THE HONGKONG ELECTRIC
COMPANY, LIMITED.,
THE HONGKONG TELEGRAPH, THURSDAY, MAY 29, 1890.
Foochow teas are good and cheap, they will be taken at home in preference to unenviable ship monis from Hankow. Now a word or two as regards the situation here. There was no delay The first ordinary meeting of the shareholders in opening fire; the enemy was attacked at once. of this Company was held at the Hongkong
A dozen chops of Ningchow, and some 40 Hotel at noon on the 24thinst. Mr. H. L. Dalrymple
chops of Kecman were shown in Kiukiang on presided, and Messrs. H. P. Tennant, E. Tthe 6th inst., but the non sanguine buyers there. Davies, L. Poesaecker, G. S. Coxon, F. Huncertain of the safety of the basis,” only took Crota, H. Wicking, C. A. Ozorio, J. F. C. da four parcels of the later description; and those Reza, W. H. Wickham (manager) and C. F. at the not out of the way prices of Tis. 37 to Tis. Harton (secretary).
409, the tael prices being about to per cent. under those current last season, but the laying down cost equalling that of last year by reason of the high rate of exchange."
The Chairman proposed that the report be taken as read, and added-Since the figures were audited we have received payments of the call of $4 onzy of the 4381 shares mentioned, and the unallotted shares have been arranged for, and will be credited to the Company in due course. I do not think I can supplement the information contained in the Engineer's report attached, giving, as it does, a concise history of the work done since the initiation of the Company in the carly part of last year; it touches on all the really important points connected with the enterprise, and I hope that, in about four months, we skal) be in a position to start the lighting of the area at present arranged for with the Government. I will only add that your directors hope that the general body of our shareholders will give the Company their solid support, and by their example encourage the general public to adopt electric lighting in every possible way. With this co. operation assured 1 look forward to a successful career, and to the eventual enlargement of the area under this light, which will materially add to the profits of the undertaking. I shall be happy to afford any further information desired.-There being no questions, he then proposed the adoption of the report.
Mr. Coxon seconded, and it was agreed to. The Chairman then proposed the confirmation of the appointment of Mr. Tennant to the Board, in succession to Mr. A C. Stokes, absent.
Mr. Wicking seconded, and the matter was agiced to. He also proposed the re-election of Messrs. Dalrymple and Feesnecker to the Board Mr. Ozorio seconded, and the motion was adopted.
The Chairman having proposed the re- appointment of Mr. Stewart and Mr. G. Coxon as auditors, which Mr. Davies seconded, the proceedings terminated.
THE RICHMOND TERRACE ESTATE AND BUILDING CO., LIMITED.
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The ordinary general meeting of the share. holders of the above Company, was held at the offices, Queen's Road, on the 24th inst. Mr. J. D. Humphreys presided, and Messrs. H. Humphreys, G. C. Cox, Mancell, Sutton, Talbot, Clements, Nobbs, etc.,,were present.
The report was adopted on the motion of Mr. Mancell seconded by Mr. Nabbs.
The Chairman proposed the re-appointment of Mr. A. W. Maitland, which was seconded by Mr. Sutton, and agreed to.
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The Chairman added that he had intended to lay before the meeting the projects ha had in view for the further advancement of the Company, but. his time had been occupied of late, In consequence of the recent fire at the Dispensary warehouse, which had entailed an immense, amount of extra work, that he was compelled to await another oppor- tunity of doing so. He would, however, let the shareholders know his views by circular, and if, as he believed, they were in accord with him, a meeting to consider the matter would be
held in due course.
The proceedings then terminated.
DEATH OF MRS. W. M. GOODMAN.
Last night (zzed inst.), after a few days' illness, Mrs. W. M. Goodman, wife of the Attorney General, died at Craigieburn,
At the Supreme Court this morning the case of Mody z Gorham was to have come on, but at the sitting of the Court his lordship (Mr. Fielding Clarke) said Mr. Francis-la
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The next day, the 7th, musters, were shown here, and although there was exhibited the usual "sweet, reluctant, amorou: delay" during that alternoon, business commenced in real earncat on the 8th, and bas, continued with a growing vehemence ever since. A great expert has just pronounced the "rush to be the greatest on record, culminating in the fiercest excitement, an excitement which as yet shows no signs of abalement."
For this "potten state of Denmark" buyers for Russia até alone responsible. But as usual ils portent leur responsabilités avec un sang froid bien insouciant.
Prices have bourly advanced until Tis. 68 has been notched for a first-class Ning-cbow.
