1889-07-10 — Page 2

Intimations.

A LUXURY FOR THE HOT SEASON.

DAKINIS new "Lanth" BATH BRUSH,

with handle. price:75 rents.

Also on hand a very large selections of FLESH BRUSHES, GLOVES, STRAPS, PADS, &c.

BATH and TOILET SPONGES, of all sizes,

A1.50

HAIR BRUSES, TOOTIE BRUSHES, NAIL and SHAVING BRUSHES, SOAPS, PERFUMES and SACHETS,

at lowest cash rates. DAKIN'S PRICKLY HEAT LOTION, the only reliable remedy for prickly heat. DAKIN BROS. OF CHINA,

LIMITED, QUEEN'S ROAD CENTRAL, Opposite Hongkong Hotel, HONGKONG.

(Telephone No. 6o.)

Hongkong. 10th July, 1889.

T13

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The purest ingredients only are used, and the utmost care and cleanliness are exercised in the - manufacture throughout.

FOR COAST PORTS, Waters are packed and placed on board ship at Hongkong prices, and the full amount allowed for Packages and Empties when received in good order.

Counterfoil Order Books supplied an applica

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COAST PORT ORDER S.. whenever practicable, are despatched by first steamer leaving atter receipt of order.

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AN eminent authority informs us that it is no longer considered a pait of a girl's education to have her ears pierced.

ENGLISH girls who have a fancy for the unique, now wear as a part of their yachting costume. under a short jacket, a shirt made like a man's. And why not?

OMAHA Judge-You must not waste much time in reiteration. That's the eleventh time you have explained that point to the jury. Omaha Attorney-You Honor will please to observe that the jury is composed of twelve.

shares which I had sold at $104 to Mr. the bond fide market trio of the shares on the due date of they themselves had sold very largely to

delivery, March the ist lostant. Persons having contracty with the Undersigned, and choosing to ignore this mystica concem. ing the "rigged" state of the market, will do so at their own risk A sult has already been threatened against the Undersigned, which will admit of the question being brought to not lamus and decision. In a court of law.

I am, Dear Sir,.

THE HONGKONG TELEGRAPH, WEDNESDAY, JULY 10, 1889.

LOCAL AND GENERALhe Ron Manufacturing Co. They are required to hold go shares by the Articles of Association. At the end of January I had 3,0 shares. On The 12th February I sold 420 to Mr. Potts, having bought eighty at $ag that day or the day before. 1. sold all I had. I did not buy On the 8th March some might have stood in my any more before the meeting of shareholders, name on the register, not baving been tran ferred. I attended the meeting as a share holder and, I believe, vuted. I did so because the shares still stood in my name. I could have voted as representing the firm The Chairman, Mr. Forbes, represented the firm. I believe could vote, Ithough I did not own any shares

The Attorney-General thought he could, but Mr. Francis contended that he could not.

Wilmari-I was paid for the shores by four cheques. I took it that way partly to suit my awn convenience and partly to oblige Mr. Potts. bought the shares from Mr. Coxon. Mr. Potts cone to be and asked me if would sell any shares. He said he thought he could get $170 for me. I did not know that was buying on I did not know who was the his own account, bayer.

Afr. Francis apologised for having associated Mr. Tomes' name with the rest in the answer. The defence acted on miscellaneous information which it was imposible to sift out, and so they were to some extent justified in putting the name in. He could only apologise for having allowed any imputation to rest on his name during the last month.

MISS HARRIET HOSMER is authority for the statement that the Greeks thought the perfect woman should have thick ankles, a big waist, square feet, and stubby, square fingers. We suppse Miss Hosmer is "built that way,"

EUROPE has according to latest returns, 129,129 miles of railroad. Austria-Hungary, lends with 45.313miles, and Germany is second with 24.573 France is third with 21,250 miles, Great Britain fourth with 19,674, and Russia stands fifth with 17,710 miles.

CANDDA is following closely in the footsteps of the United States as a go-ahead country, In | Montreal there has lately been established an association for the professional education of women, which fits members for different branches of professional life. They won't be satisfied with a divided skirt ten years hence.

An effort is to be made in Iowa to strip the law of its nonsense. Lawyers declare that deeds, warrants and all other legal papers can be cut down one-half in the amount of whereases whereforen, aforesaids and similar rubbish We intend heading a crusade against the gross impositions of lawyers in this colony at an early date.

