1891-06-25 — Page 9

1,

N°. 2877

MARRIAGE.

MAIL SUPPLEMENT.

ACQUET JAZDENERA

The Hongkong Telegraph.

At Holy Trinity Cathedral, Shangbal, on Tuesday, and June, 1891, by the Rer. H. C. third daughter of Capt. John Whittle,

THURSDAY, JUNE 25, 1891.

the short-selling of Banks abolished- wore themselves supposed to have sold short in the stock of another financial the scrip had been announced. As a well-known classic writer says

a year or two ago the home Government stepped in and increased the cost of launching companies on the public by

*ni navia SIX DOLLARS 16: südng or FER QUARTER

Hodger, M.A., JAMES JONES to ALICE MAUD, who have formed themselves into the ❘ not pass at all have still an even chance. institution, even before the allotment nearly pre hundred per cent. The Limited | by repealing, the Gaming Acts, and

BIRTH

At 23, Seward Road, Shanghai, on the 8th Instant, the wlis of WILLIAM Kay, of a non,

The Honghong Celegraph.

HONGKONG. THURSDAY, JUNE 15, 1891.

TRE SANITARY BOARD. THE fact that the Sanitary Board elections

brigade but also from that of the strong and influential section of business men

opposition, if the Honorable J. J. KESWICK's virgin attempt at legislation meets the defeat that we predict it will. The feeling shown by the members of the Chamber of Commerce at the meeting which was held this afternoon (18th Inst.) gives a fair Indication as to the light in which the measure is viewed by the general public, and the fact that so representative a body of Hongkong's commercial and financial Interests have condemned it, should be remembered by both Official and Un-official members of Council when the bill comes

................. Licult, semperque licebit ' 9.12. Parcere personis, dicere de vitiis,

ลพ เอก been dreamed about had he.. not infrodibed this measure. But, on the other hand, to be thoroughly consistent, "should remove the embargo altogether

Liabilities Act is an affair of comparatively | making the law equal for all classes. redent years, but it has much to answer Glarlag inequality, In its incidence compals, for. It has changed members of the once legislation, and so long as stocks and unbuyable aristocracy and of the House of shares go up and down individuals will be Commons into monetary charlatans, who found who will make a "book" on the prostitute their titles or their M.P-ships event. It is undoubted that legislation is to the commonest member of the genus now being seriously directed towards | promoter." Millions have been subscribed || correcting those evils which are caused on the strength of grand names, and when hy dvor speculation, as witness "Pigs in finds the "Swell" has rated just gamblin Iron Warrants in the same the Inevitable smash comes, the public. Parliament by which it is sought to restrict before liquidation became compulsory, way that Mie Keswick proposes to restrict and the last cheque drawn upon a gambling in shares, by insertion of the

the same fees. Some drastic amendment of the

vanishing Bank balance was for Directors

Companies Act of 1862 is required, As

trump for once, and those who went one better and maintained that it would

As has been already reported, the second reading of the Bill was yesterday (19th Inst.) adjourned for a week, to enable both the supporters and the opponents of the measure to bring forward all the arguments in their Ir is an indisputable fact that there has power for and against It and especially

never been & Bill introduced in our to give those members of Council who'

Legislative Council,, or indeed in the apparently have not taken any interest in the British House of Commons (the Age of matter whatever, anopportunity to study the Consent Bill, of course, at all times question as fully as a measure so sweeping excepted!) that would in its results affect in its aims and intentions deserves. On local Interests so vitally as would this point. Indeed, those, members who took part in the debate on the second Mr. KESWICK's Share Bill if it once

became law; and on

warrant numbers in forward contracts." in his address before the Chamber of Commerce Mr. Francis called attention to

drew two or three hundred business men on for discussion to-morrow afternoon. reading of the Bill are to be congratulated contention it may safely be said that no the weak points of that famous measure the crude and Incomplete wording of Mr. to the City Hall yesterday afternoon (17th | As will be seen by a report of the meeting, for displaying more than their customary measure has ever before been the means have, now become familiar to everyone. | Kzswick's Bil.' He said it 'Imposed a irist.) cannot be accepted as a criterion of which is published in another column, Mr. wisdom and fairness. All whpspoke seemed of raising the amount of discussion, and connected with the forming or floating of penalty for Inserting false numbers, but it' the extent of public interest in the career of that extraordinary body. Until the next three years have clapsed, and another contest for the two elective seats occurs,

