1909-08-23 — Page 3

THE HONGKONG TELEGRAPH MONDAY

Chinese losses. Therefore the words "money" owing" are inappropriate to the defendant's own argament; and they must mean some thing else. The only possible meaning is the patural one that on demand made the money to the amount of the demand is owing by the compradore. Putting this in another way, the word 'owing' is inappropriate to a mortgage

HONGKONG AND WHAMPOA DOCK COMPANY, LIMITED.

HALF-YEARLY MEETING,

AUGUST 23, 1909.

To-day's Advertisements.

HONGKONG AND WHAMPOA DOCK COMPANY, LIMITED.

the same ground as the objects of the land | which is merely given by way of security: the Pany, Queen's Buildings, Connaught Road, tober next they will be submitted to him, the six months ending 30th June,

le to be held by the firm upon the terms and conditions hereinafter appearing, and it is ar- gued that this is disjunctive: that it dissociates the cash security from the land security, that it. shown that the " sald security” mekon osly the subject of the security, and that the carb is anid as ascurity only for the dalies created by the agreement, and therefore does not cover security, I do not think that the sentence is obligation secured by the mortgage has not as clear as it might be; but I can only give the been fulfilled, and the rights under the mort- whole of it an intelligibla mcasing, including gage can be enforced further, a declaration the words, part security" already referred that the money is awing is not merely super. to, in cl. 8, by holding that the cash was given furus but inaccurate, because it is not wing by way of further security for the performance unless an obligation to pay it has arisen out of the obligations secured by the mortgage, side the mortgage or is declared in the mort and that it was also held as security for the rege itself: therefore the recited that the money performance of those obligations which depand. † is owing means that the money is owing. ed solely on the agreement.”.

Now what is the "security mentioned in the

+

recited mortgage? that is to say, what is the

kooper recostly arrived from England, and valus it itami by item. This work is now in progress bát, as yan will readily understand, it 'is a big" undertaking and must necessarily The ordinary half-yearly meeting of shore-occupy time, is the past Stock has only been, valued at the end of each year. We regret not holders of the Hongkong and Whampoa Dock having the figures to place before you at this Co., Ld, was held in the offices of the Com-meeting, but on Mr. Dyer's retum in Oc

and I promise⋅ you, "should" any adjun“ ment be found necessary, it will be, car- ried out before we come before you with our accounts to gist December next. Since M. Mitchell's departure, Mr. Wilson has been acting as chief manager, and yout directors inform you with regret that he has made up his mind to retire in a few months time. i gladly take this opportunity of thanking Mr. Wilson for the whole-hearted way he has carried on the work, and to wish him good health and pro- spority wherever he may elect to sellie. (Applause.) Gentlemen, I have endeavoured

at moon, to-day, for the purpose of receiving the report of the directors and the statement of a counts to the seth Jane, 1909. The Hon. Mr. W. J. Gresson (chairman of directors) prasided. There were also present-Hon. Sir Paul Chater, Meases. H. P. White, W. Helma, D. W. Craddock, J. W. Bandow, E. G. Barrett, S. Silverstone (directors), W. Wilson (acting chief manager), G. A. Caldwell (acting secretary), A.

Pai Kal, J. A.Chinoy, Choa Leep Choe, W. E. Claska, Ho Fook, Bo Ip, D. Macdonald, S. Michael, R. Mitchell, N. M. H. Nematen, H. E. C. Wilks, J. F. Cox-Edwards, A. G. Whilo, R. Sayco, A. H. Ough, and Chau Sia-ki,

The Acting Secretary read the notice conability, vening the meeting..

Intimations.

THE

DAIRY FARM Co.

LIMITED.

・・・ NOTICE TO SHAREHOLDERS.

THE DIVIDEND of 3% per Share for 1909, declared at To-day's Ordinary Yearly Meeting will be payable at the premises of the Hongkong and Shanghai Banking Corpora ton, on and after TUESDAY, the 24th Choice Australian August, and Shareholders are requested to apply for Dividend Warrants at the Company's Office, Queen's Build Board

!