A NICE little hermitage was discovered in the middle of a wood at Aberdeen on Monday, by Two Italian firemen had Inspector Gauld built a rude hut of small logs about a week ago, and, incompany with a Spanish ex-sailor from the Aragon and a Chilian who had run away from a ship at Singapore, were living far from the madding crowd's ignoble strife, and indifferent to any revelations at to Rope transactions which they might have heard if they had stayed in Victoria. They had only mats to sleep on, and a little ripe to eat, so that the picnic was not anything very princely. They were taken before Mr.Wodehouse, and remitted to prison as vagrants,

ensued.

AT a performance recently given in the circus at Ktnivitz. in Upper Silesia, three trained Spanish bells were led into the ring to go through certain ticks. The applause and shouts of the public excited the creatures to such an 'extert That they broke loose and leaped over the harriers among the terrified audience. A panic Many persons were gored by the animals, whose madness was increased by the shrinks and the stampede that was taking place. Other persons were knocked down and crushed Finally some cour in their efforts to escape, agrous spectators succeeded in literally Heramping the bull by the bars," and, aided by the circus employés, overpowered them and led them to their stalls.

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Mr. Tomes: That is.no satisfaction to me, By the Attorney-General: I would, not sell him the shares for himself. It was at my request that one cheque for $10,041 was divided possibly ali frus

Duer. I had to receive them personally, I went round to him with Toeg, and he said there seemed to be a difficuhy in geulng them, and"] most wait I went on Monday, as 1 waS pressed; I gave loeg an order on Shewan for them, and he got them. Shewan said he had not got his shares in, He did not object to my selling. I told Mr. Tocg it was all right. Mr. Toeg was a little upset, as he had signed for the concern, and the difference was $10,000. There has not been "disagreement between myself and Mr. Shewan, but we are not friendly. The cause was that I would never Tell him what I was doing in Ropes. In January he did not advise me to hold on ; ¦ he said he thought they would go up, I saw him in the Club the first week, in January, and he said hemp was going up, and, the shares would rise. Mr. Shewan's statement that I agreed to let him know what I was doing way wrong;" that was the cause of the mis- vaderstanding, because never would let any one know what I was doing in any shares. I never sent a message to Mr. Rustomjee through Mr. Gubbay advising him not to settle, and pro- mising to break up the "ring" by selling my shates. I sold them all openly. I sold through brokers, and did not receive any guarantees from I know Mr Perry, any Chinsman securing me. I did not learn how many shares he held. I bought 300 at $110 from him in February, for March. I did not sell him any.

By the Attorney-General:-) received a mes- sage from someone about giving evidence in this case. Mr. Danby brought it. I thought it was from Mr. Francis. It ran as follows:-It is very awkward for you to have all your share transactions exposed in Court, therefore il you can give any information to prove there was a corner the other side will not call you and you will not have all your private arrangements exposed,-I do not swear to the exact words,

bus that was the effect. I understood that it came from the defendant's side. Mr. Danby

said who had sent him-it was Mr. Rustomjee or the lawyer.

Your'a obediently,

S. Rurrenjas.

I sent that round on the 29th and goth; some I gave personally, and same under cover. I sent one to Mr. Ports on the morning of the 30th The suit 1 referred to in the circular was this pre ent suit. I had intimated, through Stoker and Young, that I did not intend to fulfil my contract with him. I heard Mr. Joseph's accoun of the sale at $300 to himself on the 12th or 13th February. That was the "bogus" transaction I referred to in the circular. I am intimately acquainted with shares, particularly Ropes, and recollect à sale of 25 shares at $125, in March, from Stokes and Young to Mr. Ewena I heard of seven or eight going," about the same time, at $roß or $110. The highest price paid out- side the "ring" was $izo. The statement that I had in December or January calculated on the increased value of the Company's land was true I had not heard of a rise in hemp, or improving prospects. Up till the end of February nothing| was known to justify the great increase in the quelations. Even if a percentage like the last is regularly paid the shares are only worth $100, I know that the intrinsic value of shares is not always a guide to the quotations. With refer ence to the contract with Iseph on the 2nd April, which I repudiated, it was not a cash transaction; as Mr. Shewan said, nor had difficulty in finding cash. The contract note was originally made out for the 6th April, but I had it altered because I stipulated for the 6th, not because I could not pay cash. so were for the end of the month.

