1889-07-08 — Page 2

Intimations.

BRIGHT CRISP | SPARKLING. AKIN'S TREDLE AÈRATED WATERS

DAKIN'S The best English make.

SODA WATER.

LEMONADE.

GINGER ALE.

QUININE TONIC.

SARSAPARILLA.

PHOSPHOZONE.

POTASH.

LITHIA.

SELTZER.

CHALYBEATE TONIC. Rooks of order forms forwarded' free on application. DAKIN BROS. OF CHINA,

LIMITED,

QUEEN'S ROAD CENTRAL, Opposite Hongkong Holel,"

HONGKONG

(Telephone No. 60.) Hongkong. 24th June. ‚1889,

THE HONGKONG TELEGRAPH, MONDAY, JULY 8, 1889.

LOCAL AND GENERAL.

H.M.S. Impérisusa attived at Kobe from Kores

on the 16th ulto.

THE British Legation at Tokio la being fitted up with electric lights.

DURING last month the following vessels entered at the Shanghai Customs-113 British; 64 Chinese; 71 German : 20 Japanese: 5 French

American, and 1 Norwegian, making a total of 225.

THE telegrams from the Singapore papers, re- preduced in another part of this issue, give a irifle tuore information regarding the Portuguese IN the Japanese native papers it is stated that action at Delagoa Bay than those previously a new treaty with France has almost been concluded,

published,

THE North-China Press Packing Company of Shanghai, will be registered in Hongkong as limited liability company.

THE French cruiser Villars left Shanghai for Nagasaki on the 20th ulto. She is expected shortly to visit Vladivostock.

THE returns of the number of visitors to the City Hall Museum for the werk ending July 7th, are:

Europeans 215, Chinese 2,248; total, 2,463.

We are informed by the agents (Messrs. Jardine, Matheson & Co) that the "Glen" liner Glenros, from London, left Singapore yesterday for this

port.

A REGULAR meeting of St. John Lodge. No. 618, SC., will be held in Freemasons Hall, [13

Zetland Street, on Friday, the 12th instant; at 9 for 9.30 pm. precisely. Visiting brethren are

Ą. S. WATSON & CO., LD. cordially invited.

ESTABLISHED A.D. 1841..

Tift agents (Messrs. Melchers & Co.) inform us that the Norddeutscher Lloyd's steamship IN drawing atention to our special prepara. Dresden, with the German mails, dated Berlin rions, we beg to state that we continue to 11th June, left Singapore for this port on Satur import Drugs, Chemicals, and Goods of everyday at 7 pm. She is expected here early on kind of the best description only. No other Thursday morning.. quality is kept in Sinck. Our long experience and intimate acquaintance with the Trade and the best sources of supply enables us to purchase direct from the Producers on the very beat terms, and thus gives us an advantage which enables us to offer our Constituents the benefit of a considerable reduction is the price of all Specialities of our own Manufacture or putting up, as compared with similar articles sold else where.

WATSON'S

* CHOLERA AND DIARRHEA REMEDIES.

CHOLERA. MIXTURE,

As prescribed and recommended by Dr. AYRES, Colonial Surgeon, when President of the Hongkong Sanitary Board. To be used in cases of vomiting and purging attended with violent pain, Prepared only by

A. S. WATSON & Co., Ltd.,. THE HONGKONG DISPENSARY, Hongkong, China and Manila. In Battles, $1 and $1.50 each.

ASTRINGENT ANTACID DIARRHŒA .

MIXTURE. As recommended by the London Board of Health for use in all cases of Diarrhea, Cholera,

&c.

Prepared only by

A. S. WATSON & Co., Ltd., THE HONGKONG DISPENSARY, Hongkong, China and Manila. In Bottles, $ and $1.50 each.

WATSON'S

ASIATIC CORDIAL. DOSE :-For Diarrhoea, Colic, and Dysentery, 1 tea spoonful every 2 or 3 hours. For Cholera, 1, 2, or 3 teaspoonfuls every hour, or in urgent cases oftener.

In Bottles-50 cents and $1 each.

WATSON'S

CHLORODYNE.

Dosi-Ten to twenty drops in brandy and

water.

In Bottles-50 cents $1 and $1.50 each,

WATSON'S

Dose

ASTRINGENT PILLS,

FOR DIARRHEA, DYSENTERY, &c.

One pill after each liquid Motion, In Bottles 75 cents and $1.50 each.