Regarding quality, opinion is divided, but the general impression obtains that the Ningchows, as a class, are inferior to those of last season, the liquor being dull and dead; that Keemuns are quite up to an average, and are the safest and most reasonable investment for the London market; and that the Hankow district teas are superior all round in make, infusion and purity; and that "tar" is conspicuous by its absence.
But
Purity is the characteristic of the crop. purity will be no avail when it is left, as it may in a few months be left, unaccompanied by its handmaidens, strength and flavour.
Prices for finest grades have advanced on opening rates Tls 4 to 10 per picul, except for Keemuns which are slightly easier. Teamen are exultant, and it is held that a 'profit of Tis. 1,000,000 has already gone into the pockets of the unsophisticated native, whose trade, be bas for the past twelve months been assured, bas passed beyond redemption.
After all said and done there are nothing like figures to substantiate one's statements, and the few submitted are not without fate.est. The total arrivals to date are:- Kiukiang teas...139,773 ag'st 119,1334 ch. 1889
47,843 11 Hankow teas... 186,799
166,978 "
19
336,563
The settlements are :— Kinklang teas...01,804 ag1at Hankow teas...T14,183
The prices paid are :-
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1)
Mail Seamship Company and resides at Victoria aforesaid,
: ་ .
1. On or about the 13th March, 1889, the plaintiff sold to the defendant and the defendant bought, from the plaintiff at or for the picè or sum of $15 per sbare, 100 shares in a Company known and registered in Hongkong as H. G. Brown & Co., Limited, and the defendant agreed To take delivery of and pay for the said shaies on the 30th day of June, 1889..
4 On the said 30th day of June, 1889, the scrip certificates for the said too shares were not issued or ready for delivery, and it was agreed by and between the plaintiff and the defendant that the plaintiff should carry the said shares for the defendant until the 31st December now fast past and that the defendant should then take up and pay for the same shares at the price aforesaid and should further pay interest on the purchase money $10,500 at the rate of 7 per centurs per annum from the date of issue of such sarip until the said 31st day of December cr, until payment.
On the 31st day of December last the defen- dant was absent from the colony and the said shares were tendered to his brokers or agents, who were unable to accept the same, having no instractions. The shares were again tendered for acceptance to the defendant on his return to the Colony early in January 1890, but he
refused to take up and pay for the same or for any of them.
W
The plaintiff therefore humbly prays (—. 1. That the defendant may be ordered to specifically perform his said contract and to take and pay for the said 100 shares. Of in the alternative, that he may be ordered and decreed to pay to the plaintiff his dimages $10,500,
2. That the defendant on either event may abe ordered and decreed to pay to the plain- tiff interest on the said sum of $10,500 from the rst day of July, 1889, at the rate of 7 per centum per annum.
3 That the plaintiff may have his costs of
ruit and such other relief as the nature of the case may require.
The answer was as follows:-
1. The defendant admits the 1st, 2nd, and 3rd paragraphs of the plaintifs petition.
2 In answer to the 4th paragraph of the said petition the defendant says as follows:-
That on or about the 1st of July 1889, the plaintiff having failed to deliver the shares in accordance with the said contract of the 13th March, 1889, the plaintiff, and defendant entered into fresh terms of an agreement for delivery of the said shares as in the 4th paragraph men- tioned, upon the condition that on or before delivery of the said shares all formalities neces. sary to enable the Company to carry on business 59,1584-chi 1889 in the Philippine Islands should have been
7,821
complied with and that the plaintiff should satisfy the defendant thereof.
EN
#
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215,987 π 66,980 1
11
d.
aftoi agni vist 16 p. b.
+
nona.
"
1/c
J
No scitements,
Nlagchows..21 Keemunt. Holow...0,50 sy
438 mij a 1/10 Yanglowtungy, 276- Nipkaseesama Toogians 75,
4341/01/1 Sungyang... 355 18
at ma batti Olmaz? Shantama...... 4 1ồ mati), a tịot
Figures like these are eloquent enough. The bulk of the crop comes from the Henau and Hupeh districts, and such prices as Tis. 40 for Cheongaoukais, Tis. 38 for, Yunglowtungs, Tls. 35 for Sungyanga.and Oantas, and Tis 30 for Kokews are no unsound basis on which to place the safe prediction of an overwhelming fit
crop.
As to freights-well they look dicky, Nomi nally they are £3 a £3 os., but shippers to London will probably soon have an opportunity of forwarding their cheap purchases at a cheaper rate than present quotations,
The coming week's business will, doubtless afford matter for subsequent comment.
