1937-11-09 — Page 2

SANDEMAN

SHERRY & PORT

Obtainable everywhere.

THE TAIKOO DOCKYARD & ENGINEERING COMPANY OF HONGKONG, LIMITED.

BUILDERS OF ALL CLASSES OF SHIPS. ". BUILDERS OF RECIPROCATING STEAM ENGINES. BUILDERS OF MARINE AND LAND BOILERS. BUILDERS OF TURBINE MACHINERY"

Under License From Messrs. Parsons

BUILDERS OF DIESEL ENGINES

Under Special License

"From Messrs. Sulzer Bros., Winterthur,

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"

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MILWAU

ST PAUL

THE MILWAUKEE ROAD

HONG KONG DAILY PRESS. TUESDAY, NOVEMBER 9, 1937.

REDUCTION OF

CAPITAL

China Provident Loan

And Mortgage Co.

Subject to the sanction of the Court a large reduction of capital was con firmed by shareholders at two Extra-" ordinary General Meetings of the China Provident Loan and Mortage Co. Ltd., held at the Hong Kong Hotel yesterday.

Thoas present at the first meeting which was for holders of fully paid shares, were. Messrs. S. M. Chum, (Chairman), T. B. Wilson, N. V. A Croucher, Li Tse-fong nud J. C. Guterres (Secretary) comprising the Board of Directors, and the following shareholders: Messrs. A. H. Mackenzie, E. J. M: Churn, J. H. Tam, A. J. Edgar, Q. A. Waller, H. Q. Hunt-- Head,

CHAIRMAN'S SPEECH The chairman said -The captial re-organisation which we are con- aidering to-day has been rendered necessary through the depreciation in the value of the properties held by your Company.

The loss on re-valtation amounts to $2,025,160.00, but from it may be deducted the sum of $33,344.25 by a transfer from Contingeney Reserve Account, thus leaving the loss to be written off at 81,980,825.75.

The proposal before you is to ap portion this low to the extent of 82.50 per share on the old shares and 81.75 por share on the now shares. And to compensate for extra 50 cents per shuro falling on the new shares it is further proposal that the liability on the partly paid shares be extinguished to the extent of 75 cents per share.

It is beenuse of this unequal dis tribution of the loss and the attendant extinguishment of liability of 75 cents

per

share on unpaid capital that separate meetings have been calledi, so that each class of shareholders may

well and fully consider their interest before voting for against the scheme.-Head

or

FEATURE OF COMPROMISE

STUDENT FINED FOR ASSAULT

Struck Watchman Who Tore Down

Handbills

Dressed in European clothes and of a quiet manner, Wong Yuk-fan, aged 17 student, appeared before Mr. R. A. D. Forrest at the Central Magistracy yesterday charged with common assault and disorderly conduct by uttering cries likely to lead. to a breach of the peace. with him on the second, charge appeared Wong. Heung, a juvenile aged 15.

Detective-Sergeant North' sald complainant was a private watch man of the Shui Hing Company, of Des Voeux Road Central. At 7.40 a.m. on November 6 he saw the arst defendant sticking handbills outside the shop's premises. After reading the contents of the bills he tore them down. Defendant resented this and remonstrated with him but he continued in his action, and defendant then as- saulted him.

Other fokis of the

company came on the scene and were also assaulted by the defen- dant, who shouted "Strike traitor..

strike-Japerese

Defendant, who was on ball of $200, pleaded guilty to the charges but denied he had been pasting up the bills himself. He said he was passing by and stopped to read them and did not like the action of the watchman in tearing them

down.

Remarking that he was able to

POLICE REPORTS

have been charged with a much more serious offence. His Worship fined first defendant a total of You are bolders of fully paid shares | 335. Wong Heung was cautioned. and as such may ask why has it ben thought necessary to release the holders of the partly paid shares from liability for unpaid capital in a sum greater by 20 cents per share than the excess of 50 cents per share in the pari parus redaction against capital loss. Gentlemen, the answer in this: your Board has been mindful of the con- siderable difficulties which have attended payment of calls in recent years in the case of Companies which have not been able to pay dividends, or have in fact suffered losses. It is

for the purpose of insuring payment

of the call and with the object of avoiding if possible protracted litiga- tion with evading shareholders that this feature of a compromise was included in the achemse now before you. This feature is one which, I trust, will commend itself to your approval. I may mention, Geatle gien, that it is the intention of your Board to call up the unpaid capital ag soon as the petition for redaction sanctioned by the Court-Head

h

DIVIDEND POSSIBILITIES There is another feature connected with this scheme which I should like to bring before shareholders. If the proposal now before you receives your approval, it will not only reflect a true picture of the capital value of the Company, but it will also enable the payments of dividends as soon as earned, and while I should not like to hazard the opinion that dividend is in sight, I feel that the very rapid improvement, which has been experienced in our business lately as the result of the abnormal conditions surrounding us, may well place us in a position to pay a dividend in the near future.