KESWICK tested the popularity of his bill, backed up by the influence of Mr. GRANVILLE SHARP-whatever that may be worth and met with a bad defeat, and if

to be actuated by one desire, and that was that the question should be fully and fairly weighed and judged upon its merits. Nothing could be more pleasing to the

produced as many arguments pro and con, Companies.

did'hot' défre false numbers, and it did In this strain we answer Mr. FRANCIS' | not make it o misdemeanor to insert the nor has any local legislator ever caused so much stir by any action, as has the remarks on the brilliant results that have numbers of shares of which the seller followed the Companies Act of 1862, though had not possession or control. Again

the usual apathy with regard to the Mr. J. J. FRANCIS, Q.C. proves as effective general public than this display of whole. representative of Ewo in his novel capacity what that Act, which authorises people to there is no provision in this Bill that it Board's proceedings will still manifest a reasoner at the bar of the Legislative some feeling allke on the part of Offician/ as a law maker. There are many things band together in pursuit of enterprise, has shall be unlawful to tender any other

itself, and not unnaturally, A Board that, on the eve of a partial reconstitution, the attendance of a quorum, at one of its meetings, can scarcely expect the out- side community to greatly bother their heads about it; the travesty of a contest

which was witnessed yesterday simply Hongkong if he carries the day. Why will ever take a place in our code or not is nothing-in-our eyes at all events, if he says that Mr. KESWICE's bill, if passed, lawyers, or at least those of the profession

Council, where he is to appear in the Interests of the opposition; and his audience was the case to-day, he no doubt will be rewarded by a second victory, and we have no hesitation whatever in affirming that it will be in the Interests of served to entertain, about one in every Mr. Keswick should have donned armour thousand of the public, and nine-tenths of and come boldly out, like the celebrated even that minority were really almost Don Quixots, to tilt at real or imaginary entirely swayed by feelings of friendship gambling abuses, is at present a tople or otherwise, without regard to the senti- of discussion second only in interest sa infelicitously to that of the ultimate fate of the Bill ments. which were

That the gentleman has been expressed by at least two of the three Itself. candidates, Not that Hongkong is unique actuated wholly and solely by philan- almost every similar body in the world, the somewhat murky atmosphère of the Brona the London County Council down to local share market mast needs be taken cum grano salis, and on the other hand argument against every one of the three placing himself in the position that he now candidates that they were all either large occupies, and one also, we venture to say, property-owners, or representatives of the in which he does not feel altogether landlord interest, or both. That at first comfortable? It is, or at least it should sight may seem to be a distinct qualification, be, generally known that Mr. Keswick is but a little reflection will show that it is to not working in his own Interests or in a great extent the reverse. The Sanitary those of any of his intimate friends and Board, ipse facto, is the guardian of the supporters, for does the world not know that tenant's interests, and the sharpest thorn he does not deal in stocks or shares to any In the side of landlordism. With five extent ?

The curse

:

what good enough for the British House of Parliament seemed good enough

which he merely copied should not be laid at his poor. We all know the saying that for him, and that imperfections sough

will not in the least interfere with specula- who a lawyers, can drive a, coach, and, on the same, and that it will not in it would be strange indeed if they could tion, that gambling and speculation will four through sny Act of Parliament, and the least degree check, much legs stop, not, while acts are framed by lawyers, for, the sylls of which, complaint is made, if they made them perfect the Inwyer's but that is one of the many rotten occupai like that of good old honest arguments adduced by the Q. C. when Othello-would be gone, and the world, many better, sounder, and far more logical would be ruled by common sense instead were at hand for the advancement of his of'by, windy argument. Mr. FRANCIS

In this respect-the same may be sald of throple motives in his endeavour to purify Bill, in its present clumsily worded and illustration we would need but to cast our object. We go 'second to none in our says there is no doubt the amount of

the Puddleton Board of Guardians.