By Order of the Board of Directors,

GEO. A. CALDWELL,... Acting Secretary.

Hongkong, 23rd August, 1000. I am therefore of opinion that there is here.Apcar, J. W. G. Bonnar, J. P. Braga, Cheung

a clear statement made by both parties the

obligation iècured by the land given by way of making the demand"creates the obligation to A. W. Slado, H. Percy Smith, W. H. Wickham.to make the position claar to you, but should

deed, that when a demand is made, the fact of pay. It is not necessary to go to the extent of aying that these words operates as a mori gage covenant to pay it is sufficient to say that they are a statement of fact, that the money is in fact owing, and baing made in a deed the fact cannot be denied.. Having, ar-

| any abareholder require further information, 't shall be pleased to afford it to the best of my There boisg do questions, Gentlemen, i beg to propose that the report and accounts as pre- MrSlade-I-regret that the report which have now the pleasure to second is not a more

security? Turning to the mortgage, there in following the conditions of redempilan, this proviso 1 take it shortly so as not to confase the meaning "that notil, the firm

The Chairman, said :-Gentlemen,-The re- haw made some claim or demand (whether the

port and accounts having been in your hands amount thereof be ascertaloed'or noj) upon the compradore, he may hold and enjoy the. pre tived at this conclusion it is not necessary to far some time, with your permission, I will sented be adopted and passed. mises, mortgaged.". The claim or demand examing the interesting argument based on follow the usual custom and take them as read. refèri to demands for payment upon the com. my decisions:-as to the way in which the in- your directors regret the unsatisfactory resuit satisfactory pae, but I do not think anyons 'Can

· pradora lù porusace of the mortgage and the téation of the paitins to a contract is to be of the six months' working, the profit earned have looked for anything better. The depression,

occasland when those demandi may be made are indicated in the provisoes for redemption, This brings us to this ring, then even granting that the making of the demand oply indicates

that the time bas arrived when the compradore imast redeem or forfeit his property, be must give up.possession.

The demod may be made io respect of Chinese losses. There is no indication that

ascertained.

ہوں

It will be convenient if I now summarise the result of this judgment;

First, so far as the mosgage is concerned

There is so personal convenant to pay Chinese losses. There is not sufficient evidence of any agreement outside the pay these losses, either from the recitals of the mortgage or aliunde.

:. mortgage

the demand is "to.bs" limited to the estimatedThe morigere itself does not imply the

value of the security therefore this farther polat must be noted, that the demand may be of the full amount of the Chinese losses bat ever they may amount to, and that the con- dition of redemption that the compradore must pay the full amount of the de ward how- aver large if he wants to save his property. The point is worth noting, because. a family house to a Chinaman may be worth to him many lakhs.

Later on comes the power of salt, and follow- fog it there is this proviso, on which everything taros. Read abortly, it is as follows:-Provided, that the mortgagee full out of the money's arising from the sale first pay the expenses incurred, and then serain such moneys in or towards satisfaction of the money for the time being owing or which may thereafter be as certained to be owing to the firm by virtue of Key such claim or demand as aforesaid, and

• then pay the- surplus (15 say) to the paysop. or

•persoas entitled thereto ***

This fa a clause in, àadend-signed by both parties, and any statement which at contains must bind the parties thir; and the stalergeni which, this provio seems to me to contain is, that the moory owing to the Gum in or towards satisfaction of which the proceeds of the sale may be devoted are owing to the fim by virus of such claim or demsed made by the firm. After mucă perusal cheio documents, there few words stand out as furnishing what we RID looking for, reducing, it to the conciele fact that the demand for the paybiental Chinese lasses which is referred to in one of the provisoes for redemption, and 186 satisfaction of which is a candition of redemption, does also create us obligation to pay the amount of the demand, baceuse it says that the money is owing to the firm, by virtue of the demand made.