I formally propose the adoption of the following Resolution:

That 13,033 shares of 85.00 each of the authorised capital of the Company unissued bo cancelled, and the issued capital of the Company be reduced from $4,421,835.00 divided into 589,578 shares of $5.00 each fully paid and 294,769 shares of $5.00 ench upon which the sum of 82.50 has been paid to 82,210.01750 divided into 589,578 shares of 82.50 each fully paid and 204,769 shares of 82.50each upon which 75 cents per share shall be deemed to have been paid and that such reduction be effected in the following manner- (a) By cancelling Capital which has been lost or is unrepresented by available assets to the extent of 82.60 per share upon each of the 580,678 fully paid shares of the Company which have been issued, and to the extent of 81.75 per share upon each of the 294,789 partly paid shares of the Company which have been issued, (b) By releasing the holders of the said 294,789 partly paid shares which have been issued from liability in respect of their shares to the extent of 75 cents per

shares.

The Motion was seconded. by Mr. Mackenzie and passed.

THE SECOND MEETING

!

Suspected, to be suffering from hydrophobla, Char Sum. 11-year old boy of 95 Wuhu Street, was ad- mitted to the Kowloon Hospital on Sunday. Police enquiries elicited the information that the boy was bitten in Kowloon City about six weeks ago. The condition 01 the toy was reported to be serious,

Mrs. J. F. MacGregor, of No. 457 The Peak, reported to the Police that at about 4 p.m. on Sunday a Chinese attempted to enter a bed- room in her home but was distur- bed. Nothing was stolen.

Three cars were involved in a collision near the Latchikok Prison quarters on Sunday, which resulted in Miss Mozelle Cohen being admit ted to the Kowloon Hospital, suf- fering from concussion.

According to a report made by Constable E. McDermott, attached to the Police Training School, he was driving car 4004 along Castle Peak Road towards Kowloon when near the Lalchikok Prison: quarters car No. 3065, which was travelling in the opposite direction, collided with him. The whole of the right side of his car was damaged.

Car No 4772 was that time fol- lowing behind and it crashed into his vehicle. As a result of the col- ision. his passenger, Miss Cohen. was injured.

JUDGMENT FOR DEFENDANTS

Arising out of the sinking of a junk on which were 750 bags of sulphate of ammonia and 150 bags cement, an original jurisdiction netion instituted against the Canton Insurance Office Limited (defendants), by the Hip Fat Finn (plaintiffs), claiming for 89,00 on an insurance policy taken out with the defendant company, was heard at the Supreme Court recently. Yester day, His Honour Chief Justice, Sir Atholl MacGregor, delivered judgment for defendants with costs,

It may by recalled that the junk foundered near Saw Chan Island on January 3, 1936, while on her wap to Моспо

The Hon. Mr. Leo D'Almada, Jr., instructed by Mr. M. A. da Silva, appeared for plaintiffs and defendants were represented by Mr. H. C. Macna Mara, instructed by Mr. W. A mackinlay of Messrs, Deacons.

..

CANE FOR EAR.RING SNATCHER

ARMISTICE DAY

Governor To Honour Chinese War Dead

At the conclusion of the Rain ceremony at the Cenotaph, on Thurs- day, November 11, the Governor, Sir Geoffry Northcote, together with his Staff, followed by the General Odicer Commanding, the commodore, the Officer Commanding the Royal Air Force, and the Executive and Legislative Councils will assemble at Government House and proceed to lay a wreath at the Chinese Memorial Arch in the Botanic Gardens.”

The party will arrive at the Gardens at 11.45 am. Persons desirous of at- tending the Ceremony should arrive not later than 11.40 am.

The form of Ceremony to be adopt- ed is to be as follows:-

His Excelleney the Governor with the General Officer Cominanding, the Commoriore in Charge, Hong Kong, the Officer Commanding the Royal Air Force and Menibers of the Ex- ecutive and Legislative Councils will be met at the foot of the Botanic Garden steps by the Chinese Members of Councils, who will eseert them up the steps to the Memorial.