Yours faithfully,.
meeting the members of the bar this morning. C. Daily News.
I have only to refer to the very sad news, which has just reached us, of the bereavement of the learned Attorney-General, and to express a heartfelt sorrow and sympathy with him on the occasion--a sorrow which I am sure will be shared by all the members of the Bar. All who had the honor and happiness of knowing Mrs. Goodman will know what a sad loss It is, and under these circumstances the learned counsel engaged in this case have requested that the business of the Court should be adjourned- a request to which I readily accede, as a very small tribute of our sorrow and sympathy. I feel I cannot say more on this occasion, and I adjourn the Court until Tuesday.
Mr. Francis added-I may say for my friend (Mr. A. J. Leach) and myself, and for every' member of the Bar-although many of them are not present here to-day, probably not having heard of the sad event-that we deeply sympathise with the Attorney-General in the very severe loss he has sustained, and desire to convey to him our sincere condolence.
The Court then adjourned. The meeting of the Legislative Council was adjourned until Friday next for the same reason. OPENING OF THE HANKOW TEA" MARKET.
Hankow, May 13th. The annual caropsign on the Yangtze has commenced and is proceeding with a vigour that already eclipses all pre-existing records. This is a year undoubtedly of big things: a big crop big prices: big profits to teamen big hearts and big expectations all round. Let us hope that it will be rewarded with what, at present, looks beyond all hope, big mercies.
But the position of affairs is a very serious consideration for the buyer of tea for shipment to England. Inasmuch as the London trade no longer require finest tea, the difficulty at once presents itself of answering the simple question * What is a safe basis on which to begin to buy. for the home market?" A few fine teas will #leap in the dark" for those who first attempt assuredly pay profits, but it will be a veritable to solve the safe basis" riddle, me
Shippers to England will do well to bear In mind that they are confronted by two very great and very great and very real dangers. In the first place the London trade will be but too well aware that at the best: it will only receive a second-class article from the North of China. It will have to content itself exactly with the teas the Russian buyers are kind enough not to want. It will, in fact, have to comfort. Itself with the crumbs that fall from the rich man's table.
It will have to bear in silence the reproach of the unsentimental brokery "Do you expect us to pay up for sweepings, when we can offer our
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15
SUPREME COURT.
AU-WHY!
IN ORIGINAL JURISDICTION. (Before Mr. A. G. Witt, Acting Puisne Judge.)
May 22nd, 1890....
HOW FRANCIS CRUZE DID THE TRICK Mr. Wilkinson (of Messrs. Caldwell and Wilkin son) appeared on behalf of Mr. J. S. Lucas to claim the sum of $600 from Lum Kum Chi on bis promisory note, which was witnessed by Francis Cruze. Mr. Reece was for the defence. James. Sorab. Lucas stated that he was a money-leader. He lent the sum of $600 to the defendant on the 14th of February last, when he came to him with Francis Cruze as wines. He received as collateral security 25 shares of the Lamng Planting Co. which were valued at $50 each. The defendant asked for the loan of $1,000 but he declined to advance more than 1600. It was Cruze who offered him the scrip, The $600 was paid over to the defendant. Francis Cruse signed defendant's promissory Date as wliness.
Lum Kum Chi stated that Francis Crate came to him some time in February with the scrip previously mentioned, and asked for a loan upon the said shares. He told him that it was not within his power to make a loan at that time, but he would help him to get it from money leader, so they went together to Mr. Lucas who loaned $500 to Cruze on the scrip. He did not, personally, receive the money or say portion of It This was the last he saw of Cruze until some time in April when he received a letter from Mr. Lucas' lawyers, which he took to Cruze to read. The latter kept the letter and absconded the next day. He did not know where. Cruze had gent,
za: The objects of the said Company according to their Memoranduin of Association are (amongst other things) to carry on the business of timber merchants at Languimanec in the said Islands.
3. In order that the said Company could legally do business in the said Islands the registration of the said Company in Manila was necessary such registration was not effected until the 18th January 1890.
4. In answer to the zih paragraph of the said Petition the defendant denies that the said shares
were tendered to his brokers or agents on the 31st December last. The defendant had no brokers or agents in the anid transaction. The defendant was in the colony on the 31st De tendered to him until the 6th of January following, 5. In answer to the 6th paragraph of the said pention the defendant denies that the plaintiff has been unable to sell or dispose of the said
cember last and the said shares were not
sharci.
