1938-09-12 — Page 3

HONG KONG DAILY PRESS

THE

CHINA JOURNAL

AUGUST NUMBER

CONTENTS

THE STRUGGLE FOR SHANGHAI IN 1937. ON CHINESE ORIGINS."

!

PHOTOMICROGRAPHY VERSUS BOGUS STAMPS, THE SOVIET UNION LOOKS EASTWARD. - CHINA'S ECONOMY AND FINANCE.

THE DISPOSAL OF SHANGHAT'S WASTE PRODUCTS ARTIFICIAL PARTHENOGENESIS IN SOME CHINESE FROGS.

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GENERAL

Whole Business Of Savours Blackmail

Official Receiver Criticises

Local Moneylenders

the

The whole business savonis of blackmall," remarked Mr. L. B. Andrewts Official Receiver, in the course of a sharp criticism against methods of Indlan ́ money-lenders operating Colony, when ho" applied before the Acting Chief Justice, Mr. Justice R. E. Lindsell at the Supreme Court Saturday, 10 re-open certain money-lending transactions in order to obtain from the moneylenders particulars of the transactions they had had with Archibald Robert Hynes, bankrupt, formerly trading as the Victoria Printing Press.

оп

NEFARIOUS BUSINESS

The Registry records show that for many years past, anything from 500 to 1,000 persons per year con- sem to judgment in favour of in- [dian money-lenders. The records of the Supreme Court Accounts Office show that this annual crop of new judgment debtors pay into Court by small instalments a total amount of anything from $30,000 to $30.000, per year all of, which is paid out to the money-lenders. Ir. one Instance (S. J. Action No. 857/1924) a consent judgment

The Official Receiver said:-My | fact they appropriated it wholly to debtor has been paying small in- Lord, I am the trustee in this payment of interest at exorbitant į stalments into Court for over 14 bankruptcy and this is my appli- rates. The result was that he be-years for the benefit of a money- cation It is brought under See.came more and more deeply en lender. This huge volume of de- 2 (1) and (3) of the Money-lenders tangled. He was the owner of a tailed and nefarious business, oc- Ordinance No. 18 of 1911; ac re-prosperous business, which the cupies the time of several mem.. terence" may also be made to money-lenders ruined by infesting (bers of the clerical staff of the Sections 97 and 110 of the Bank- the premises. Finally in order to Court. ruptcy Ordinance, No. 10 of 1931.

Before read my appiication and report I would explain that the position briefly, is that before the

debtor's adjudication in 1938 cer

COURT'S RIGHTS

MUST GIVE PARTICULARS,

It is respectfully submitted that the evils arising out of money,

get rid of them and to avoid the The records of the Bankruptcy publicity of contesting their claims Department shew that for many he consented to the judgments. He years, approximately 75 per cent says that the pubiicity of being of the persons who have been ad- entangled in legal proceedings with judicated bankrupt in this Court taln Indian money-lenders hac money-lenders would have tuined ore judgment debtors who became obtained in this Court a number his business. He produces a report overburdened with consent judg- er consent judgments against him from his former auditors Messrs.ments in favour of Indian money-

Seth and Fleming lenders. amounting to over $20,000. After Percy Smith, the debtor's adjudication these which confirms that his business

was a valuable one. money-lenders filed in my office a number of claims against the debtor's estate in bankruptcy. In the circumstances it is my lenders" transactions can be over- Their claims "are based upor the duty as trustee in this bankruptcy come immediately by the simple above-mentioned judgments.

to plate the facts before the Court and effective remedy of ordering Recently, two of these money-und to ask the Court to consider money-lenders to furnish full par tender claimants, Kartar Singh and the question of what if anything (ticulars of their claims. In the Man Singh, asked me to press the does the debtor now owe the vast jevent of a moncy-lender failing to debtor to pay more money into his ous money-lenders..

comply adequately in the first bankruptcy" account - 30 that I should be able to distribute it to them as dividends. The debtor's answer is:-

The appropriate form of proce- instance with such an order, any dure is under Section 2 of the number of additional orders "can, Money-lenders Ordinance 1911. be made against him for further The fact that the debtor...con-¦and better particulars until even- sented to the judgments does not tually he tires of them and decides prevent the Court from now into disgorge the whole truth of the akting upon the truth.

hatter or is committed to prison

-DEBFOR'S-ANSWER That although he consented to the Judgments nevertheless it is

In Exp. Lennox, 18 Q.-B. D. 315, for contempt of Court for dis unfair that he should be asked to Lord Esher at D. 323 said "Although obeying the orders. This process pay any more money for the bene-by consenting to a judgment the of getting at the truth entails no fit of the money-lenders. He says debtor is estopped everywhere else publicity whatever: and if at any that the judgments really arose from saying that there is no debt time the alleged borrower desires out of an original loan of $8.000 due-although the judgment is to question any allegation by the made in 1931 to the late Mr. A. E. binding on him by reason of his money-lender, he has a perfect Hall, Solicitor of Hong Kong, by consent, and of its being the judg-right to do so without any publicity three money-lenders, upon the ment of the Court-yet no such at all. The alleged borrower may security of a number of promissory estoppel is effectual as against the of course, if he so desires, contest notes totalling $12.000 bearing in-Court of Bankruptcy. The Court is in open Court any and every terest at two per cent per month. not estopped by the conduct of the allegation of the money-lender. The debtor was one of Hall's guar-parties, but it has a right to in antors. The debtor says that alquire Into the debt" though the rate of interest written; TO RE-OPEN TRANSACTION

Finally it is respectfully sub.. mitted that there is no reason at all why judgments in money- lenders' Actions should be for more than the 1

exact amökit - if any) owed by the borrower at the date. of the Judgment.