By the Attorney General:-I am aware that I am charging the plaintiff with fraud and concealment. I have made a good deal of money in shares, and have lost a good deal. I am very well off. I am quite able to pay all claims against me. I By the Court :-I bought the shares from Mr. am a native of Bombay, but went to Calcutta Perry about the 9th or 10th February. It was in 1813, when seven or eight years old. It has my last purchase. I had not heard of any arrange-nothing to do with this case whether or not I ment between Perry'and Shewan about holding | married there. I did. I left Calcutta in 1863. shares.

and came here alınc

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His Lordship : Of course you are testing the credibility of the witness, Mr. Attorney, but you will keep to the issue, and not go into any thing, not necessary to it.

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Mr. Francis May I call your attention to the fact that if there is any proof of any conspiracy or fraud it has not been given by the defendant," He has absolutely not stated one word in support of any "ting" or "confederacy, and none of the questions which are being put to him can pos. sibly injure his credit on that point. The exis- tence of a conspiracy depends on the evidence of other witnesses. Besides, under the Code, your lordship has much greater discretion than at home in deciding what questions are admissible and what have a tendency to simply annoy a

witness.

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His lordship asked what par icular statement the Attorney-General wished to discredit. A

The Attorney-General said be was going inte his character as general credibility. Before he went into details he must ask the defendant to withdraw. If the argument went on he would see what they were trying to get al

His lordship suggested that he should be xamined on his evidence first, and then if the Attorney-General was not satisfied with his answers he could go on and test his credibility, He did not wish to stop the questions, but courts of Justice were always anxious that matters should not be disturbed unless there was reason able necessity. J

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Russell-Forbes, Shewan, and others, they said, had combined with the compradore.

have no actual proof of that. About the 2nd or 3rd April I got some information through Mr. Gub bay from Mr, Grimble. I suspected that it came from him, as 'I believed that Grimble had di agreed with Shewan, and Gubbay had just been speaking to him before he told me. I was also told that by loosening one screw the whole ring would fall to pieces. I was put on my oath not to say who told me. 'It was Mr. Gübday, of Toeg and Gubbay. That was not the sofe basis of my allegmion of fraud. I entered into a contract with Joseph and Fredericks for 400 shares, and gave instructions that they were not to be bought from the ring, "They told me they got them from Mr. Silas, and I trusted their word without seeing the name on the note.

On the 29th March 1 bought 135 at $160, cum dividend, from Mr. Layton. I don't say that is not a market rate. Mr. Danby told me Mr. Layton "was holding on to see the end of the great trans- action. The contract note with Mr. "Danby was not made out at $120 because I could not pay for it. It was never alleged that it was so until recently, when I had a quarrel with Mr. Danby. It could not have been so, as they had between $30,000 and $40,000 in their hands, and paid me at the end of the month. The note was not a "bogus" note, but I did use it to show it to make a rate. I do not deny that I borrowed these 200 shares; I got them at $94 or $95.. I dealt with them. There were 250, not 260. The other 50 were at $175. The fact that my name was not registered for them stands for nothing-I know of shares standing in the names of people who parted with them seven years ago. Although I took a great interest in Ropes, it never occurred to me to see what bemp was doing.

Re-examined 1 do not know when the "ring" was formed; I only spoke of the date when it came to my knowledge. When I bought the shares from Mr. Layton I simply bought under pressure; I certainly should not have given anything like that if it had been in open market. I saw Mr. Robinson, barrister, to see if I should buy them, and was strongly advised that I need not.

That concluded the case for the defence. "Mr. Francis, in closing his case, said that the Attorney General had concluded his speech with a charge against the defendant of deliberate fabrication, as he also implied in the last ques- tion be asked Mr. Rustomjee, namely that be merely sought to repudiate his contract and get. out of his loss by bolstering up,, inventing, contriving, and fabricating a charge against the plaintiff and his friends—a charge with no founda- tion whatever. He submitted without the least hesitation, and looked confidently for confirmation. in the verdict, that there had been a combination or whatever name they might give it-between certain persons--Mr. R. Shewan was certainly one, and Messra, W. Shewan, Potts, Duer. Watson, Moore, Grimble and others, for the purpose of "cornering" the market in Rope shares, and, as alleged in the answer, taking advantage their special knowledge, which it had been proved existed, by buying up all shares to the dis advantage of any unfortunate persons who might possibly have been selling short. It was impos- sible to get direct evidence of that except from the very prople, themselves-people who con- templated forming a "ring "did not discuss their plans viva voce; but even by their own evidence such a scheme existed. The plaintiff, a clerk at possibly $200 a month, was investing in a couple of bundred shares as far back as December, and bolding 810 or 820 in February. Was there any reasonable doubt that he was working with the rest, who, according to Mr. Danby's admissions, were buying extensively at the same time? They had valuable informa- tion, which they were using to raise the rates to an excessive and unnatural height, and, as his lordship would instruct them, if they con templated, doing so when the contract with the defendant was made it could not stand. They did not intend, or wish, or desire to have the | shares delivered on 31st March-all Mr. Potte and his associates cared for was to get the difference in value between the 16th January and then-After referring at length to the probabilities of the application for an advance from the Chartered Bank being made jointly, Mr. Francis continued that the question the jury would have to decide would probably rule for many long years to come: whether those swind- ling ring transactions were to go on or not whether speculation in shares in this colony was

