1931-07-07 — Page 11

LAMMERTS AUCTIONS

BY ORDER OF THE MORTGAGEE,

PUBLIC AUCTION

or zx

VALUABLE LEASEHOLD

PROPERTY

KOWLOON

Situate at Kowloon and registered 'at the Land Office M INLAND LOT No. 1445

PARTICULADE,

Axxi 1—126,000 Square Feet. BOUNDARIES:

Northeast--BA SEÄN ROAD.

.950 Feet Bouthwest-A HANO URUNG BOLD 860 Feet: Southeast PAU ÜBUNG STRRET.

360 Feet Northwest-PAK TAI STRERT.

360 Feet,

NB-PAX TAI STREET was formerly known as KoWLOON CITY ROAD and was an named in the Crown Losse Plan

The property lies between and near MA TAU WEI Road and Kovibor C BOAD,

A Largo Bhed. sad other Buildings, now used by a monthly tenant for an

automobile business, oconpy part of

PUBLIC AUCTION.

THE Underagned have received

Instructions

TO SELL BY:

PUBLIC AUCTION.

ON

WEDNESDAY, JULY 8,

COMMENCING AT 11 AM

AT THIS SALES ROOM,

4, DUDDELL STREET,

2 PIECES FANCY SHOE CLOTH 12 ROLLS GOODYEAR PATH.

FINDER CAMEL BACK 48 PIECES GOODYEAR RADIA

TOR HOSE

2 ROLLS REBUILDING FALEE 156 CANES TYEE AND TOP

DRESSING

108 Doz REPAIRING KIT.

6 Pizors RED TUBES“

4

4 Pirons WOOL MIXTURE

FANCY QUALITY

2 Predes TROPICAL SUITTINGS 10 Boxes or GERMAN DYE

Also

A QUANTITY OF

the site. Allowing for a 60 ft Street HOUSEHOLD. FURNITURE AND

from PAX SHAN "ROAD to Mi Harg CHUNG ROAD, and Two 6 ft. acavenging lanes, the site is capable of mbdivision into 84 house sites, 18′ 4′′ x 89′ ́ ́‚6′′. (and sitou 17' „6' x 69′ „6”), · Buch dere- lopment is given as an example only;

MISCELLANEOUS GOODS, Ero., Erc.

same would require removal of the TERMS: CH ON DELIVERY, Axisting buildinga.

Term.-75 years from 31st January,

1922, with right of renewal' for one further term of 76 yedirm

Crown Rent-8724 Per Annum.

The Property will be sold on

THURSDAY, THE 9TH DAY OF JULY, 1981, Az 8 P.M.

by"

ME8888, LAMMERT, BROS.,

Auctioneers,

AT THEIR

SALES BOOM,

No. 4. DUDDELL STAZET

Hong Kong

For Further Partionlars, Apply to:-

Mrs. LAMMERT BROS..

No. 4, DUDDELL STREET, Hồng Kong.

Hong Kong, June 21, 1931.

PUBLIC AUCTION.

THE

LAMMERT BROS., AUCTIONEERS.

PUBLIC AUCTION.

"HONG KONG DAILY PRESS, TUESDAY, JULY 7, 1931.

THE PROCEEDINGS AGAINST LORD

· Do you agrea so far, Bir Patrick baked.

KYLSANT.

WHY LEADING COUNSEL WITHDREW FROM GUILDHALL PROCEEDINGS.

MANY THINGS WILL BE STARTLING

IN THIS CASE.”

SIR PATRICK HASTINGS, R.C.

The Lord Mayor; I am quite willing to hear any evidence. If you desire

LONDON, June 11.. Sir John Simon and Sir Patrick Hastings, lending counsel for the defonce in the proceedings against Lord Kylsant and Mr. H. J. Mor land in connection with the affairs of the Royal Mail Steam Racket Company, yesterday walked out of the Lord Mayor's Court"at, the Guildhall,

This does not mean that they have withdrawn from the case, but cply from the proceedings before. the Lord Mayor.