Mr. Francis, continuing, said that the Com- pany in respect to whose shares that action had arisen was formed in Hongkong in the early part of last year, to take over as a going concern the business of H. G. Brown and Co., carried on in the Philippines, and holding licenses to cut timber on luge expanses territory. The prospectus was issued, and allotments made, privately, but the Company was not registered until the 16th May, 1889. Before then this contract was made, in the usual form of a broker's bote. The share certificates, however, were not ready on, due date, the 30th June, and when, on the 19th June, Mr. Garbam wrote to Mr. Mody intimating that he was ready to take delivery, the latter, in the course of his reply, said "Of course, as you knew when you entered into the contract, the shares were not then issued, but you are awATG they me to be issued in a few days, and I will then forward them to you. Meanwhile, all benfis accruing to them will, of course, belong to you." On the 1st July Gorham wrote agreeing act to pursue his advantage, adding It might so happen that same day the position raight be reversed. You might have shares to hand over when it would be inconvenient for. me to receive them. Then would your chance to get even. You would say Gorham did not Piesi meto deliver; 1 will not press him to take up. After the receipt of that there were some. interviews between the parties, and an arranger men was made by which Gorham practically. waived his objections to the non-delivery of the crip at the time-both parties apparently laboring under the misapprehension as to the law, and thinking the actual shares would need to be handed over. On the 6th August Mody
wrote i
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of his arrival, until about the 6th January last, in which day he sent the following :---
contract fixed no date for delivery, except that the 31st December was the limit of the period during which Mr. Moly-bound himself to grant the Hongkong, 6th January, 1890. My dear Gorham, I send you enclosed herein convenience. They were free to be delivered within a reasonable time after that, if he liked, 100 shares of H. G. Brown&Co. Litnited, which and that was done. On the 31st December Mr, according my arrangements" werd to have been
Gorham was absent from the Colony, although taken up at the end of last month, but were held over an account of your absence from the Colony; bele he went away he knew that the perind will you please send me a cheque for $10,809,10xpired on the date, and on his retura he made no communication to Mr. Mody, either insisting ́as per memo., and oblige.
on having the shares cr declining to accept Yours truly,
them. It was clear that Mr. Mody did every thing he could, and he now submitted that, having fulfilled the terms of the contract, the Company having been duly registered at Mubid on the 8th November-or at any rate sufficiently registered there to enable, the process to be completed a Manila on the 18th January-be was entitled to recover.
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H. N. MODY. The same day Gorham replied
Hongkong, January 6th, 1890. My dear Mody, reture you herewith the 100 Brown shares which you enclosed me, and' which I have no intention of taking up.
Yours truly,
... C. L. GORHAM. The following day Mody wrote aft
* Hongkong., 7th January, 1890, v My dear GörbamYour very curt note of the 6th inst, rather takes me by surprise, as you give no reason whatever for your refusal to perform your contract of the 13th March, extended and confirmed by your letter of the 28th August Inst. I can only conclude that you have forgotten the
whole circumstances of the case.
You were absent from the Colony on the 31st ultime, and your broker was asked to take up the shares on that date, whose reply was that he had no instructions from you.
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I must now request you again to take up these thares and thereby avoid any unpleasantness between ...
Yours truly,
C. L. GORHAM, Esq. On the 8th, Gorham wrote:→
H. N..MODY.
mateHongkong, January 8th, 1890. My dear Mody—In reply to your nate' of yesterday's date in which you demand my reasons for not taking up the 100 Brown's Shates, I beg to say that I have no objection to, stating some of them, although they are well known to
you
In the first place our contract expired on the 30th June, and on that day I demanded the shares, which you could not hand over.
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The evidence of Señor Arellano, a member of the bar at Manila, taken on commission, was then read. It set out the procedure necessary before a foreign Company could be recognised by the nuthorities in the Philippines.
Mr. Francis, continuing, said that the parties had agreed that the damages, if any were adjudged, should be the difference between $105 per share and the 'highest, price between December- grit and March 30th," the date when the action was commenced.
ΠΟ
tolesny the shares over, as I wanted. Mr. Mody followed me out, and asked me not to let anyone know about it. I did not expect the scrip to be issued until registration had been effected. Nothing further occurred until I wrote the letter of the 8th August. I did not speak with Mr. Medy again before leaving the Colony on the 4th December. I left no one.
wired Mr. Vin any authority to act for me.. Baren on the 28th that I was leaving Tonquin next day. I did not hear from Mr. Scott until the 4th January, and saw Mr. Mody in the street about the 3rd or 4th. He did not speak to me. I asked Van Buren, on miy, return, who had called, and found that no-ong had been from Mr. Mady. I' inquired about the Company from the agents also, but could not learn whether it had been registered
.or not.