As a matter of fact there was a tirong what motive could he have had for maybe pardoned for observing that It would and so far beneath the scope of our desired effect the remedy lies more with this, on his part, was simply an assertion

The

Brokers' Association, or by a combined

must have been retained without refreshers

confusion trouble, and delay that will be caused to legitimate, share business will be very great if this Ordinance is passed, and we quite agree with him, but all the same. the Individual members of the Share Without, proof, and we fear Mr. FRANCIS effort on the partof that body, than withany any great amount, and so ambled along legislative measure that can be introduced. bis own pace. Be Mr. Kaswick'4 Bill 1. But for argument's sake let us continua | what it will the gist of it seems to us to this contention and ask-What then has the amount to this: If a man buys a horse Share brokers Association to dread from for the hunting season, say a bay, and the passage, of the Bill By opposing when the time comes for delivery, a bay they show that what they do fear is a which is not the bay contracted for, but

through the mouth of their Counsel respect equal, is tendered, the buyer diminution of their brokerages, and yet one which is guaranteed to be in every they bay that the bill will not in the can refuse to take delivery and sue for least interfere with speculation, and damages. It empowers the duped one if it does not interfere with speculation to prosecute, but does it make the horse. it cannot therefors interfere with their dealing market any the purer? We'very brokerages. This is consistency with a much doubt it, and so we do as regards short-sellers who ruin themselves or who states certain numbers, it might produce vengeance! Mr. FRANCIS Says It is not the Mr. Keswick's Bill. Of course if a seller cause the ruin of others, and quotes the confusion, trouble, and delay, and the case of a man who has been ruined by ultimate result would be exactly on all Court. Again, consistency, thy namelsJ.J.F. And Me, FRANCIS contends that the Bill short-selling and is now in the Bankruptcy fours with the case of the horse-dealer. The persons, says Mr. FRANCIS, who are will do substantial mischief by tying the ruined are not those who are selling for hands of many honest and respectable the fall but those who have bought shares dealers, and will place an impediment for the rise. This is a legal quibble, but in, the way of honest and straight-

it is perfectly correct. The man who sells to tie the hands of dealers, whether at the same time it must be admitted that forward business. The Bill is intended

to be learned from the debates that have to do with the insertion or non-insertion of shares except those mentioned in the Un-official members, especially

been carried on in re this now notorious share numbers in forward contracts, is a contract. Doubtless Mr. Kiswick, will and coming as it does so quickly upon the Bill, but none are more instructive, and at legal flight we are unable to follow. Mr. hasten to apologise (he has some aptitude FRANCIS draws attention to what the that way for his want of legal training, has not sufficient Internal vigor to ensure be as amenable to solid argument as heels of those puppet-show performances. the same time, amusing, than the many Companies Act of 1862 has done in the and assure the learned gentleman that

which have recently beenacted instances of crass ignorance displayed by way of good, we draw attention to what in the local Legislature in connection the legal luminaries engaged in the it has done in the way of bad; and the with what may be termed Government

a sufficient comment on the good and later on. Mr. Jons JOSEPH FRANCIS, Q. Had of the original measure. Mr. FRANCIS questions. Whether the KESWICKIAN Infant controversy, to which we shall allude, Companies Act (1862) Amendment Bill is

remains an open question for another week, of course, but there is one thing certain that its inception, (we waive the motives thereof) its fond nursing, and now its careful examination and the thorough discussion that it has given rise to, will undoubtedly lead to good results. As has already been pointed out fifty times, this unnecessarily harsh form, is never likely to become law in face of the opposition that it has met with.. And at this point we be rather interesting to know who was really instrumental in bringing it forward for its second-rending there have been wheels within wheels, we presume,