limits, or whether it was to go ramping mad, as it had done during, the last twelve months, to the Injury of the colony and of all fair trade. Something like twenty-five millions of dollars were invested in shares in this Colony to-day; that meant so much money was withdrawn from legitimate trade; companies were increasing day by day, though of what description some of them Do you rememberthe Chlef Justice saying tha|were they all knew; brokers were becoming more he thought it was outrageous for a man who and more numerous; share speculators were was going into bankruptcy to tear up his books? increasing till by and bye every petty clerk in 1 don't believe there was ever any such remark | every little office would have his share sfccula- made,

tions and his broker, Mr. Whitcbend was quite Then you don't remember thai?—No, I do not right when he said that he felt disgusted

at the shame and disgrace that two clerks in an remember.

office should be asking for an advance of no less than $70,000 or $80,000.on shares in a Rope Company whose intrinsic value the jury, were best able to judge. The question had wider bearings than merely the case, under dispute, They must set aside all personal feeling and Look upon the matter as a grave and serious. one, not merely an affecting the interests of either Mr. Potts or Mr., Rustomjee, and the damages they would award would have a far greater effect on the Colony than on either of those, indivi.

Mr. T. H. Whitehead said:--I am the manager of the Chartered Bank of India, Australia and China. I recollect Mr. Potts, and Mr. Shewan applying to me for an advance on shares on the 12th February; 2, 00 shares were mentioned asa minimum; possibly 7,500. Mr. Shewan made the application, and on my not entertaining the me names with which 1 should be satisfied. 1 proposal favorably Mr. Potts said he could give unders.ood that Mr. Shewan applied on behalf of his friends, and that Mr. Poits was interested: I believe he made a separate application, but I have non cord of it. I do not remember whether it was before or after Mr. Shewan's application. Mr. Rustomjee was then called. He said :—I Mr. Poits' ‚emark about furnishing good names

am a property broker and share speculator, referred to the 2000 shares. i wrote, Mr. Shewah My holdings in Ropes at the beginning of a letter the same afternoon, of which I have a |the year weis 1064 shares. In addition I bough

I was rather disgusted that such an 259 more at the end of January from Benjamin The Attorney-General :-The defendant is copy here. application should have been made by two and Danby I did not purchase any in February. | charging the plaintiff with fraud, and I am assistants in any firm in Hongkong.

On the 4th March, I bought so shares at $120 entitled to show what is the character of the By the Attorney General:They came just from Mr. Gubbay; and on the 5th 200 at Stoman who is bringing these charges. before iiffin. It is not a fact that Mr. Potts came from Mr Danby. The latter was a, purchase, His lordship agreed, but pointed out that he

and was deducted from the settlement. On the need only deal with his immediate past. › first and made an application on his own account. He alkest in a general way possibly about 19th March I bought 125 at $150., I also look fo0 the weather-tiil Mr. Shewan came in. I am from Mr. Gubbay at $150. I borrowed 15 shares prepared to swear that he did not make a from Mr. Ewens and go from Mr. Denison. My separate application. Best for a loan on 420 salesing January for cash and forward delivery. shares. I believe he did at a subsequent date. 1