"Last Post will be sounded by Militarry Buglers. Then there will be a short pause followed by "Reveille". His Excellency the Governor will then lay a wreath followed by the General Officer Commanding tho Commodore in Charge, Hong Kong, the Officer Commanding the Royal Air Force and the Secretary for Chinese Affairs.

Chinese Members of Councils will then lay a wreath followed by Chinese Representatives on the Urban Council, Senior Members of the Dis trict Watch Committee, Chairman of

the Tung, Wah Hospital, Chairman of the Fo Leung Kok, and Chairman of the Chinese General Chamber of Commerce.

Wreaths will then be laid by others who desire to do so.

Space will be reserved at the top of the staps under the Memorial for Members of Councils,, Chinese Mem. bers of the Urban Council, Repre- sentative of the District Watch Committee, Representative of the

the Po Leung Kuk, and Repre Tung Wali Hospital, Representative

sentative of the Chinese General Chamber of Commerce.

"Last post" and "Reveille" will be blown by buglers of the 1st Battalion, the Seaforth Highlandere. A body of Chinese Ratings of the Royal Navy, a body from the Chinese Section of the 40th Fortress Royal Engineers and a detachment from the Hong Kong Naval Volunteer Force will also parade,

The steps leading up to the Memorial Arch will be lined by the Chinese Company of the Hong Kong Police Reserve; and a detachment of District Watchmen will parade under Inspector Ellis, and also a representative party of Boy Scouts..

SCHOOL TEACHER

IN COURT

The charges against Chiu Man- fee, school-teacher, of (a) behav- ing in a disorderly manner near No. 91 Connaught Road West on October 22 with intent to provoke a breach of the peace by telling coolles that goods they. were handling were to be sold to the Japanese, and {bh being ini premises for an unlawful purpose. were dismissed by Mr. R. A. D. Forrest at the Central Magistracy yesterday.

Detective-Sergeant J. Allen said that No. 91 Connaught Road West the godown occupied by is a Shanghal Foreign Trade Office of the National Resources Commis- soin. About 10 am on October 22 Coolles were engaged in loading bags of wolfram pre on Two hundred and sixty bags had been loaded when the defendant went into the godown and said to the No. 1 Coolie: These goods are

junk.

Japanese, why do you work for them?

Some of the coolles thereupon stopped work. The news spread 'outside and "soon a large crowd of

about 400 people had gather. The junk was attacked and ave, bags. of ore were slit open and two dumped. The crowd had even- tually to be dispersed by the no- lice.

Before evidence was called Mr. M. W. Lo, defending, submitted that so far as he could see, ac- Lam Sze, 22-year-old unemploy-cording to the Section under whila Board of Directors and the following ed, was sentenced to five months defendant was charged, it was shareholders were present: Mesars. A

A meeting of holders of partly paid shares followed at which the same

H. Mackenzie, F. E. A Remedios imprisonment with 12 strokes of recessary that threatening. ob- (Union Trading Co.), J. J. Edgar, the cane when he was found guilty scene or profane language had to Chung Wing-wo, Chan Chang-sing, A. by Mr. K. Keen at the Kowloon be used before that Bection came

J. Edgar, A. Zimmern and W. A. Figueiredo.

be

Magistracy yesterday of the charge The Chairman suid: You are holders of having snatched a gold ear-ring of partly paid elures and as such will from an aged widow in Shanghai benefit to the extent of 25 conta per Street on Baturday. Detective share representing the difference be- Bub-Inspector Cunningham ..re- tween the extinguishment, of liability commended defendant to of 75 cents per share on unpaid capital, banished from the Colony. and the excess of 50 cents per share in the pari papus reduction against capital loss. Your Board hopes that this concession which has been advocated as a compromise to ensure payment of the call which is to be made, will be fully appreciated by shareholders and will lead to prompt payment of such call. I may mention, Gentle men, that it is the intention of your

Board to call up the unpaid capital as soon as the petition for reduction

fa sanctioned by the Court.

into operation. Defendant had spoken no such words.

His Worship agreed.

GIRL GUIDES ANNUAL MEETING

The annual general meeting of

After expressing the same hopes of the Girl Guides Association, Hong

& dividend being in sight, the Chair-Kong Branch, will be held at

man proposed the resolution again.

The resolution was seconded by Mr. Sandilands Hut on Monday, No-

yember 29, at 10.30 a.m. : A. J. Edgar and passed.

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