*

;

The only answer which bad been suggested to this inference is not satisfactory. It is this: It may ka that be money is owing in virtue of the demand, the money is not owing until the demand is made, but is is not awing from any ono: it may be owing to the mortgagee, but not necessarily by or from the mortgagor, or

existence of such an agreement or liability. The provisos for redemption cannot be con- strued into covenants to pay the Chinese losses, although they are referred to in one

being less than for any period since the latter hall of 1889. This unfortunate result may be attributed to the keeu competition sow ex perienced, and the consequent narrowing of margins of profits, also to the prevailing de pression in the shipping trade. The total tonnage of merchant ships and men-of-war docked during the period under review shows a falling of of some 165,000 tons as

in trade and the keen competition- which wo bave had to encounter ate evidenced by the deficiency of 165,000 tons of tonnage entering the Docks as compared with last half year. I hopt, however, that this may prove the Com pany's low water mark and that from now on we may ico a gradual bar contioned improve. ment. I am led to this hope by what has been

1 myself, like many other shareholders, thought told us regarding the reorganisation scheine. this scheme should have been brought forward some years ago and we might now have been in better portion than we are today, but now that it has been entered into I am glad to find that the Board has taken it up so thoroughly, Economies to the extent of. from £5,000 to 45,500 per nopum are already in view and

E.

(604

R

PUBLIC, AUCTION: THE undersigned have received instructions

-to sell by...... ·· PUBLIC AUCTION;

00

WEDNESDAY,

the 35th August, 1909, at 10 AM at Army Ordnance Stores, Queen's Road East,

THE FOLLOWING

GOVERNMENT

STORES,

At the Arsenal Yard :--- IRON BEDSTEADS, LAMPS TRACING, LAMPS SIGNAL, BERKFIELD FILTERS, PUNKAH LAMPS, EARTHENWARE FILTERS, BRASS, CUPRONICKEL, GUNMETAL; COPPER LEAD, WHITE METAL, ZINC, STEEL, ČAST, WROUGHT and GALVANIZED IRON, LEATHER, GROUND SHEETS, BLANKETS, TAR- RED and PLAIN CANVAS, ROPE, DOO. OLD WOOD, IRON DRUMS and CYLIN DERS, PAINT KEGS, PACKING OASES, 50DTIE, BUNTING WOOLLEN RAGS,

&c. &c.;

ALSO

A Quantity of PARTWORN OLOTHING. Catalogues can be had at the Ordnance Office or from the Auctioneers,

against the previous half-year. The net profit far the six months ended 30th June, 1909 amount 10" $76,609,93, as compared with $161,981.53 for the previous balf-year and $174,577.68 for the corresponding period of rgos Including the balance of $387,078,77 brought forward from last account, and deducting di rectors and auditors' fees, we have available There is however a clause in the mortgage for appropriation the sum of $420,161,36, out of

which says that demands may be made by which your directors propose, sabject to your hope that when Mr. Dyer.comes back and risk, on the fall of the hammer. the firm for the amount of the Chinese approval, to pay a dividend for the half-year or settles down to his work he will be able

of the corenantt. There is no undertaking to pay the Chinese,

losses in the agreement.

lesses, whereupon the proviso for redemp: 3%, 0x51.50 per share, absorbing $75,000.00 and ́tion operates, and if the amount is not carry forward the balance, $345,163,36, to new paid the security is forfeited. In this clause account, Certain instalments having been re- there is a statement that the money deceived on account of work in progress, the manded shall be due and owing in virtue item “gundry creditors" is higher by some of the demand; I am doubtful, whether 50,000.00 than in the last account, while

I

to increase these economies and at the same time maintain and possibly improve the effi ciency of the Docks. The Chairman has re ferred to the question of stocks. This is an item which bulks very largely in our balance

sheet, standing at $1,250,000 odd. I am sure

could hold that this of itself is an admis-aundry debtors" is less by some $95,000.00. it is a wise thing to have a thorough revolution

of this, but I hope the Chairman's remarks de not portend the appropriation of any large sam out of the profits of this half year for the par- of writing down values. One of the re pose suits of our re-organisation scharne has been the retirement of certain members of our staff,

when I say that we appreciate most highly the I think you will all agree with me, gentlemen, valuable services they have rendered us for many years past. At the same time i should like to welcome our new chief manager, Mr. Dyer, and to wish him every success in the

TERMS OF SALE-Cash on delivery. All

faulis and errors of descriptions at Purchasers'

.