were 1.314. They were principilly at $50 For have no record of any application at any time. the end of March I sold to Hughesand Fz a 50 at Mr. Shewan made a mistake when he stated that Sco, on the 14th 25 at $89 10 Duer: 25 to Joseph joint application was never made I am positive at $89: 10 Hughes and Erra so at $93, to Light that Mr. l'otts did not inake a separate applica wood and Scott so at $97; so to A. Scott at tion on the 12th February, 1 was informed $29. On the 16th Mr. Potts so at $94 (tase that Mr. Shewan went first to one of the sub in dispute.) On the 17th 50 at $94 to Mr. Wallace accountants, and was referred to me. The way and 50 more at $94 to Mr. Denison. On the 14th February 1 sold 5 at $98 for March to she.inform stion as to the interview got out was tha alihat time several brokers came to me in Joseph and Fredericks. After that time I did cant ection with Rope transactions, and said not sell any more. On the 31st March 1 was that the Bank was alleged to be supporting "short" 325 shares. I paid $150 for 175 on the THE twentieth anniversary of the opening of the what is known as a "corner." I emphatically 29th March from Benjamin and Danby. The Virana Opera-house was recently celebrated in denied the statement, and shewed one or two seller was Mr. Layton. I was unable to get During the period of them the letter I had written to Mr. Shewan, them anywhere else. There were none to be an appropriate manner. mentioned 176 operas have been produced by simply concealing the namės. I may have had. I had enquired of different brokers for sixty-six different composers; furthermore, forty mentioned he matter utside-1 felt very indig upwards of a month. They told me they

x diffrent balleta. From 1869 to 1899 Richard

nast at the application. It is my duty a could not get them anywhere except at Wagner was oftenest represented by his works. bank manage to keep secret all transactions Russell's, I instructed severni brokers to get which covered 748 evenings, that is, thirty-seven betwee'myself and the Bink's clicals, but I did them. I did not apply to the operators. per Wagner peformances were given on an average this in self defence. I do not recollect to whom I sonally. I am not a úroker. I sent Mr. Ray to every year. Meyerbeer came next with 647 mentioned the matter.. I did not disclose the Russell's to offer $130, but could not get any. evenings, or thirty-two a year. Verdi third, had

namics of Mr. Shewan or Mr. Potts-1 recollect There began to be a difficulty in g tting shares ços representations, the equivalent of twenty-five puding a piece of blotting paper over the name,

in February. I never heard till yesterday that a year, Mozart follows in order; then Gounod. I may have mentioned their names outside; it Mr. Danby bought 100 at $100 and 100 at $185 Donizetti, Weber, Rossini, Auber. Thomas, is not likely, as Lam particularly careful not to do to replace 200 I owed him. He has charged me so, but will not, swear I did hot. The reason I$100 br kerage on the transaction. I first saw, Gluck, etc. Beethoven's average is only four

The "Trampeter of Sak-refused Mr. Potts' application on a later date was from the state of the market, and from reports, performances a vear, kingen" was given nearly a hundred times within because I'did not approve of the transaction; and that a "ring" was in existence, in the early the amount was rather large. I do not recollect part of February. My sales up to then had three years.

I was not working a "corner" Alumius is said to be as fire-proof as iron. the date of this second interview-it was about been bond fide The larger the plates of the metal composing the middle of February. As far as I can' myself. When I entered into the contracts 1 the side of the house the less liable they are to recollect it was a few days after the joint expected to be able to get shares at the usual the warped and curled by intense heat. A build. appl cition. It is quite possible that, having made rase to satisfy it. cinque buying and selling of Wines or Spirits produce excellent and piquanting with aluminium walls, such as we have des- a joint application and been refused, Mr. Potts up to the end of Feb uiry Neither Mr. Potis or tion. He might have been refused elsewhere, I when I entered into the contract. On the 31st am not quite certain that it was after the 12th March I was in a position to have paid the losses On the February; it might have been, but I cannot recol- if I had thought fit, without borrowing. lect. I have myself never bought or sold a Rope 1st April I entered into a contract to buy 4

Ropes at $166. That was with the object of share.