In my application I ask the Court:

in the notes was two per cent per monthlh fact the rates verbally agreed upon at the time of the | loan were much higher. It was be- 1. To reopen the transaction.

cause the money-lenders wished to 2. To order the money-lenders conceal the high rates of interest to furnish as a fust step a number that they require the parties toot particulars which will go to the sign for $12,000 at two per cent per root of the matter and enable the month instead of for $0,000 at the Court to see at a glance on which actual rates of interest. The debt-side are the probabilities of truth.. or says that this practice among

3. To make such consequential money-lenders and borrowers is and other orders as may be just. common knowledge.

Perhaps it would be as well

DEFAULTED IN PAYMENTS

AFFIDAIET READ

After Mr. Roberts' affidairt 'hád been read by the Official Receiver, Mr. Andrewes applied to the Chief Justice that the money-lendera

within a week's time.

Chlef ~Justice: "I think, that's

MONDAY, SEPTEMBER 12, 1938.-PAGE 3

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I mention here that the debtor's rather too short a time." Addres- In 1932 Hall defaulted in his in-case is not an isolated one. In the sing the money-lenders-How long last few months I have interviewed do you want?" After a discussion terest payments. The money- a number of bankrupts who attri- it was agreed that within three lenders then asked the debtor te bute their bankruptcy solely to the weeks, the moneylenders concern- pay the interest. They demanded | harshness of money-lenders, Rá.led should furnish particulars of

their dealings.

DEBTORS ALLEGATIONS Addressing the creditors, the

the high rates verbally agreed upon ther than risk loss of their em- in 1931. In default of "payment ployment by the publicity of con- they threatened to sue the debtor testing money-lender's claims they fur $12,000 plus interest thereof have blindly consented to judg-Chief Justice said: "The debtor at. two per cent per month. In ments for sums of money which alleges that he took part in cer-

these circumstances the debtor agreed to pay the high rates of in terest. But he says that these rates were so high that his pay- ments fell into arrear. As a result the original money-lenders intro- duced more money-lenders into the

they have informed me months tain borrowings to pay on certain afterwards they do not really owe at al

The whole business saYOUTS of blackmail. ""

interests on sums borrowed. He further alleges, that he has 'paid back something like $13,000. The Official Receiver therefore asks It Instead of consenting to that each of you to furnish parti=" transaction. The debtor says that judgment borrowers would ta fu- culars of each one of these trans- ture ask the judge before whom the actions. If you fall to get such altogether he paid more than $13. claim is heard, to order the money details to satisfy the court. the 000 to the various money-lenders

lenders to furnish particulars of debtor's case is not true and In the form of interest. His case their claims, such as I am now your proofs of your record "shall

is that the verbal agreement of

tages.

1931, was too harsh-that, the would reap the following adven-

applying for in this case, they be expunged."

money-lendera were well

aware |that it was too harsh and that they

(1) No, judgment would be BAG SNATCHER concealed its harshness by proven until the money-lenders had missory notes which bore a disclosed in writing to the judge:

GAOLED nocent appearance but which were and to the borrowers the whole

For stealing a handbag from a In fact even, more harsh.

truth of the transaction.

20-year-old womani, Yiu Wing-kam, EXORBITANT RATES

fow (2) An order for particulars be-aged 19, was sentenced to The debtor says that in fairness, ing a mere matter of procedure. months' imprisonment by Mr. Ed- the money-lenders ought to have entails no publicity whatever. wards at the Central Court on appropriated his $13,000 partly to (3) In many cases there will be Saturday. He was also recom- repayment of principal and partly no necessity at all for borrowers to mended for banishment at the ex- to payment of interest whereas in become bankrupt.

piration of his prison terni.

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MAANSHAN AGAIN FALLS

INTO JAPANESE HANDS

Tunki, Anhwel, Beptember 11. Maanshan near Bikang on the south bank of the Yangtze River which recently recaptured by the Chinese after repulsing the Japanese troops landing there again fell into Japanese hands on Friday morning. I ALANAN Swans

After severe bombardment by more than ten Japanese warships in the Yangtsë. River, Japanese infantry unite rushed the Chinese positionis. A squad · of Chinese troops guarding the point engaged in hand-to-hand fighting with them. Outnumbered by the Japanese, the Chinese fought to the last man. bg Chinese" reinforcements have been rushed up and. an attempt is being made to regain the place-

(Central News).