All lots to be cleared within 48 hours.

HUGHES & HOUGH,

Auctioncars.

Hongkong, 23rd August, 1909.

"SHIRE

LINE OF STEAMERS,

LIMITED.

NOTICE TO CONSIGNEES. FROM EUROPE, HE Company's Steamship

"FLINTSHIRE,"

THE

sion that the moneys are due and owing. The value of material on hand shews a further even applying the law that a statement reduction of about $65,000.00. The whole of -made by a party to a deed binds him: '

the company's buildings, docks and plant have But it the agreement there is a clause which been kept up in a state of thorough working manifestly refers to this clause in, the order, and the addition of a few up-to-date mortgage as a security, and if a security, machine tools at Kowloon Dock will increase then a security for the amount owing the efficiency of the establishment. It has There is therefore a statement in the deed ops pecessary to relay the permanent way that the moneys demanded are owing in throughout the yard at Kowloos, substituting virtue of the demand; they cannot be heavier sails for those previously in use, which owing, except by the person who is called experience proved to be too light; the cost, ou to pay the money by the demand; this S7,853 has been paid for out of revenue. reference to the admission in the deed, Reorganization,-Since we last met we have extremely arduous tark which be has under., will be aábject to rent.

although it is made in a document which is hot i sell a deed, shows clearly, if the mortgags does_not_itseil show it, that the intenton of the patties to the deed was that the mortgage was a security for the payment by the compradore of manays so demanded by the firm and so ovien by the compradore, on the strength of which another and further security in cash was given by the agreement... 1am therefore of opinion that the judgment this Court below should be reversed, and judgment entered for the plaintiff with costs, of the Court below and of this appeal.

The Puises jadge concurred, and a stay of execution was allowed for a fortnight.

Mr. Duncan McNeill, a Shanghai barrister,

received Mr. Dyer's report and after careful consideration of his recommendations, some progress-has-been-made-which, your Directors dust, will in the-future result in the more economical working of the Company, and at the same time, by greater efficiency and the adopting of more modero methods, in car system of book-keeping and allocation of departmental charges, enable us with greater accuracy to arrive at the actual cost of produci tion of all articles turned out at our works, and thus place us in a better position to compete for all work that may be offering. Mr. Mitchell, A very old servant of the Company, tendered his resignation which was accepted, and be left the Colony in April last. Your late secret-

until November, 1911; this ban, by motusi con-

takse. I have much pleasure in seconding the adoption of the report and accounts..

The motion was agreed to unanimously, The Chairman:That it all the business, Gentlemen. Thank you for your attendance: Dividend warrants will be ready to-morrow,

A LADY'S AGE.

HUMOROUS WITNESS AT THE SUPREME COURT.

No little amusement was caused in the Supreme Court this afternoon in the cours of

a criminal conversation care reported else. where by a breezy witness, who, besides being

indeed anybɔdy; it is owing on the security of with whom was Mr. C. J. Alabaster, instructed dry, Mr. Roie, had an agreemant rupaing op refreshingly facetious, showed evident signs

A STRANGE NAPORT.

MASTER OF "DUNBAR" SAYS STEAMER HAD NO COMMANDER.

---::--

4

[606

having arrived from the above Ports, Consignees of Cargo are hereby informed that their Goods are being landed and placed at their risk in

Godowns at Kowloon, where each consigament the Hongkong and Kowloon Wharf and Godown Company's hazardous and/or extra hazardous will be sorted out mark by mark, and delivery can be obtained as soon as the goods are Inaded

Goods not cleared by the 28th inst., at 3

t

No Fire Iarance will be effected by, us in Any case whatever.