WATSON'S

· ANODYNE LINIMENT.

Colic, Cholera, Diarrhea, Inflammation of the For relieving pain in all cases of Spasms,

Bowels, &c.

DIRECTIONS FOR USE-Sprinkle some on hot Flannel or Spongio. Piline soaked in boiling water and apply over the seat of pain.

In Bottles, 75 Cents and $1.50 each.

BERMUDA ARROWROOT. RUSSIAN ISINGLASS, CALVES' FOOT JELLY. Invalids' necessaries and appliances of all kinds kept in stock.

1.

'A. S. WATSON & CO. LIMITED, THE HONGKONG DISPENSARY, HONGKONG, CHINA AND MANILA.

The Honghong Telegraph

HONGKONG, MONDAY, JULY 8, 1889.

TELEGRAMS.

མ་དམ་

THE PANAMA CANAL.

PARIS, June 29th.

AN Emergency meeting of Zetland Lodge, No. $35. EC will be held in Freemasons Hall, Zetland Street, on Thursday, the 17th instant, at 8 30 for 9 p.n. precisely. Visiting brethren are cordially invited.

We are awfully sorry to hear that Minnie Hauk is said to have lost her singing voice. Even in "Carmen," which she has been playing on the Continent, her vocalisation has been so unsatis

Tactory that at Posen the audience hissed her so vigorously that she went into hysterics. Poor Minnie! she used to be 'real nice. N

The following programme will be played by the Band of the Argyll and Sutherland Highlanders at the Sanitarium, on Wednesday, the toth inst., commencing at 5 p.m. :—

Vale

Seletion

Selection

"Peter Schmell",

Brisa das Wuits”.............. ..." Reminiscences of England *

Danse du Tambauris The Golden Legend" "GOD SAVE THE Queen,”

Weber. Lamatte, Godfrey ...Boggetti.

Sullivan,

A MEETING of the Committee of the Hongkong Public School was held this afternoon to consider the offer made by Mr. E. R. Bellias to erect at his own expense a new building for that institu- tion. Mr. Belilios, with a discretion for which THE Superintendent of the P. & Q. S. N. Co. he is to be commended, had materially modified informs us that the Company's extra, steamer the stipulations of his original offer. In fact the Thibet, from Bombay, left Singapore for this only conditions he made were that during the part at 4 p.m. on the 6th inst.; and the Comsummer months, there should be four hours secular pany's extra, steamer Hongkong, from London, instruction daily, and during the winter months left Singapore yesterday at 8 am. for this port. five hours. These terms were, of course, unanimously accepted, and we now venture to hope that all difficulties have been satisfactorily removed.

!

i

How soon, says a correspondent, the glory of a great singer fades when the voice is no longer perfect was reminded of this unpleasant fact the other night when the once great tenor Cam panini came into an Italian restaurant to get his dinner. How things have changed with him Less than ten years ago all the musical world was at his feet. Now, with voice and money gone, he is unsought by the people who used to fawn upon him. The only great singer who has been able to preserve her voice in its purity to middle age is Patti. Nillion and Gerster lost theirs comparatively carly, but, Patti is still "the queen of song."

As will be seen from an advertisement in another column, Geo. Fenwick & Co., Limited, have! decided to pay an interim, dividend of 5 per cent, on the capital of the Company, or one “dollar and a quarter per share. We are glad to satisfactory headway, and fully answering the learn that this enterprising concern is making expectations of its promoters.. The results of the first half of the present year show a clear profit of nearly $15,000, and prospects are most encouraging. It was at first contemplated to pay a larger interim dividend which the profit could well afford, but on re-consideration the management thought it advisable to err on the

safe side.

.

Mr. L. Mendel, one of the witnesses sub- penned, addressed his Lordship. He said that he did not know why he had been subpoenaed he had nothing to do with the case, and if he stopped there he would neglect his business, and he hoped the Court would let him off.

His lardship spied that he did not know why he was subpoenaed, either. He hoped that, as a large number of gentlemen engaged in business had been summoned, the solicitors would afford them every facility for looking after their affairs, Mr. Francis said that every witness had been already informed by the solicitor that there was no necessity for staying in the morning, and that any who were required in the afternoon would be personally notified. Therefore there was no necessity for Mr. Mendel to make such an application.

Mr. Mendel ironically thanked him for his thoughtfulness, and left, returning soon after wards and staying in the Court on his own accord.