Howeveritis always an exceedingly lame and feeble polley to discredit the work of another man unless one is in a position to advance lucid arguments to support a fresh contention, or to lay down simple We have not the honourable facts that cannot be disputed. In cases members on it representing the latter gentleman's word for it that he never such as the one now under review Interest, and a project on foot to both bought nor owned a Bank share in his life, opinions, and opinions only, must necessarily Increase the number to six and but all the same we would not believe that form the basis of all argument. dispense with the assistance of the he had done so, even if fifty wicked men opponents of Mr. KESWICK'S Bill deny Surveyor-General, there will be a majority were to come and volunteer the informa- the existence of the abuses that he of two on the side of the house-owners, tion; neither would we credit the assertion aims at sweeping away just as stoly a and, conscientious as all those gentlemen that he has anything whatever to do with the hon. gentleman maintains may profess to be, we have already seen the stock of a concern that is locally known being. Both are wrong. Mr. Keswick too many Instances where the interests of as the Imuris Mining Company. All public exaggerates, and they prevaricate. We the public have been subordinated to those men are liable occasionally to have a do not intend to-day to discuss the rights of their own class to look on this majority wrong and perfectly undeserved construc- and the wrongs of either or both sides very as a harmless incidental. What we need tion put upon their actions-it is one of failly, but will content ourselves by advanc- la a Board composed of men with whom the penalties that greatness has and willing a few suppositious cases that have the consideration of "Is it expedient?" for ever more have to pay, and we greatly only been touched on In some of the quarters may be considered clever, may not short does not, if he has his wits about him, they be honest and respectable or the shall not have precedence of the query Is it fair?" For example, under the Public Health Ordinance anyone is punishable who attempts to conceal the existence of infectious disease. And yet yesterday we heard a candidate An ex member of the Board, too-openly declaring his opinion that it was undesira ble to have it known pubilely that such cases did exist, for fear of the port being declared Infected, and so Interfering with the shipping interests! That is to say, what is illegal in the case of the individual The would have done by the community!

With the rest of the eloquence poured farth we have neither space nor inclination to deal. Practically there was not, a single reference to the work of the Board during the past three years-probably because there was so little to tell. Some thing might have been got out of Messrs HUMPHREYS and FRANCIS if the meeting had been allowed to heckle" the candidates at will, as one voter, albeit

their

fear that Mr. KESWICK will have to discussions that have taken place on the undergo the ordeal of martyrdom with his Bill, and some that have not been evan characteristic grace and suavity.

is not a lawyer, and we will see later on of England and the how he fared in his professional capacity. English speaking race is not only that in many instances it is priest-ridden but worse still that it is lawyer-ridden. If we required any examples by way of eye around, and chronicle the doings of desire and endeavour to cleanse local several local twin-brothers to the devil. | share-dealing transactions, but we once but of course they are so contemptible and for all maintain that Mr. Keswick's Bill in its present form will not have the present argument that they are passed by However, It requires a lawyer to understand English law (we beg the profession's pardon, it takes a dozen, a score, nay, a hundred of the average lawyers to master even the simplest point of common and double the number to master those of intricate English law-for to one lawyer with whom we have had the misfortune to come in contact, ever understood a tithe of it.) Our noble Constitution is made up of Acts, repealing Acts rapealing acis, and so on ad infinitum, and so monstrously unwieldy has the system become, and so powerful have its originators, up-holders, expounders and satellites grown, that they command a preponderating influence in Parliament and can crush any honest endeavor to make legal formalities intelligille, work able or cheap.

A curious Instance In corroboration of our contention that a lawyer who in some really know more of law than is necessary do so on a rising market. If he dons, to reverse, but it certainly is not infended to keep him warm, occurred in the recent follow Mr. FRANCIS' Illustration. He lands in to, nor would it, place impediments in debate in Council on the Share Bill, Mr. the Bankruptcy Court. Wreckers aromen the way of honest and straightforward FRANCIS referred to the repeal of an Act of who control a certain number of shares, business, and neither at the same time. all for delivery on a particular settling day genuine business men. Mr. FRANCIS GEORGE II called the "Stock Jobbing Act which they plant out on time, not necessarily should it be passed to the detriment of and Mr. Keswickin replysaid "Ishould like that would not suit their book at all; they semia, that there is a great deal of to ask the Acting Attorney General whether sell forward so many shares for delivery business that is not honest, and straight- when that Bill was repealed the Act this month, so many for delivery the next, forward, and thinks the true remedy will repealing it was made operative in this and so on, and by this means they may be found by making his clients, the Share actual holding and never be caught, Parliament. This is a big order, but the Colony. I should not be surprised to find tell three and four times more than their Brokers Association, honest by Act of that the act of repeal never applied to this because when the time comes for remedy lies with the brokers themselves. Colony, and at the present moment those delivery of the first lot, the buyers He says one of the greatest evils fa that transactions in shares which I desire to put mostly weak man who rely upon borrowed many men who call themselves brokers are stop to are after all illegal, and thepeople money may be alarmed at the steady also jobbers and dealers, and he is anxious decline in values, may be unable to finance that Government should assist in purifying who make them liable to prosecution, their purchases, or may think it wisest to the profession by compelling every brokerto Now here was a most simple question cut their loss, and so the shares fall back take out à Ucense, and undertake on sath but one