They took their very serious decision," as Sir Patrick described it, owing to disagreement with the Lord Mayor's rulings respecting the inadmissibility of cros8-0X amination on various points and his refusal to permit the produc tion of balance sheets of companies other than

R.M.S.P.

Sir Patrick said:

"I am speaking with the utmost

respect for the Court, but we have

Sir William replied in the affir- mativa Sir Patrick read furthor

"What are the objections? It is argued that the balanco-sheet does! not represent the true position, but does any balance sheet indicate the exact position of affairs. It may be greatly to the advantage and credit of the company to reserve. a portion of the profits.

11.

Sir William It is a question of am afraid I do not look at this degree

from the point of view of an ac countant at all. I look at it "EN") a case between the shareholders and their officer.

Others Balance Sheets. Sir Patrick: I anticipated that' ia what you would say. I propose to examine a considerable number of balance sheets. Do you agree that it is quite legitimate in Bom circumstances to use secret reserves for the purpose of declaring divi, donds without disclosing that fact in the documents certified by the auditors JAN.

"Many Startling Things" The Lord Mayor: It is father The Lord Mayor: Will you put startling for the public to under-in one or two words into that ques stand that there is not a balanco tion"For the purpose of declar sheet produced which is really aging dividends when they have not curate, "

been earned !? Sir Patrick: There are many Sir Patrick: Certainly. He then

Sir Patrick: I am going to cat

such that transfers of an exactly ablish that the circumstances are

similar character as those com plained of in this case have been without any word of explanation nade in many other cases, and

from one gentleman who has already been in the box, from practically every accountant in the country. I propose to produce the balance sheets in these cases.

Sir Patrick Hastings: I do not things which will be startling in repeated his question to Sir Wil embark upon an inquiry about.

think it will servo any awful pur pose in cur continuing, and I take full responsibility so far as my case is concerned.

Sir Patrick Hastings and Mr. Stuart Bován, K.C., who, was with him, then left the Court, Mr. Tucker, junior counsel, remaining. Sir John Simon remained for 20 minutes and then went, leaving Mr. Wilfred Lewis, the junior counsel, to watch the proceedings on behalf of Lord Kylsant,

SIR W. McLINTOCK ON THE ACCOUNTS,

COMPANY RESERVES.

this case if we have to continue to the close of it. I hope to satisfy the court that there is nothing in this case which is different from universal practice..

The Lord Mayor: But the uni versal practice may be wrong. It quainted with the general facts is necessary that I should be ac and so come to a conclusion as to

whether"

you say prevails, is one which ought to continue. This is the au- ditor's report to the shareholders, "In my opinion, the balance-sheet is properly drawn up so as to ex- hibit a true and correct view of the state of the company's affairs as shown by the books of the com- pany."

or not the custom, which

Sir Patrick: That is exactly the

When yesterday's proceedinga opened Sir William McLintock, the position we tako up-that overy accountant who conducted an in-word in that roport is true.

I

liam, adding the words suggested by the Lord Mayor.

conceive of cases where that is Sir William replied: "I can'

quite propor."

Sir Patrick: Do you agree that give a perfectly clean certificate the auditor could quite properly

in a

case of dividends declared under those circumstances --It is

quite conerivable that he could.

And the highest auditors in the land do so?

Lord Mayor's Query.

Sir William did not answer and Sir Patrick said that he proposed to quote from two balance sheets of certain companies.

The Lord Mayor: What is the ultimate and of this cross examina

Is it a justification? Sir Patrick: I am proposing to

The Lord Mayor: I think I ranting to this company and not ought to limit you to questions

other companies not connected with the charges here.

Mayor said, "My ruling is that I After further argument the Lord

decline to admit evidence as to the balance sheets of other companies, the general practice of the pro- I am willing to admit evidence of

fession."