completing this contract. I declined to do so, for two reasons One was that I told my broker that he was not to buy from the "ring" He assured me he had not. M:. Gubbay said, also, that if 1. deferred payment for a day it might make a difference of from $30,000 to $10,0 -either the Ring night break or some divergence be made in my favor. If I had taken the shares from the Ring I should have been playing their game. } would have paid $166 to any outside seller, Joseph and Fredericks bought for me. They they say they had no such instructions it is not true. Mr. Joseph told me Mr. Grimble had gone back on the "ring" and that he (Grimble) was "cornered" himself. He said he got the shares from Mr. Silas. Mr. Joseph opened the negotiations for the purchase of the shares. He get me said he could sati fy all the claims, and the shares I wanted outside the "ring" added that he had 400 shares from Mr. Silas at the end of the month at $133. I did it for which I could have at-first $76, and then $66. Mr. Shewan. He sent me the scrip for tag from I agreed to that. He gave ine to understand Benjamin and Danby, and requested me to that he knew where to go and find them. The "carry" them for him, or get some one to do it. note was signed by the broker, and the name of it meant that I had to give the money and bold the seller not disclosed. A day or two after the shares at his disposal arranged to carry wards found it was Mr. Shewan,. I am not fifty myself, and sold the rest for the end of the sure if the contract was made. on Sunday. month at $120 and re-bought them at $123. I got or Monday. It was on the 1st or 2nd April, the money for the sale, and owed it till the Joseph wanted $8,000 against the purchase. He end of March. I practically paid $3 per share said he was pressed for cash by the Bank, and for the accommodation. I did not take delivery that he was helping Me. Shewan by carrying at the end of the month and, asked the seller, at his shares for him, and the scrip was in his I anticipated some trouble, to hold them till the account at the Bank. I said I thought the 1 April I never bad instructions to buy Ropes shares came from Mr. Silas, and be said "No, "at any price." I bought 500 at $110 on the 8th from Mr. Shewan." Then I told him I would not fulfil the contract. On the 19th March 1 | March

caused a circular to be printed and sent round.

Raspberry Strawberry Damson

Pine Apple Morella Cherty Lime Fruit, &c. A table-spoonful (more or less according to taste) added to a tumblr of 'plain or serated water forms a del cinus beverage. The addition

results.

Witness then continued:-) describe myself as a property broker and share speculator. I'am not a jobber (laughter).

His lordship: thought a jobber dealt in shares. It is no disgrace, surely.

They

Witness continuṛd:-I have my books here; My account book shows my transactions up to March, from October. It contains a memo, of purchases and sales of shares. are not all on my own account, as a speculator, My transactions in Kepes began in August. On $81. It is not the first dealing I had in them. I copied the memorands into the book at the time. The notes from which I took them I tore up. I never tore up important books before."

The Attorney-General:-You became bank. rupt in 1885? Yes.

Price, 75 Cents per Bottle, or $7.50 per dozen arihed, would survive a great conflagration in would come to me again and make another applica- his agent gave me any idea that a "ring" existed the 3rd bought from the plaintiff 25 Ropes at to be confined within something like legitimate

KASPBERRY SYRUP

Case Assorted.

STRAWBERRY SYRUP

RASP FRRY VINEGAR

Price,

$1 per

For imparting a delicious flavour to AERATED WATERS, SUMMER DRINKS, &cj&c.

Bolle

Sole Agents for Hongkong and China for MONTSERRAT LIME FRUIT JUICE CORDIALS,

A. S. WATSON & Co., LTD., Hongkong China, and Manila

NOTICES TO CORRESPONDENTS.

which iron structures of existing patterns would wither and crumble to the ground. As alumi nium nevel rusta, a house constructed of it would always exhibit a silvery, glistening surface. It would require no cleaning, except as smoke dust might gradually dim its native beauty. A sponge and water would bring all that back. Whenever aluminium is cheap enough for house-building. steamships will be made of it. This will be a revolution in ocean commerce. Hu is of alumi- nium ships will weigh only a third as much as iron ones of the same tonnage: They will be As strong and secure against damage from colli. sion as iron vessels now are. Their far greater If buoyancy will be toshat extent an increase of

safely.

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MARRIAGE.

At Ter Britannic Majesty's Consulate, Amoy, HENRY JAMES Woon, of Bristol, head constable of the Amoy Municipal Police, to ALICE ROBA, daughter of William Gordon Bennett, Esq., of New Jersey, U.S.A.

The Hongkong Welkgyophy

DROWNING FATALITY AT THE NAVAL YARD,

About half past six last evening a number of the European employés in the Naval Dockyard went down to the Slip to bathe. One of them Arthur Bakers, 25, an engine-roam artificer, who only came out about six months ago, was one

water.

of the crowd. He was but a very indifferent swimmer, and after a few minutes was scen trying to get hold of a passing sampan. He failed to hold on, and sank in eighteen feet of Search was immediately made, but nothing could be seen of him, and the police were communicated with. Inspector Swanston came and got two ab-imp boats from Yau-ma-il, whose ding nets brought up the body of the unfortunate man a few yards from where he sank.

THE ROPE CORNER" CASE.

THE VERDICT OF THE JURY, The sensational case of Potts v. Rustomjee was again the subject of general conversation to-day.