which Mr. KrswICK-If he | Into the hands of the "wrecker"! more or not to act as a jobber. Such a measure possessed even a rudimentary knowledge les at his own, price. Mr. FRANCIS is would be a far more drastic remedy than the Inducement of the form of Government adopted in quite right, it is not the short seller who anything contemplated by Mr. Kawick's rulbed, it is the man who buys against the Blil, but at the same time it would enable and then its action would protect and for the legitimate Investor? "

Crown Colonies--need never have asked short seller who loses his money History the public to distinguish the wheat from favor the rogues" for it is hardly likely was Mr. WHITEHEAD's argument, and it unless he did ask it with the intention of Pepeats itself, and this saying is absolutely the chaff, and were it not known that the that legal proceedings would be taken can be amply substantiated. Do away testing the legal acumen of the Acting frue, for not only does the same combina Brokerage body is a varied one it would against the defauiter excepting In some with the speculative mode of Investment Attorney General. Nevertheless here was tion of circumstances and conditions run look like a severe reflection upon the men very glaring case.

known as ume-bargains and it will follow the glove thrown down to the lawyers. It again and again, but the effects and con- who are up in arms and retain Mr. FRANCIS as a matter of course that the stock which

sequence of every such combination have as their champion to oppose the passing in & most objectionable manner, desired trouble to have formulated a sensible and pays but 6 per cent. will not be very was not taken up, nor was the challenge the same character and tendency, if not of an Act which they say, would not in the but the probabilities are that the Land workable measure consistent with local | largely invested in if the would-be investor replied. to, and so far, as we may Judge xlways in the same form, and they usually least interfere with gambling and specula- requirements Instead of digging up the has to pay interest at the rate of 7 per cent. Mr Keswick scored, Inasmuch as the follow the same process of evolution or lon. This surely is the erroneous conten- Investment Company's representative skeleton of an obsolete Act that was for the necessary funds to buy, or the official applied, to was ignorant of the order of occurrence. A day then comes tion of their counsel. The only Inference Iwould have been the chief victim. The Introduced into the House of Commons same rate of interest if he wishes the point. It does seem strange to a non-when the long suffering masses lose to be drawn from Mr. FRANote remarks patience, and, laying their misery at the is that the blight, which has done great chlef result of the triennial election, there with the avowed object of protecting one scrip to be carried for the time being. fore, was the confirmation and explanation stock and one stock alone, and one too in And again, say for example that A sells legal, mind that those who are supposed door of their rulere, apply the precept Injury to a large portion of the community, which, broadlyspeaking; the nation atlarge Banks on time to B., and, as in accordance to be inaposition to gauge the Bill inscribed on the tomb of BRADSHAW, one of has been fostered by the very men who by Mr. FRANCIS of the scheme for reorge had an interest (and it was to protect the with the requirements of the Keswick Bill, from a legal stand-point should be unable the lustrious founders of the English com- have retained, him to plead against the nising the Board, and that had been rights of those who were incapable of gives the numbers of the shares, but to say whether an Ordinance that was ihmonwealth Rebellion to Tyrants" is second reading of what Mr. Krawick anticipated in a recent Interview by a looking after these identical interests that before the due date it comes to A's know force thirty one years ago, is, or is not) ja -lan