Cross-examine--I did not. make it puh ́icly known when I went to Tonquin, or send Mr. Mody any intimation of my return. I had, not given as my reason for wanting the shares to be carried over until the end of the year that I had not the money—I said it was so uncertain when the scrip was issued that I might be asked to take them up when I was not in a 'position to do so.
By his lordship did nat want the shares on the 31st December, I could have got them if I had.
Mr. 1. S. van Buren, clerk in the P. M. S. S. Co.'soffice, said-I received a telegram from Mr.. Gorham on the 28th December, announcing. his departure from Tonquin.. I had previously told Mr. Scott that I did not know when he was coming back. If lf I had seen him afterwards I should have given him the information.
That concluded the case for the defence, Mr. Leach, in closing the defendant's case, submitted that it had been shown that no tender was made on the 31st December, or the mom-
His lordship held that the plaintiff's duty of ・・ tendering was confined to the 31st. In this case that was impossible.
Mr. G. D. Scottsaid :—I am a broker, of the firm of Lightwood and Scott. The contract in ques- tion this case was made by us. I remember seeing Mr. Mody about the 30th December respecting these shares, I knew defendant was not in the Colony, and I did not expect him to | return that day. I told Mr. Medy so, and he tendered me the shares. I refused them. having no instructions. I saw Mr. Gorham on the 3rd January with respect to the shares, and he said that as far as our firm was concerned we had finished on the 30th Juncing of the 1st January, last. The par value of the shares is $50. I have not done any business in them since the 6th January, and have not heard of any tran-:
Mr. Lench continued that the letters, read by sactions. I heard them quoted at $58.
Cross-examined—I put through the original, | the light of what passed at the personal inter- contract, and knew the 30th June | views, shewed that the condition on which the that the scrip had not been issued. contract was renewed in June was the completion I did not hear of any offer by Mr. of the process of registering the Company. The Mody of letter of allotment, but to the best of defendant meant that, by saying Madrid; he my belief the contract was carried on by arrange could not mean that only a part of the registra ment On the 7th of August, Mr. Mody told tion need be completed. His conduct in making Then I wrote you on July txt a note in which me that an arrangement had arrived at. He inquiries from the agents shewed that he was intended to convey the fact that I did not in- led me to believe that the contract was being desirous of taking up the shares. tend to hold you answerable for your failure to carried over. My interest ceased on the pay deliver and that you might consider the transacment of my brokerage. I do not remember tion finished. A day or two after I learned writing to Mr. Gorham on the 6th of August, greatly to my surprise that you and your partner and receiving the letter endorsed showing that I 'had not only' misconstrued my note but had had nothing further to do it. I have some shown it to others as proof that I intended to recollection of it now. I wrote 'asking when the extend the contract until such time as was' shares would be taken up, and the endorsement convenient for you to deliver. Then I said that the only contract between Mody and called at your office to explain personally that I' Gorham expired the 30th June. On the oth had no intention of carrying the contract further, December I asked Mr. Van Buren-Mr. Gorbam's and, as you are aware, through the persua colleague-when the latter was returning from sions of your partner. I agreed to allow you to Haiphong, and he told me he would be back extend the time until the 31st Dec, but it was. next day. I saw Mr. Mody frequently every on condition that on that date you were required day, but did not tell him what Van Buren had. to furnish me with absolute proof that the forms said until about the 3rd January. When I told of Spanish law had then been complied with in him he asked me to put it in writing, and I respect to registration,
wrote asking Mr. Mody what he was going to do | with the shares,ns Mr. Gorham would not return in time to fulfil the contract. I knew I was not retained by Mr. Gorham in the matter, but was prepared to act.
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*. This you did not do then, nor bave 'you done it since; you did not even tender me the shares until late in the afternoon of the 6.h instant You say in your note I was absent from the Colony on the 51st ultims. It is true I did not arrive until 5 o'clock on that day, although I nade great haste to get here and left unfinished business in order to do so I wired Mr. Van Buren when I was coming, and he answered all enquiries, but you were not among them.
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Mr. W. H. Young, broker, said :-My firm → Stokes and Young-compile a weekly share list. Our quotations for N. G. Brown & Co's shares, on the 4th January were $58, being the highest rate for the week. On the 15th February it fell to nominal "-nothing doing. At the end of March it was $53, cum dividend.