The Attorney-General, in opening the case, said:--

This is an action for damages and breach of contract, the amount of damages being fixed at $5600. The facts, of the case on which the plaintiff relics are as follows-The plaintiff, what is well-known in the Colony, is employed by Messrs. Russell & Co., who are the agents for the Yangtze Insurance Association, as under writer for that Association. On the 16th January last, through his brokers, he entered into a contract with the defendant, Mr. Rustonjee, for the purchase of fifty shares in the the Hongkong Rope Manufacturing Company, at the price of 894 each cum all, for delivery on the 31st March. During Company had been sacar lly ones. in this Company had been gradually on the rise. During the mouth of March-that is to say after the 16th Janury, which is n very crucial date in this case-the annual report of Messrs. Russell & Co. in connection with this company was issued, and shortly afterwards the general annual meeting of the shareholders was held, and a dividend of $6 per share declared. In she ordinary course of events, under the contract, the plaintiff was entitled to the dividends on his shares on the gist March,«Now the No share market business has been reported

circumstances which I have alluded to are practically admitted by the defendant. It is to-day, nearly the whole of the noble fraternity

admitted that the contract was entered into, and of brokers having been enjoying a holiday in the Supreme Court. If all had their deserts WE give here an instance of prompt philanthropy if I understand my learned friend aright the there are some of them who ought to be cooling on a large scale, which may have some interest plaintiff was entitled to the dividends in the their heels in "the Retreat," where free board for local millionaires. It was in the year 1971dinary course of events. But now what hap that the Duke and Duchess of Galliera began to pened The 31st March fell on a Sunday, and and lodging are provided by a generous colony-be talked of as great philanthropists. In that year settling day amongst the brokers was fixed for, The common people of Austria and Hungary the city of Genoa was menaced by a disaster, the 30th. That day the defendant did not are so given up to investment in lotteries that People feared that their trade would be irre deliver these shares, but in two or three days, the attention of the Government has been called trievably injured, for it was proposed to possibly four, after the 30th March any to the matter, with a view to the suppression of remove the arsenal to Spezzia, as the port how, a printed circular, signed by him, was sent round, dated the 29th March, in which all schemes of the sort. The officials of both of Genea was too small to contain the Governments are now negotiating with the view ships which were flocking thither from all after making various vague suggestions about of simultaneous action in prohibiting lotteries of parts of the world; and the Government a "corner" having been created, and fraud. nay kind in each of these countries.

was not in a position to assist the town committed against him, he offered to settle all in the enlargement and improvement of the share transactions in respect to Ropes at the port. The Duke of Galliera, with one stroke of rate of $150 per share and brokerage. Of course the pen, removed the evil. He gave his native the plaintiff was not going to take anything town the munificent sum of 25,000,000 francs, like tha-thence this action. On or about the or $5,000,000, for the much-needed works. It 31st March, as the plaintiff will tell you, the would be impossible to describe the enthusiasm market value of the shares was at least $200. with which be was received when, together with The defendant having declined to carry out his his wife, he came to Genon for the first time in contract, the plaintiff claims the difference between $94 per share and $200 per share, the twenty years. The town was illuminated and

market value on the day of delivery. This the workmen of the part actually knelt down and

amounts to $5,300, and in addition to that we implored the blessing of a man who had come to their rescue in so timely a manner. A spec claim $6 per share dividend, which makes the facle that would gladden our eyes would be the total $5,600. Now let me call your attention to the sight of working men and women kneeling and defence set up in this case. It is somewhat imploring the blessing of well, yes, let us say remarkable. In the first instance the issue they the ex-honorable Mr. Belilion.

take is the market value. They deny that it ever anything like approached $200 per shute. But in considering the market value of the shares A CORRESPONDENT writes from Amay to the N. C. Daily Nesus on the 29th ulto-On Monday you have nothing to do (i speak subject to the cor- rection of his lo.dship) with the intrinsic value of evening, 24th June, news came in that a tiger the shares. I take it that with very few exceptions, was on the mainland some 8 or 10 miles eff, and in every market in the world and in the shares following morning in search of the beast. By 5 real intrinsic value, but is a fictitious nature. Mr. Leyburn and Mr. Harding, were off at to the of every company; the market value is not the the same afternoon they were back with it, and