The Lord Mayor added emphati-

ruling and you have got it.” cally, "You have asked for my

It was at this point that tho. Court adjourned for luncheon and was followed by the announcment by counsel that they withdrew from further proceedings so far as these were taking place before the Lord. Mayer.

Mr. A. T. Cason, who from 1913 to May 5 of this year was chief accountant of the R.M.S.P., auba

heard fall from your lordship cer. dependent investigation, said that hope you will not believe that Mr.satisfy your lordship that an au- acquently gave evidence,

tain observations which we view with, regret.

"We have also had a ruling on THE Undersigned, have received the question of cross-examination

THE

Instructions

TO SELL BY

PUBLIC AUCTION

אם.

THURSDAY, JULY 9, 1981, Commending at 10.30 AM.

Ar No. 40, HUMPAKEIS BUILDING, KOWLOON

A QUANTITY OF VALUABLE HOUSEHOLD

FURNITURE

and of the admissibility in cross- examination of a discussion on bn- lance shoots of other companies," even those subscribed to by Sir William-MoLintock kitself.

Fool We Are Hampered." "It was our intention, as I point ed out when the case first started, to contest this caso to the vary ond both by cross-examination and by calling independent witnesses.

"Wo feel we should be so ham. pered by the ruling your lordship has given that we find it impossible to continue the defence in this court at all, and we feel we have

HE Undersigned have received Ox VIEW From WEDNESDAY, the no. alternative but to advise our

Instructions

TO BELL BY

PUBLIC AUCTION

Ox

MONDAY, JULY 13, 1931,

COMMENCING AT 2.30 P.M.

AT THEIR SALES BOOM, 4, DUDDELL STREET,

A VALUABLE COLLECTION OF CURIOS

Comprising

Porcelain Vases, Bowls, Large and Small Wall Plates, Flower Pota, Targe and Small Bowls, Porcelain Figures, Ornaments, Brase "and" Bronze Ware, Lacquer Ware, Chiness Paintings, Embroideries, Blackwood Joss tables, Blackwood Cheste. Blackwood Screens, Blackwood Opium Stools, etc., etc.

Also

Large Bronze Incense Burners, Large Bronze Figures.

and

8TH JULY, 1981.

TERMS:-CASH ON DELIVERY.

“LAMMERT ́BROS.,

AUCTIONEERS.

PUBLIC AUCTION.

THE

TO SELL BY

PUBLIC AUCTION

clients that the proper course is that we should take no further part in this exurt.

"As a matter of courtesy to this court ny learned junior will re- main until the conclusion of the hearing in case there is

day point which your Lordship wishes, to raise. But wo feel we have no other alternative."

Sir John Simon.

Sir John Simon' (who appeared

to show a profit in 1926 and 1997 Morland had at any time done any-ditor is not required to certify an the R.M.S.P. transferred large thing which was not in his view exact state of affairs but he must sums from Income Tax reserve, absolutely correct"

be satisfied in the light of the fucts Sir Patrick next said to Sir Excess Profits Duty reserve and Corporation Profits Tax reserva,

Sir Patrick Hastings rose to

cross-examine.

Have you known Mr. Morland for many years-By name.

Sir Patrick (quickly): And by reputation -Yes, I have known him by name as a partner in the firm with which ho, is sugaged.

Sir Patrick: Has he to your knowledge always enjoyed the most enviable roputation?

Sir William waited a second or two before answering: "So far as I know, yes 1”.

Sir Patrcik I notice it to n. somewhat' qualified answer.. Did you intend it to be qualified-I have explained.

A Hush In Court. Did you really intend that it should be qualified f

There was a hush in court which lasted for nearly a minute before

the answer ermo,

"I intended," said Sir William, that it should be qualified to this extent, that I have not the pleasure of Mr. Morland's acquaintance and I have never met him on any busi.

Sir Patrick: Then I can only express regret that you should answer my question in this way.

HE Undersigned have received for Lord Kylsant) said: "I hadness mattor at any time?!