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His lordship, before giving judgment, inquired - what measure of damages had been decided upon.
Mr. Francis, after conferring with Mr." Leach, saldthat the original contract price was $10,500, and allowing the highest rate since January, as fixed by Mr. Young, `n balance of $5,128 was claimed.
His lordship said that be really had no doubt about the case. There was an agreement entered into on the 13th March, 1889, for the delivery of the shares the 30th June. On that date the scrip was not ready, and there was no doubt that the defendant could then, if he had wished, have got out of the contract. From his point of view, of course, it was now to be regretted that he did not. But he apparently did not, for on the 6th August the parties were still in nego- ciation. The letters which then passed were the tnost satisfactory evidence of the understanding that prevailed. There was nothing said from then until the end, of December. Two questions bad arisen on the correspondence." One suggested that the shares should not be delivered until the Company had been registered in Madrid, Evidence had been given as to procedure in registration, and it had been shewa that the last net in Madrid was performed on Mr. Thomas Isaac Rose said 1-I am a broker, the 25th November, through which the registra...... At the end of January I was instructed to sell too tion Manila was completed on the 18th Jan, sliares in this Company, but could not get any As a matter of fact there was nothing in the offers, I have no knowledge of any transactions. way of registration at Madrid, the only business
That closed the case for the plaintiff.
done there being the attestation of several Mr. Leach, for the defence, admitted that there documents by officials. In his view of the were only two issues before the Court-one case everything was done in time in Madrid to being the meaning of the clause as, to registra- enable registration to be completed, and the You know also that you followed me out oftion, and the other that of tender. In order defendant's condition thereby complied with. your office the day I called and requested me to fully shew the defendant's position clearly it With respect to the question of tender, be wAS not to mention to them anything about the, was necessary to recapitulate the whole of the not at all. sure that such a thing, was strictly extension of the contract, but to allow them to details. On the 30th June last there was no necessary in a contract of that sor. There was think I had taken up the shares. If you are scrip to hand over, and as no letter of a present sale and purchase in Augus, but under the impression that I had forgotten the alloument was tendered he was entitled to plaintiff was to keep the scrip until the gist terms, I can easily remind you of the reasons you repudiate the contract altogether. He thereupon December-quite a different thing to sale then gave me for not wishing it to get out that wrote the first letter, which, though it could be which was only to be completed on that date. was not taking delivery. You remember, read in two ways, was intended to be a repudia But even if a tander had been strictly necessary among other things you then told me, the uses tion of the contract. A day or two later, hearing he held that all the law required had been done. to which you would put your money at that time; that it had been construed the other way, ha Of course where time was of the essence of a Therefore you were fully aware the gentlemen went to see Mr. Mady. They had a conversation, contract there must be either an actual tender in question; were in no wise my agents in the the effect of which was that he agreed that the on a waiver of the actual tender by the party matter, and that they had no authority to act contract should be continued, subject to certain entitled to it. In this case there was no actual for me in any way. They showed their wisdom legal formalities being complied with, in order tender-there was a tender to Mr. Scott, but it in informing you and in not allowing you to that the Company might be a really safe Com was clear that he had no authority to act for the shove off the shares on them pany. That indicated what was in his mind-defendant. But during business hours that day
You say you tendered the shares to my broker, but you ka-w full well that, even admiting that brokers were concerned in the transaction after the signing of the original contract, they certainly had no concern in it after the 30th June. You not only told them the matter was a private one between ourselves but you gave them to under-, stand that I had taken up the scrip when it was issued.
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the defendant was not in the Colony, and by that fact he waived the performance of any condition as to tender, if one existed.. In bis absence delivery, was impossible, and wasthere- fore excused. If he had wanted to carry out the contract he ought to have gone for them. But it was pretty clear that he did not want them he had unfortunately made a bad bargain. There was no suggestion of impropriety on the part of the plaintiff, he had simply got the best of the bargain, and was entitled to his galus. : Therefore there must be judgment for the plaintiff for the amount agreed upon, with interest from the 30th March until payment,
4.