It may be either or below their real value, and it turned out to be a young tigress. The two sportsmen heard that another tigress was in theey are subject, as you know much better than neighbourhood, so before they left, they arranged such as bulling and bearing by private persons, I can tell you, to "comers," "rings," operations with some of the villagers that at dusk that by brokers, and, last but not least, by such men night, when the tigress came out for her usual

as the defendant in this case. He describes prowl, they were to place a cow in the route she himself as a "broker and general dealer generally come along, watch it, track her to her

in shares," which I think you will describe den, and then come to Amoy, and let Mess75,

by a rather different name.. However, we will THE San Francisco Chronicle says it is rumoured Leyburn and Harding know where she was.

take his own account of himself, and call him crowned King of Poland, though why he should state of great excitement, and said that the that this contract was repudiated on the grounds a general dealer in shares. The second issue is that the Czar of Russia intends shortly to be They come in early the following morning in a do so is one of those things that is past finding previous evening whilst two of them were leading out. The discussion of the subject brings the the cow that was to be the bait, the tigress of fraud and concealment. I will take the latter fact prominently put that Poland, before the suddenly sprang up them with a tremendous first. As far as i can make out the case is this The plaintiff is employed by Messre. Russel! partition, was more of a republic in principle roar; one of the men was carrying a large than a monarchy. She had a constitution and umbrella and the tigress facing him, he flourished & Co., who are the general managers of the Rope Company, and it is alleged that on the oth the King was chosen by vole and did not inherit it in her face and scared her. She then took on January, when he entered into this contract, he had his throne. The common people were not the cow, and went off to her den with it, to which

a special knowledge that the Comirany bad had permitted to have a voice in the choice of their they tracked her. Messrs. Leyburn and Harding

a very good year during the preceding twelve ruler, it is true, but in every other respect the went off at 3 the same afternoon, and were back

months, and was about to declare a big dividend, Government was practically that of a republic, at 7 with a magnificent specimen it has not

and that he did not, when be entered into the' The European press express the opinion that at been measured yet, but it is about the largest best the design of the Czar, il carried out, would shot so far. They had a very dangerous hunt be but an empty and meaningless ceremony. after her, they came across ber asleep after have ing a gorge on the cow. Both fired and missed, AMERICAN writers are popularly credited with she then rushed away down a ravine, Mr. being responsible for much that in the vernacular Leyburn got at one end and Mr. Harding at the of the newspaper office is called "rot," but it is other; she came towards Harding's end and he doubtful if any writer of prominence in the fired, hitting her in the side. Leyburn then had United States was ever guilty of anything that a shot at her and bowled her over, and then they can be compared to what Macaulay wrote con- both gave her a coup de grace. This makes the taking that view of it, the defendant then con- The Attorney-General continued: Well, cerning the playing of Vaganini "His ethereal ninth tiger shot here during the past twelve tends that the plaintiff, with other members of runs the passage, "fall like flakes from months, and Leyburn's fifth. Hunting tigers Messrs. Russell & Co., including one of the the instrument and then, rising into the air, here is very dangerous, as it has to be done partners, confederated, before entering into this crystallize and form stars." Another writer, who foot; there are no elephants to be comfortably had seen Hans von Bulow, outdid the sentence perched on the back of, and the beaters are hardy Contract, to take advantage of their special quoted with this: "In the high white light of a Chinamen armed with anything from a cudgel prices, and hold them until a fictitious knowledge to buy up all the shares at current matchiens musically intellectual mind"all_he.] to a trident. touches becomes instinct with a vivid life. The

price was created, with the object of defrauding tone leaps up to meet his electric touch, and lo

the ignorant and unwary public, of which this general dealer in shares" is one. I shall put the plaintiff into the witness-box, and be will tell you that at the time be entered into the contract he had no such special knowledge, that he knew nothing of the prospects of the Com- pany and that neither on that day nor any other federacy or corner of any description whatever. I did he know of or was he party to any big con- shall put him in the witness-box, and you will be able to judge for yourselves as to the truth of the defendant's hypothesis,and Ichallenge my learned friend to subject him to cross-examination. I take it that the defence will niso rely on the issue that, by reason of the operation of certain mem- bers of the firm of Russell and Company, the FOTTE V. RUSTONJEL.