Pobedience to God." Feople were never calls his exceedingly modest Bill, There yel made moral by. Act of Parliament, is another-objection to Mr. KESWICK'S Telegraph reporter. Whether that scheme Leane Art were made jaw) he would have ledge that B ls on the verge of bankruptcy will ever be put into effect in our time even had the support and sympathy of the entire and cannot take up the shares. What force to-day. To turn to other points in they do not want to be moral Bill, and it is a grava one, which may lead Vandermanity?) But no public man is justified can A do to protect himself He Mr. FRANCIS interesting address-for themselves, or is to repeal the Stock to withdrawal or defeat. It interferes with the joint authors seem to doubt, but In our in acting and working for the Interests of must either re-sell shares bearing Interesting it undoubtedly was abtwith-Jabbing Act of Grozor ll which freedom of contract, although this issue humble opinion it will first require conals the few at the expense of the many, and the same numbers as those he has

(* of Höcke or other securities of which 1 þérti because people imagine the derable amendment. In the meantime, we that "this" is what Mr. Kiswick is now already sold to B, or he must sell standing that it was not an altogether, well-prevented personal selling and disposing seem to have attracted least discussion, suppose, the Board will continue to die of doing is believed to be a fact by two thirds Acidous shares. There is no other way sustained effort of special pleading the day are not possessed-W firmly by epilacis needs reform, How

In which he could protect himself, and learned OC. Ibstanced the "Companies contend however, that the. of the general public. and t

secret. ever should. Mr. Kzewicz's, malden dry-rot, 15 jaar op

to alt quietly down and see the profits lost Act. We suppose by this was meant the of auc sful legislation

laws in

Lingislation produce any measure ancad with › the conditions i of::the: that would tend to clear the atmosphere THE KESWICK BILIA. Tur prophets who predloted that the Bill that he might be assured of if he Limited Liability Act of 1862. Now it if acco

had sold ito at man financially” ounda

shady share:transactions, it would no whoa has been fathered and fostered by

Based, or Il now people whom it is sought t would be testing commercial instincts'top

Awe Are ant sa urmiy" of the o

doubt answer that gentleman's ""most xpectations, and meet with his *To-koxnow promises to be a day big with the Hon. JJ Karwick) and which had strongly Another little point that must under consideration, measure called The

indo support and moreover, he f fate for our local financial world, and the additional, advantage of fiving the eot be lost sight of Is that many of Companies Act "(1862)" Amendment Bill

bonfires will blaze and rockets ascend Hon. Paas RTAs for a sponsor, would the supporters of Mr. Kravice Bill, The Companies Act of 1869 has produced from the camp not only of the "Braking" Inot pass its second reading, turned up a who were no doubt interested in having an epoch of sush deliberate swindling

As regards the bill itself, we have already dealt with its most glaring flaws dat de considerably in the lengthy letter that we published last night. That the measure, if passed into law, will become the author and origin of a deal of dishonest speculation, affording as it weight apple to nave in our fuldst for indulging in a game of "Heads I win, tails you lose, la an overwhelming certainty. It would be folly to seriously consider even for a moment that this bill would put a stop to short-selling-that is out of the

and faults, and to that Hst the Hon. T. H.

would, scope for any one of the many

mentioned. Mr. KESWICK'S avowed intention is to put a stop to short-selling, so that none but legitimate investors will dabble in stocks. This, at the first blush, seems most admirable, but unfortunately it won't bear analysis-it can be success- fully refuted in two seconds by simply referring to the share-list, and seeing what dividends Eastern Joint stock Companies are paying. Outside Marine Insurance Societies how many concerns are there being managed here which dividend equal to a

pay

7. per

question entirely As Mr. WHITEHEAD cent, per annum-the amount which local has pointed out, it is long odds that the banks charge for carrying scrip? Say measure would be a dead, letter "except the majority pay 5 per cent. or 6 when dishonest speculation came to grief per cent. where is

Had Mr. Keswick taken, the time and

This

a

Keswick Bill Has Cồng Ai Hatever likely to vizz that it will be appr

the means of introducing preforms, in would said not only kudos from it, butike financial affairs such me would never have thanks of the entire community.