I pass over your threat of unpleasantness-it that unless the Company was registered at is no doubt, unpleasant for you that I shouid Madrid the shares would be worthless. He venture to hold you to the terms of your com- did not know exactly what was required, pact, and I regret that I must do so, but I believe except that the Spanish law needed to I am not altogether solitary in the matter of be met. Mr. Mody at first refused to entertain unpleasantness, and I fail to recognize you as such a condition, and Mr. Gorham was absolute dictator in the affairs of this colony going out, when Mr. hater, who had partly
CARMEL Yours truly,
heard the conversation, interposed, and prevailed a dando a CLI GORHAM. on Mody to agree. As Gorham then left the On the gth a lawyçi's latter was sent to Gorlam. office Mody followed and told him particularly The plaintiff position in the case was this -The not to mention the fact that be was carrying the Company was formed for the purpose of taking shares over, as he did not want the brokers to over a going concern in Manila. One of the know anything about it. After the 6th August terms of the contract, as akèwn by the Articles Gotham heard that it was necessary that the of Association, was that the concern was to be Company, abould be registered in Madrid,
Mr. Leach-I understand your lordship to taken over as from the 1st January, 1889, and and he wrote, on the a8th, imposing the was to be registered so as to obtain legal condition that that should be done. That was hold that registration was effected, and that was recognition In the Philippines. It was so really the pivot on which the contract turned. all that was necessary. Do I also understand registered, on the 16th May. No question would Mody undoubtedly knew at the time what was it was unnecessary for him to satisfy the defend. Hongkong, Aug, 6th, 1889. arise as to the original contract, which was to legally necessary for the Company's safety, ant that it had been so effected? My dear, Gorham,According to our verbal have been completed on the 30th June, when. yet up to January last he did not correct His lordship-Yea; I see nothing about that the plaintiff contended; as a matter of fact le did Gotham's misapprehension in the letter of theIn the contract, What was" contracted to be arrangements re H. G. Brown and Co., Ltd., shares, I now write to inform you that the scrips terminate. For the moment Gotham seemed previous August, and told him that registration done was done.
A CHARTER-PARTY CASE. have been issued, and please note that I am inclined to repudiate his Hability andgivetrouble, Madrid was unnecessary. It was his duty to carrying 100 (one hundred) of these shares on possibly causing litigation, but an understanding Have satisfied Gorham that all formalities had
Was come to, for maual convenience, by which been duly.observed, before the 30th December, His lordship, gave judgment in the case of your account at $105 per share, to be taken delivery of by you on or before 31st December Gorham bound himself to siill take the shares, but there had been no evidence adduced to Leung Ayon ve the Flensburger Steamship Co. 1889, with laterest at 7 per cent, per annum but as it was possible that he might not have show that he did... With respect to the questionMr. Francia, Q.C., (instructed by Mr. Wilkin from this date, which
I shall thank you to the money when the serip was listed in "Augusts of tender, none was made on due date, except son) appeared for the plaintiff, and Mr. A. J. Mody was to carry them over until the end of to Mr. Scott, who had ng authority to receive Leach (instructed by Messrs. Wotton & Deacon)
Leach instructed by Messrs. Wotton & Descon confirm, &
Yours truly, December, if required: It would probablys be the amares,
|: 116 Tordahlp-lftime was the essence of the In the course of the award his lordship said:--- H. N. MODY, unnecessary to go into the conversationsrat
which verbal agreements were comp to as they contract it would be too late to tender on the This is a claim for repayment of monies alleged wern, followed by letters detailing the agree, ist January, would it not?
to have been unpaid in respect of the hire of the ments. Alt: was clear that the only kipulation
defendant's steamship Pamples and of charges Hongkong, August 28th, 18593 W43, 20475199 JEYMPARE and place, of should be regis.