defendant was unable-perhaps I ought to The long-expected action brought by Mr. G. | put it more strongly-by reason. of the F. H. Potts, of Messrs., Russell & Co., against acts of the plaintiff It was rendered impos- Mr. S. Rustonjec, brokery for the recovery of sible for the defendant to carry out his contract $5,600, being the difference" au a sale of fifty because he could not take it up-could not Rope shares, and the dividend of six per cent, obtain shares to meet his contract. I think that on the said shares, was heard before Mr. Chief argument will strike you as a somewhat peculiar Justice Fielding Clark, sitting in Original Juris and strained defence. Here is a man who is a diction, this morning. The following gentlemen general dealer in shares by his own admission. formed the special jury:-Messrs. Alexander He goes on the market and buys and sells what Lovy, W. G. Brodie, G. A. Wieler, J. Fowler, he has not got, taking, of course all the chances EJ Max Paquin, R. K. Leigh, and F. of not getting the shares he purports to sell, and Dodwell, Mr. C. A. Tomes was objected to. The then he comes bere and complains that someone Acting Attorney-General, with Mr. Pollock else has bought up all the shares, and therefore (instructed by Messrs. Wotton and Deacon), he cannot perform his part of the bargain. But appeared for the plaintiff, and Mr. Francis, Q.C, you will be able to judge for yourself the truth of with Mr. Robinson, (instructed by Mears, what I say are the real facts of the case, and I Ewens and Reece) represented the defendant. think you will have no difficulty in coming to the Mr. Francis asked permission, before the case conclusion that this defence that has been was opened, to make an application under section raised as regards the alleged fraud is a deliberate 67, subsection ga, of the Code, for leave to make fabrication in order to enable the defendant to certain amendments in the suswer, with a view evade his abilities, to narrowing the issues, chang

The Attorney-General thought it was an extraordinary application.

H lordship, after some consideration, granted

notes,

a marvelous tonal edifice is erected under our. very sight, or rather hearing."

THE TEA RACE,

The Chamber of Deputies has passed the bill authorizing the Official Liquidator of the Panama Canal Company to issue unplaced bonds in order to maintain the works on the Canal, pend-OUR Shanghai morning contemporary of the 1st

The Mutual Shippers' steamer Moyun, with ing a decision of the question as to its completion, inst, says " Yesterday morning. Mr. Peter new season's tea from Hankow, arrived at Schmidt, a municipal tax-collector, made a London on Monday morning last, the voyage successful attempt on his bullet entered the days slower than the Moyune's run last year, having occupied about 36 days. This is two with revolver. The roof of his mouth and lodged in the brain. It her time then being a little over 34 days. The appears he had been brooding over his mis-vessel's average speed this trip would be about

13 knots. fortunes since his wife's death, and this led him to take his own life. Ho sout his son out yester- day morning to buy something, and when the lad returned he found his father lying on the floor. The police were communicated with and he was taken to the General Hospital, but he died at 5 o'clock." At an Inquiry held on the and inst, before Mr. John Macgregor, Acting Consul for Denmark, a verdict was found that the deceased committed suicide by shooting himself with a revolver."

ARMENIA AND THE PORTE.

LONDON, June 29th. In the House of Lords the Earl of Carnarvon called attention to the alleged outrages on Chris- tians in Armenia. Lord Salisbury replied that the Porte denied the outrages; but anyhow the British Government repudiated any responsibility, and was not at present prepared to force Turkey to execute her promises with regard to Armenia..

· PORTUGAL IN SOUTH AFRICA. ・

The Portuguese Government has suddenly cancelled the Concession for the Delagos Rall way, on the ground of failure to complete it within the specified time. In connection with this a gunboat proceeds at once to Delagoa Bay.

July ist,

The Portuguese muthorities have seized the Delagon, railway, uprooted the rails, and the employés who resisted have been arrested.

The British Consul reports that the lives and liberty of British subjects are endangered.

Directions have been telegraphed out to the Commanders of the Cape and East Indian Squadrons with regard to taldag action st "Delagon,"

-

PROPPING UP THE THRONE

July 'sthe The Earl of Fife's wedding with the Princess Loulds of Wales will take place on July 27th,

THE proposed local Assurance Company in this colony could scarcely failed to have proved a vast success had it been properly floated. In an article in the June Forum an undoubted autho- rity on the subject says that unlike capital invested in other business, insurance capital gets an income from two sources of constant invest ment-from mortgages and from insurance. As a consequence, in 1886, while the average rate of interest was about 4-75 per cent, and while rails way capital stock earned less than 3 per cent dividends, insurance capital earned more than 13 per cent. In 1887 the dividends upon it averaged nearly 14 per cent. Following are a few rates of dividends declared in 1887 Fire Association of Philadelphia, 40 per cent. Forest City, 28 per cent Franklin, 25 percent; eleven companies, 20 to 24 per cent eighty-ave.com panier, 10,10 20 per cent each. Nor was 1887 an exceptional year.”