Instructions

intended, and it

-Lord was Kylsant's strong with, to go into certain matters in this court, after Sir Patrick Hastings had dealt with the accountancy side, as he is very well qualified to do.

"I am afraid, my Lord Mayor,

OX

THURSDAY, JULY 9,

Ar 12 O'CLOCK NOON

AT THEIR SALES ROOM,

4, DUDDELL STREET,"

(For Account of the Concerned)

5 BARBER'S REVOLVING

CHAIRS

Very Larga Bateoms and Porcelain & ELECTRIC CEILING FANS Vases.

ON VIEW From SATURDAY, the 11 Jur, 1981.

TERMS:-CAK on Delivery,

LAMMERT BROS.,

AUCTIONEERS.

What do

you want?

If there is anything you want to buy, or

all_trykmell,

· Classified" advertisement,,

25 words $1.00 prepald for 3 Insertions,

8 ELECTRIC TABLE FANS

Also

.5 BILLIARD TABLES

84 BILLIARD CUES

5 MARKING BOARDS

5 BILLIARD CHAIRS

14 RATTAN OBAIRS.

5 SET: BILLIARD LAMPS AND

SHADESIV

& SITE DILLIARD BALLS

1 SE SNOOKER BALLS-

5 ELECTRIC TABLE FANS

2 STOOLS

(Now lying on Second Floor of Nos, 198 and 195, Des Voeux Road Central).

TERMS-CARE. ON: DELIVERY.

LAMMERT BROS,

AUCTIONEERS.

Sir Patrick next quoted some observations by Mr. Justice Buck ley in 1900 respecting the difficul- tios of an auditor, gue difficulty I should have some difficulty in which might arise being that of following the course already map-reconciling his duty to the com ped out. I say that with all pos-pany, and their proper desire to sible respect, but the view we have keep something secret, and their formed is that although Lord duty to the shareholders to dis Kylsant was most anxious to meet close to them the full facts. the charges against him by offer

Sir William agreed it might easi-i

ing at this court some evidence, wely happen in a trading company think the course proper to the eir that full disclosure of the present cumstances would be to reserve that financial position might be a and pay all proper attention to advantage to competitors. the proceedings here until they are. Lerminated.

Becret Resea

Sir Patrick then read passages from a lecture by Sir Mark Jon- kinson in 1920, in which he said:

Lord Mayor'a Question. The Lord Mayor: I only want to any this. I have a perfectly

"Shareholders as a rule, no mal- open mind with regard to the case tor how large the dividends, are which has been presented. It is always asking for more Conse- open for you, if you so desire, to quently the directors know that if call witnesses and present your cass·largó profits are disclosed a large to me, If, on the other hand; you dividend will be demanded, with determine not to offer further the result that in less, promercus evidence, then I understand it is years the voice of the grumblor

will for the prosecution to place any ill make itself beard. By creat ovidence they desire before me, and, ing a socret reserve directors are when it is finishd, I must deal with enabled to make the fat years pay the matter as it stands Do you the surplus which their foresight for the lean and to draw upon take full responsibility, for not ton had allowed them to accumulato dering evidence here 1

without the – shareholders being aware that thy, divisible profits Sir John Simons Counsst always have not al been made in that take full responsibility,

particular year,"

Before the Court rese, the Lord

at the moment I have a porfect- Mayor, addressing counsel,, said:

William McLintock: I suggest to available to him that the balance you that the viow accopted by at

sheet is properly drawn up in ac-ly open mind of the whole ques- tion, notwithstanding the line, least some members of your pro-cordance with the customary usage.

The Lord Mayor: Suppose a leading counsel have chosen to take. fession is that, secret reserves are

If you desire to put any fur properly used by companies for the member of the public bus £500 to

invest and a document sich distribution of dividends in lean these documents before me are bother evidence before me. I am quite years without the shareholders before him and as a result bo inveats willing to listen to it." from which the dividends come. his. £500. What is the result? I' The Court then adjourned.

ing aware that that is the source:

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