connected with the charter. The plaintiff in not know where Crure was at the present being My dear Medy-With reference to your note fered at Madrid
admittedly entitled to $304.69 in respect of of the othringiant, mine of July 1st, and our the Company was common, knowledge, and
matters alleged in paragraph 6 of the petition, conversation, since, I confirm the arrangement other circumstances which occurred about that
and of this amount: $201.12 has been brought Into Court, leaving $tor.57 due: The plaintiff that, in consideration of my not repudiating the time rendered it a matter of comment that every contract for the sale and purchase of the 100 business carried on in the Philippines had to be Mr. Leach considered that the plaintiff should is further entitled in my opinion, to $118 over Brown shares, you are carrying those shares for registered under the Commercial Law of Spain, baye, Inquired the defendant's office, and and above the reo paid into Court in respect ma until the 31st December, unless I should call previous to which the Anicles of Asidciation I learnt when was going to return. With reference of the coals and water required for the use of the omething done to them in Madrid. to the question of damages, although no evidence Captain and crow. In arriving at this amount I upon you for delivery at a sooner, date, ptake. Mr. Gortians therefore, speptally sipulated they had bean given on the polat he could share that allow tons of coal per month, and assess the want you to understand that in no case will
registered fe e divident" had been paid in November or value of the water in accordance with Captain delivery of these shares unless the Company the Company should be shall have been duly registered in Madrid accord. Madrid. In order that its position should be December, which would leasen the damages, If Auderson's evidence. The matters of claim in
the 7th and 8th paragraphs of the petition. assured. There was no serious dispute over any were awarded, young tee ing to Spanish love
thel Contract, except auto the "interpretation Mr. C. L. Gorham, the defendant, was then were withdrawn on the hearing, except as Yours truly,
of that clause, With terpect to the question called He said --I am a clerk in the F. M. to $120 paid into Court. The claim In the of dellycry the plaintiff's catet was that he | St. S. Cols 'employ, Mr. Van Buren is also 11th paragraph must be totally disnilowed, - fendered them to the only persons whom be employed there, I wrote a letter to Mr. Mody as the defendants in stopping the discharge knew to be acting for the defendant Lightwood on the 30th July, and the day afterward, I were within their rights under the charter party and Scott who had previously written asking think, I called on him. As far as I can remem- so long as any of the charter money, remained for instructions Vall the 6th January, there ber I said I was ready to take delivery, and be unpaid. There remains only the claim arising was no intimation rece vod that the defendant aid the scrip was not issued, nor did be know from the failure to maintain the contract rate of had returned from Hongkong, and therefore, as when it would be. In view of that I proposed speed, vis, te to 11 knots on a consumption of no formal delivery was made previously still the that wo name the 31st December as the artons Lacoal per diem, such rate being plaintiff did everything that was necessary! But due dated under new contract, and he guaranteed only if Cardiff coal were supplied. the plaintiff further contended that delivery was refused; I said & Good morning. He wanted me The vessel broke down near Aden, on the th innecessary the barers already belonged to to see: My Chater, but I told him that he had June, 1888, and lay in Aden under repairs from Gorham, and was only being carried on for his nothing to do with it Mr Chater then looked funs zok to August at I am satished that at The Law, the supplementary, upy and on learning what was the matter agreed - Adan she was suppiled with Cardiff coal of CONFROÍENCE,
John Andrew stated he was stock-broker The saip in question was locked up in his desk. It was som a time in March when he found his desk had been opened, and he then searched for That letter did not seem to be answered until Cruse who could have taken the scilp. He did the and missed the scrip. He knew of no one but
the 28th, when Gotham replied
...
Mr. Reece submitted that the defendant bankrupt could not have judgment entered against him even should. His lordship, consider that he, and not Crute, received the money.
His lordship reserved judgment,
MAIN ORIGINAL JURISDICTION, (Before Mr. Fulding Clarke, Acting Chief.
May 27th.
HN, MODY V. C. LGORHAM.$10,500. The trade tumble to the situation, Fancy poor England having in such a marked $10,500, in respect to a sbare transaction. Mr, manner to play second Siddle in trade which Francis, QC (instructed by Messrs. Wotton for years and years, has been so emphatically and Deacon) appeared for the plaintiff, and Mr. her own ? 7is sad indeed to summon A. Ja Leach, (instructed by Messrs. Caldwell & rimembrance of things pasta flange Wilkinson) defended,
iMr. Francis, in opening the case, read the And a second fact for shippers not to lowe sight of is this; that Foochow feas are said to be pleadings, The petition was as follows of extra good quality; cost Tis. 10 to 13 per i The plaintif Hormule Nowralee Mady, picul less than last year, and that Foochow is a broker reilding and carrying on business buyers have no fear of competition from the at Victoria in the colony of Hongkong, collectors for the Moscow and Nishni Novgorod, The defendant, Chailes Leary Ligham, is marks. It is quite possible, then, that if a clerk and assistant in the employ of the Pacific
clients the good things from India and Ceylon "Mr, H. N. Mody sued Mr. C. L. Gorham for C. L. GORNAH,
To that letter, there seemed to be no response, and it must be taken that Mody accepted bat might be called the amended proposal, without altering it at all, He (Mr. Francis) thought that the whole case rested on the interpretation of thete letters. The correspondence was re- sumed about the end of December Mestre Lightwood and Scott, who had been the brokers in the matter, writing to Mody on the 13th to ask for just tons. Gorham was at that time in Hongkong, and did not retorn until late in the stunoon of the gist, Mody did not hear,
Mr Leach thought it would be near enough to be a good tenderlig komanda
N His Jordship. If your cilent was away on the 1st, and returned afterwards, surely it was his duly to go to the other party; if he wanted the
bares he must fetch them,
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