THE ROPE corner caSE,

contract, did not reveal to him the fact of this knowledge. For a moment we will assume that

he had it.

Mr. Francis interposed. That was not the sort of concealment they were going to allegr; they were relying on the existence of the shares and increased their price. "ring" or "corner" that bought up all the

Mr. Pollock having then read the pleadings. George Frederick Hutton Potts, the plaintiff, was then called. He sald-I am in the em ployment of Mears. Russell & Co. an underwiller 19the Yangtze Insurance Company, Ireceived a

|

hemp.. The fact that a considerable risc had occurred necessitated à profit being made. I do not know the relative prices of hemp and repe. Although the Company failed to pay for three years, when hemp was cheap, they made a profit when it get dest. A permanent dividend may be expected, as the rope is getting known all over the world, and orders are coming in. I did think, with the bistory of the last four years, that the $50 stock was worth $ago, if it was i going to pay a regular dividend of 12 per cent. They earned $52,000 and if they had paid it all nway it would have made the stock nearly a seven per cent stock. I became aware of the extent of their profits about a week before the report came out. Besides, their land was bought for $10,000, and now it is worth between $60,000 and $70,000. I know this from seeing land everywhere going up in value. I knew that the previous losses had to be first paid off out of the $2,000, but it was unnecessary to write off any. thing for depreciation, owing to the increased value of the Innd. I knew in December that the value of hemp and rope was increasing, - I cannot any, without referring to my books, when the sales of rope, and consequent increase in insurance, were largest, About the beginning of February I got it into my head that; these shares were bound to gat up. I have a room at the office, but do not mess there now, We simply discussed ordinary events at table, and did not refer to our share transactions. We may speak of what is going up or going down. I had no idea, in February, of what my profits might be. I thought they would be larger ihan before. I did not know what the profits were; I estimated them for myself., I believe

circular from the defendant offering a compromise; I have not got it now-I tore it up. The circular produced is similar to it. I received it about the 3rd of April, I should say. The circular originally offered to setție for $130, but the figures had been changed with a pen to go. I took no notice of it, because it, was absurd, The Com pany had by that time declared the year's results, and shown that the shares were, worth $250. 1 knew the Company was aping to declare e dividend about a week before that some time in March-1 should say about the middle of the month. I heard they had had a good year. but did not hear any figures. The annual meeting was held on the asth March, I believe, and e- dividend of 12 per cent, declared. That gave $6 per share. I swear positively that the first intimation I bad about the results of the year's workings was received about a week previously, I had some personal knowledge what the fluctuations in the market were from January. They were then $94. In February they rose from $100 to $180, and in March I believe they were as high as $210. I cannot give any reason for the improvement, except that it was rumoured outside that the Company was doing well-that hemp was getting dearer, and the Company had a good stock. They could have learnt that from Manila. The rise in hemp commenced last December. I had several transactions in Ropes after January I sold 125 »abares about the 6th February at $105, I think, through Mr. Coxon, and, about the same date, so shares through Mr. Mendel, nt, I think, $102. They were all to be delivered at the end of March, On the 10th February I sold 100 shares to Mesars. Benjamin and Danby, et $185. I Lig't remember any other except with Mesars, the brokers did a big business in Ropes as fir Lightwood and Scott, to whom I sold so back as last June. The rumours about the shares, but I don't remember the date or the rofits began to circulate as early as October, I amount. Mr. Benjamin refused to give, fine the may have bought some of the 150 shares which name of the purchaser. I have no record of any I held in January about that time. I do not other transactions. On the 16th January, when recollect when I deposited them with the Oriental I entered into the contract with the defendant, I. Bank, I might have said in my replies to the 'think I had a few Ropes-perhaps fifty-in my | interrogatories that I held 'no shares prior to the passession. I had a hundred more a few days | 16th January; Lanswered from memory, without before, but I don't recollect what I did with them. making any inquiries at the bank. When I About the 16th there were several transactions received payment for shares 1 did not keep any on the market for the 31st March, at $220, but account of the settlement; 7 always destroyed I do not know who conducted them. I think them after the settlement.. 1 suppose I sold there were filty shares bought for cash, at $200 some of the 150 shares between the 1st and 16th in March. I knew the state of the market from January. 1 do not know what occurred day to day through the brokers. Four or five between the 7th and the 12th March to of them used to call on me through the day, and raise the shares from $105 to $150; I do not I would ask them how värious stock was quoted, know that there was anything added to the I know that I am charged, with others, with intrinsic value of the shater. I did not buy fraudulent concealment in this case, Mr. Tomes, them for speculation; I simply said if they rose I would let them go, and if they fell I would who is a member of the firm, being another, Mr. Shewan, who is in the shipping office, Mr. hold them. I do not know by what stages the Watson, who is in the booking office, and Mr. shares rose. I do not recollect hearing of any Frank Grimble,who is now in the Dock Company, transacilons in them at $130, $135,. $140, $145, and was formerly in our office. He left us two years. or $150, between those dates. I acquired no knowledge that added to the value of the ago. I understand what "cornering" is--I take it that if a man sells short and the shares shares, there were rumours outside, but they did are all bought up by outsiders and he finds he not originate in our office. I bought 480 Ropes, cant get any, that is a corner. (Laughter.) at $170, for cash, from Mr. Tomes, on the 25th Mr. Francis pointed out that that was hardly February. I do not know what had made the price go up so high. I certainly transacted e a definition of a "corner."