Re-examined: Mr. Shewan's admission that the application might have been à joint one is

correct...

Mr. E. J. Coxon said :-I am a broker. 1 recollect putting through a transaction of 25 shares at $200 cash on the 12th February. Mr. Shewan was the purchaser.

Saul Abdullab Joseph said :-I am a partner with Mr. Fredericks as broker. I remember purchasing 103 Ropes at $10 on-the 5th February for Mr. Legge. At the end of the month I found they were resold by Mr. Shewan, On the 7th I purchased 25 for $103, and re-sold them to Mr. Shewan. On the 12th or 13th, 50 shares at 8200 were sold by Mr. Legge on behalf of Mr. Shewan and wa bought for Mr. Shewan. I had a transaction in 125 shares at $120 on the 12th-I "financed fifty of them-1 bought at $120, and re-sold them for cash, and took them back

He

Hongkong, soth March, 1889.

action

Dear Sir,The Undersigned, being aware that his or In the Rape Company's shares intarest many people, desires to make the following statement e ja award from evidence in Els possisim of iko exirience of a “Bull " ring in Ropes, which has successfully a biced, and worked to "corder" the market, has procured bogus quotations, and wii probably agafa endeavour ta de so. The Ring" succeeded some time aga la-getting a quotation as $100 per shares, which was immat diately followed by les for cash at Bro per share? wallet #gain, without any chang ig the situation of the Company, or say Teason whaɩador, (except the existence and extortionate designs of t■"Mlog")&quotation has been obtained at 8x0o. There belag, however, a' limit to mybesimion to extortion, the Undersigned has resolved to resis:

By the Attorney-General:-They were not purchased for any of the members of Russell's | It was as follows 1-. The first witness called this morning was office.

Frank Grimble sald -I am.book-keeper to' Mr. W. H. Ray, who said:-1 am the Beares tary to the China Traders Insurance Co. I recol. the Dock Company. I was for about seven' lect being asked by Mr. Rustomjee in the last years la Messrs. Russell's office, a d' left about week in February to procure Rope shares.for two years ago. I have dealt in Rope shares this him, I saw Mr. R. Shewan on the subject, I year. My only record of my transactions asked Mr. Potta in the ordinary course of con is my draft book. I tore my contracts up. I versation at an earlier date, if he were interested bought about 300 for cash in January, and about as many for the end of January. I don' in Ropes, but he said he was not. I asked Mr. Shewan if he was prepared to sell a number of think I bought more than 200 in January, for shares to Mr. Rustomjee, and at what figure, He March, but Shewan also bought other shares in asked me to name a rate and I said $130; but zoo of which I had an interest. I gave him balf he would not listen to it, and the conversation of the 200-I bought. We had four joint transac terminated. He did not name a price, but at a tions that month. We sold what we bought for subsequent interview, in the early part of cash. I gave the Bank a cheque for $12,000, and March, he mentioned $176. 1 bad on dealings a few days later got a cheque back for $13,500 in Ropes, directly or indirectly. Prices were

I divided the $1,500 with Mr. Shewan. We fuctuating very greatly at the time. Mr. had sold at a few points advance. I bought Rustom said he was prepared to buy a A number fram Stokes and Young at $108, That was my last mention the number until I got a qu station, transaction. Those I paid

By the Attorney-General-1.asked Mr. Potts Chartered Bank. Mr. Shewan never had any of before I had spoken to Mr. Rustomjee at all my scrip nuder his control I had no difficulty in handing over some shares at the end Mr. C. A. Tomer sald :-) am a partner in the of March-there was a delay. Mr. Shewan the balance of 100 firm of Russell and Co, general managers of had to give me

And on the eve of your bankruptcy you tore up all your books?—No, I did not,

Mr. Levy asked what the circumstances were. His lordship:—I don't think you need enter into that-it isn't proved,

The Attorney-General-Do you remember the bankruptcy proceedings?--Yek

There was a good deal said about the absence of your books)-1 don't remember it

file,

|

|

duals. He did bot see bow, considering all things, and calculating any way they might, they could and that the Intrinsic valus of the shares- was over $toond daan sana, ka and a

The Attorney-Genera':-Then I must ask for the production of the Judge's notes at the time. Mr. Francia reminded him that it had been ruled that he had to accept the answers. It was hardly regular to be referring to files of news papers and so on.

His lordship instructed his clerk to find the

At this point the Court adjourned.

