. His Worship verting gold premiums to silver at in Marine Insurance, has contri- had some share in the possession of partly due to the increased volume was satisfied that the defendant the lower rate of exchange and buted towards this excellent result, In 1928 the Company was at!!) While the Marine in a negative position as to ita. of business. Insurance Fund has been increased commitments on contracts for life from $182,406 to 8275,003 nothing insurance; excess expenditure p has been carried to or from profit reared in an account analogous to goodwill in the Life Establishment Not promiums in the Fire In Account which has now disappear. surance Department at $130,282ed and has been replaced by a show an increase, but the claim tangible and substantial reserve rate has been heavy so that in or in the Life Insurance Fund of not only by the shareholders by dangerous to the public in Queen's BOON TO OWNER DRIVERS. der to set up a reserve for unex 8310,548. Mr. Chairman, I would also by a large body of creditors. Read East at 3.25 p.m. on May 9.

pired risks of 855,713 it has been like to compliment you and the who were mostly unscared, the It was stated that defendant wai

necessary to transfer 810,223 from Directers on the sound and steady when compulsory order should not be travelling eastwards and

profit and lose.

progress of the Company, and also, mado. Ho neked that the volun-neering Wellington Barracks, he

on behalf of the shareholders, to tary liquidation should be allow- tried to pass another vehicle on the

join you in your appreciation of ed to continue under the present left side. He was then going at

of our liquidator, and, if his Lordship the rate of about 35 m.p.h., and,

Net premiums in the Accident the excellent services

Manager, Branch Managers and motorenr- considerable inerpass over tho liquidation to be placed under trol of the lorry, allowed it to of special interest to

It is named the Inagure of 821,587. Jast year.

the This proposition put by you to the supervision.

mount the pavement: After travel car owners. ing about 35-feet- on the footpath ternational Automobile Cleaning increase is accentuated by the meeting.

This was carried unanimously. he went on the road again causing Company.

effect of exchange but it is mainly According to the manager, Mr. due to increased volume of busi.

Other Business, the car which he tried to overtake to swerve suddenly to the right. Lee, the company is prepar nosa, The Accident Fund has in

Mexors, Allan Cameron, Li Tzo When on the pavement he knocked areas and oil motor-cars while the that this department is showing Fong and H. R. Sturt were re ed make contracts to wash, polish, creased from 814,913 to 897,120, 80 Mr. Sho'don suggested the up-several people down.

elected to serve on the Board of pointment of an additional liquida- His Worship: It is quite the owner is in his office. Experienced antisfactory progress.

The Profit and Loss debit balance Directors on the proposition of for, mentioning the Bans of Mr. worst case of reckless driving car washers are sent out to wash

and service the car and whon the has P. Mooney, or Meases. Percy have ever come across

increased from 890,284 to Mr. A. L Alves, seconded by Mr. Chan Nai Pan, while Mr. J. P. Smith, Seth and Fleuing.

Inspector Alexander: It is; it is owner is ready to leave he has a 880,600. His Lordship made a supovi-gaite the worst case we have ever clean and neat car waiting for him. ing order, appointing Mr. Moony hail, your Worship. as an additional liquidator, and Further evidence was taken after directed that the casts of both sides which the Magistrate imposed he paid by the Lai Wah Cometny fine of 8100 or two months' hard The order appointing the Offteil Ibour and recommended that de Receiver ay provisional quedator-fendant's licence be sumended for was discharged.

fa year.

..

NEW LOCAL COMPANY

FORMED.

We understand that in new local

Accident Fund,

thought fit to order, the voluntary failing to maintain splete con company has been formed which is Department,smounted to 842,270 the staff generally. I beg to wood

Supervision Essential.

His Lordship remarked that his own feeling was that supervision

was essential.

It will be seen from the balance Wright proposed and Mr. H. J. The employees of the company shoct that the Exchange and In-M. de Figueiredo seconded that Are, dressed in overalls with large vezment Fluctuation Account has Messrs. Lowe, Bingham and Mat- letters (I.A.C.C) across the front. been increased from $78,186 to thown and Messrs. Percy-Smith

Many people have already taken 8133,003 It will also be observed Seth and Fleming be re-elected advantage of the company's offer that there has been considerable auditors for the ensuing your at and are satisfied with the orvice increase in the Loans on the Comin' fee of $1,950 each. This was car "as well as, the price."

pany policIÓN.

Fried-unanimous!

For the Best in' TAILORING!

We confidently invite you to place your orders in our Tailoring will Department, knowing you appreciate the work and skill put into the garments produced.

Mr. H. P. REES, who has been out from London only a few months has already proved he can produce garments that are not only Stylish but Comfortable.

Do your clothes give you freedom at the same time hang smartly? Unless cut by a European expert we think not--the pirce when the quality of cloth and trimmings is taken into consideration is only a trifle more than you pay for ordinary garments.

Call and let us demonstrate this to you..

Wm Powell Ltd

SPECIALISTS IN GENTLEMEN'S WEAR

10, Ice House Street.

Columbia New RECORDS

FAMOUS VOCAL GEMS

DX88-PATIENCE

DX17-10LANTHE

DX56-THREE MUSKETEERS

9872-MARITANA

9898-MERRIE ENGLAND 9565 THE GONDOLIERS 9579-THE BOHEMIAN GIRL 9881-THE MIKADO

The Anderson Music Co., Ltd.

STRAIGHT

FROM

THE

TEA

GARDEN

LIPTON'S

COFFEE&COCOA

· TEA MERGIA)

By

UNTMENT

TO

THE

TEA

POT.