business directly with him, I do not know how i got known that a good report was coming out; I don't think it got out through the clerks —more probably through the directors. The clerks would certainly know first. I admit that I had an opportunity of seeing it, seeing, as I' did, the increased values pat on the imports and exports in the insurance policies. We did not all know that the business was dourishing; Mr. Watson would not know anything about it. He only conducted the correspondence, Mr. Shewall, Mr. Duer, Mr. Tomes, and myself, might know, When I was making my purchases of Ropes early in the year my knowledge acquired inside Influenced my dealings, but not entirely. I was influenced by outside sumours. Those rumours might have originated with the directors, on the clerks, but I am certain they did not come from me. The shares I bought frons They were paid by cash. They were for Mr. Shewan were paid for by Mr. Wotton. delivery at the end of March. He gave me the money personally. I paid Fredericks and Joseph an account for miscellaneous Transactions. with it. I tore the account up. I had not heard that Mr. Rustorjee was going to repudiate all kiş contracts for the 31st March; I did hear in a round about way, through the papers, and from rumour, Mr. Tomes never bought any Rapes from me that I am aware of. I paid for the shares I got from bim by cheque. I cannot produce thatchique, although 1 was subpœned to do it, e

Plaintiff continued-I think it is possible for a "corner" to be formed without confederacy. His Lordship thought it could hardly be acci- dental. There was a slang phrase that a man. was "cornered" when he was in difficulties, but he did not think that was applied to commerce. If a man bought up all the wheat in the market to raise the price that would be a "corner” **

The Attorney General thought that was a question for argument.

|

Plaintiff continued :~On the 15th January I had no knowledge of, nor was I party to, any confederacy for this purpose-i did not even know of the existence of any such confederacy. There was no concerted operation on the part of myself and the individuals mentioned at any time. The only think I did was, on the request of Mr. Shewan, to give him the refusal of any Ropes I had, at a price-$176. That was in March. that period i had not the slightest idea how the He asked me, knowing I had shares. During other shares were held; I, did not know how many Mr. Shewan, or Mr. Tomes, or Mr. Watson, held. I did not know either then or before. At the time I purchased I believed defendant held," for his constituents, from 1,500 to 2,000 Rope shares. In the latter part of March the general runtour was that he was short. I do not know how many shares Mr. Grimble held. I | know that in March the defendant could have bought Ropes on the market-I myself would the 12th February I bought 400 Rope shares for have sold him some at from $100 to $zz. About cash, at $170, with, dividend. I bought from Mr. Tomes, direct. I bought 100 for delivery on March 31st, at the beginning of February, at $150, I bought them through Joseph and Fredericks. About. the same time I bought 125 more, for delivery at the same time, at $101, I bought them through Mr. E. J. Coxon. I also took 25 for cash at $91. Those are all the transac tions I can remember. I had 495 shares in my possession at the end of March; the banks held most of them, the remainder were in the posses: sion of Mr. Wotton. The 495 shares were the | results of my buying and selling.

On

At this point the Court adjourned for tiffiu.

re-assembling

Mr. Levy said that the jury thought they were to be paid at the rate of $10 a day

His Lordship replied that he did not know. The Deputy Registrar (Mr. Sangster) :—It is $10 for the whole suil.