Mr. Pollock, on behalf of the plaintiff," said The witnesscontinued:-Thave been a specula- there were three points for considération." The tor for the last twenty-five years but only ten years first was-Was there a confederacy to give a in shares. I have speculated in oplum before, I fictitious or undue value to the shares? The understand what a corner" is. I have never second Was--Was the plaintiff an active been "cornered before, nor "cornered any member of the confederacy 2: And the third ont. I have never endeavored to make "a | was—Assuming that the plaintiff was an active "corner." It is aot necessarily one of the usual member of such a confederacy; in fact, was it operations in speculation. I got rid of nearly all either 'fraudulent or illegal, so as to enable may shares for cash and the end of January. the defendant in this case to avoid fulfilling My first transaction was on the Bib January, for his contract? With regard to the first point, the 30th. I went on dealing after I got rid of he submitted that there was not sufficicat my shares, and sold over 300 more.. I don't evidence on which they could say there know what the effect would be on the market: was conspiracy. Unless they were clearly of I know what "bearing operations are. They do opinion that the parties, could have been not always depress shares, necessarily. I was indicted for conspiracy on a criminal charge not bearing the market. That means when they must come to the conclusion that there a man goes into the market dally, and sells. I was no actual confederacy to justify "the did not do that..

defendant in evading his liabilities." With regard, to the second question, it was, quite clear that even if the plaintiff did take an active part in any confederacy-wbich was The Attorney-General was not prepared to denied—it was at a date subsequent to the answer to the affirmative.d

making of the contract, as was shown by his Wineis continued >-I was trying my

best in

selling transactions at a later date. If he had February to get shares, I went to Benjamin and | been a member of any ring he would not havo: Danby and J. Gubbay. That was sufficient for | sold. With respect to the question: asto my', purp at that moment. Having sold the application for an advance, they had: Mr.: short I did not want to expose " my Whitehead's assertion on the one, band that it! hand to every broker here, so did not was a joint application, and on the other hand go to anyone else. They would do that. It plaintiff's statement that it was not. Was it was not all hearsay—to some extent it was likely that after one rebuff, on a joint application, Actual knowledge, through my brokers' reports | the plaintiff would go again and renew it on his?

*

His lordship:-Would not the fact that he was selling for cash show that he was not "bearing

Hongkong, Wednesday, JÚly 10, 1829.

TELEGRAMS

ANOTHER GOVERNMENT DEFEAT.

LONDON, July 7th.. Notwithstanding the appeal of the Govern ment the amendment to the Land Transfer Bill was pressed to a division, and was carried, contrary to the spirit of the measure, Lord, Salisbury thousand shares at $130, but I was not to and zoo from Mr. Pey for I put into the of the Company "par value $30-could never have gods to about Russells having, all the Rope shares, own behalf ? Then with, regard to the legality

therefore withdrew the Bill.

MORE COERCIÓN.

Two Irish members of the House of Commons Lave been arrested under the Crimes Act,

about Ropes

·

·

and say the Ring Helag anxi ut, however, tat 15 should not be supposed hat he resists the fraud ar emptad mierely because the market may have gone against him, the Under- signed announces to sil whom it may concert, that, acting a pries far in excess of the real valeo of the stares, and ales la nacers of signed was himself the buyer) simply for the saka' fhis name, then fide transactions, (contacti in which the Under and not at all on account of the real value of the shares, he is ready pay off all his contracts, in casabe cannot deliver shares, at the of Bisa per share, and brokerages. The above offer is made without prejudios so the Undersigned's legal dehance, should it la y casa not be accepted ; and he arpressly disclaims admining thereby that 8340 represents the fair market rass, On the con itrary, ha la fally aware that but for the existance of *** Ring" the such premiums. Nevertheless, in the absence of any fair market. the Undersigand la consent to settle claims against ilmali at the above exceive case, to order to guard against claconatruction of his motives in resisting indiridad stamps as extortion,

The Undersigned in advised thai be is not labte la damages for non-items of skare loops to she exact of the Aerence betwees ble contract price and such price as aj my may find as

I applied to Russell's through Mr. Ray, and of the alleged; confederacy. He submitted others after that--Mr. Gubbay, Benjamin and that if one did exist it was not an offence against Danby: Toeg and Gubbay, and so on. I fix the the law. To be illegal, it must have been a date of the formation of the "ring" at the combination to carry out some unlawful purposa early part of February, The brokers told me or to carry out a lawful purpose by unlawf