Mr. Levy--It has been granted before! Mr. Sangster-It was done before the new Ordinance.

His Lordship:-The new Ordinance fixes the amount, not the Judge, I have no discretion in. the matter.

Plaintiff continued -I have not yet got the By Mr. Francis was employed in the cheque I spoke of It is the Bank's property, Yangtze Insurance Association office, Cornhill being a receipt for the payment. I settle up my before I came here. I have been here four and banking account, but they do not send me my a half years. I never paid any Insurance money cheques as vouchers. I have not the counterfoil; ast of my own pocket, and I have never under my cheque-book is destroyed. I always destroy my written policies on my own risk. I am not a old cheque-books. I don't knowwhen I did it, but clerk to underwriters any more than any I am sure I did so. I could probably guess the insurance secretary, I am specially employed by date from my new cheque-book cannot Messrs. Russell and Co. to look after the remember if I have paid Mr., Tomes anything insurance business. My transactions are con besides this; I may have done, small amounts, ducted in a separate room. I had dealings in at cards. I knew he had shares, and asked him shares last year. I bought to sell at a profit. I if he would sell them. I think he quoted the do not call that speculation, as I intended to price. : I did not calculate their value, as I said hold them if I did not make a profit. I had 150 before, until about a week before the report shares at the beginning of the year; I do not know was issued. I only paid $170 on the 12th when I got them. I bave no record to show February because it was the market rate. H any transactions; I do all my business with don't think that transaction made the market orders on the compradore and square up at any price, because nobody knew of it, except Mr. time. I may owe him a few dollars now, 1 Wotton, Mr. Shewan might have known of it have no cheque book, but I have a banking next day; I told him I had bought shares, Account with the Oriental Bank. I cambot way but did not say how many, or at what price. ning of the year. The affairs of the Repe or how, the transaction came to be known to if I had any contracts for shar's at the begin. I told Mr. Wotton that day. I don't know if, Manufacturing Co. are looked after by Mr. the brokers that same day, I have since sold Tomes. Mr. Duer keeps the accounts, under 100 shares. I got the scrip at the time. I the supervision of Mr. Downes. The corres sold the too to Messrs. Benjamin and Danby pondence is done in the shipping office. Mr. at $18g to the end of March. I don' know for R. Shewan is the principal man there, and Mr. whom they bought." It was adjusted at the W. Shewan and Mr. Watson are also in there.monthly settlement. I do not know if I paid! I cannot say how long it is since I first held Mr. Tomes for the shares by one or more. Rope shares, about twelve months, I think cheques; I know he asked me to pay In two My knowledge of the Company's affairs in pr-three cheques of various amounts. To the January was that hemp was going up in price, best of my belief that was my last transac and I saw from the policies of insurance on hemp on before the end of March. I held about 820 coming in and rope going out that they must be shares at the end of March, Including what I had doing fairly well I did not know how much bought for cash and on time. That was nearly rope they had, but I knew they must have aa third of the whole shares of the Company, considerable quantity of cheap hemp. I can't there being 3.000. I did not mention the 100 say that I knew that the Rope works had been shares I had sold to Berjamin and Danby in my closed for six months last year my impression interrogatories. I held 495 after the settlement was that they had only been closed about two at the end of March, I bave not sold any of them months. I did not pay entirely for the shares; yet; I told a broker to bring me an offer for 100 I got an advance on them from the Bank, but shares It was Mr. Benjamin I asked, last I don't know how much, as I had several Friday, He has brought me none, but I have other abares at the same time. I knew that had several offers $170, and 3175. I couldn't in 885 the Company paid y per cent, but none way who offered that, as several brokers askedme. in 1887-8. Anybody could find that out by I did not refuse, because I wanted to keep up looking at the reports. I did not know that the prices in this case; I did not wish to sell. a 1886 the dividend was paid. before any I don't know how much the bank has advanced sales had been made. I know they lost to me Mr. Wotton advanced-tothe money, in 1886 because they ores-estimated the full what I paid He has not bought the amount of hemp required. They lost $16,000, shares If Mr. Rustanjee bad tendered me or more than they made in 1885 The next year's too shares on the 31st March 1 could have business reduced the loss to about 30000 takes them up as have credit with both was present at the meeting this year. The profit the bank and compradore I was not overdrawn might have been made on the old stocks The with either of them. I need not have depositos Chairman sold that it was due to the tie in all the shares with the bank,