All damaged packages must be left in the Godowns, where they will be examined at 9:30 AM on the 12th inaru No Claims will he

L

admitted after delivery of Goods have been effected to Consignees, and same must be presented within ten days of steamer's arrival here, otherwise they will not be recognized.

Optional Goods will be landed here unless instructions are given to the contrary before NeoD, TO-DAY.

JARDINE, MATHESON & Co., Ltd.,

Agents. Hongkong, 23rd. August, 1909.. (603 COMPAGNIE DES MESSAGERIES

* MARITIMES. FOR SHANGHAI, KOBE AND YOKOHAMA,

of a strong inclination to feel his way carefully THE Company's Steamship

* POLYNÉSIEN," are Ports on MONDAY, the 30th Angust.

For Freight or Passage, apply to

PDE CHAMPMORIN,- Agent. Hongkong, 23rd August, 1909.

extremely delicate question ofa young lady's age, when the following dialogue ensued be

tween-the.cautious.onn_and_Counsel.:—

Mr. Blads-Did Mrs. Mitchell and Mr. Lemm travel on your ship alone?

Witness-No. Miss Mitchell was with them. How old was Miss Mitchell ?-i never ank a young lady's age. It is a breach of etiquette. Can you guess her ago?—It is no difficult to tell a young lady's ago. They fake themselves

[9

RABBITS

75 cents. each

HARES

$1.50 each.

Hongkong, 17th July, 1909.

|PILSENER

ASAHI

AND

ماو]

"SAPPORO"

BEER.

LIGHT AND

REFRESHING.

SUMMER

BEVERAGE.

Ostainable AT-

· Mesir CALDBECK MCGREGOR & 00.

H. PRICE & CO.

"

A., S. WATSON & CO., LTD.

VICTORIA DISPENSARY.

WATKINS, LTD.

FRENCH STORE

KOWLOON DISPENSARY

AND

EVERYWHERE.

SOLE AGENTS

THE MITSUI BUSSAN KAISHA,

PASTEURIZED

the land. 1 be mprigeges can take the money by Mesaro, A. G. Jackson and H. J. Gedge (al | scot, been cancelled, by a payment to Mr. Rosci among the shoals and rocks of a lawyer's ques owing out of the proceeds of the land, and the Messis. Johnson, Stokes and Master) appeared with which we trast be is qatisfied, and that you, tions. The cause of the lively proceedings was Captain Broc will be despatched for the Clause is merely part of the machinery by which on behalf of the appellants. Sir Henry Baske Gentlemen, will approve okour action in this the

matter. To replace the gentlemen just refer- the land is made available as security: the de- ley, K.Cassisted by Mr.M. WeSlade, instruct- wand lets the machinery going,i-creatan-the-ed by Mr. P. M. Hodgson (of Messrs. Eweus red to, we have engaged as chief massger Mr.

and Harston) represented the respondent,

Robert Marton Dyer for a period of three occasion for the redemption, and nothing more,

years, with our option of renewing for a further I admit at once that it would have been very

two years, Mr. Dyer will select and en. simple to have said "owing by the compradore;"

goge, on terms' agreed upon by your Direc and this sentence is in fact used in clause & 'ol

tors, Secrlary who is thoroughly the agreement. Buria oider that the legitimate

conversant with the book-keeping, time. inference from the words in this proviso may

keeping and costing of a shipbuilding or be rebutted by this argument, we must be satisfied that these expressions "the money is

engineering business, to the accounts before you under this heading you will observe that nol owing from anyb idy," "the money is owing on the security of the land". have any definite

there has been-as expenditure of $37,776.34. This includes Mr. Dyer's salary and expenses -meaning.

the Company, the payment to Mr. Roso reler- red to, and Mr. Mitchell's pasange, money to England Now, Gentlemes, you may wall feel anxious to know in what way you are to

move the Head Office over to Kowlong, rotaia | benefit by this expenditure. It is proposed to

ing on this side in less costly premises one

"Teknoot accept-she-argument-based-on-iba. precedent in Predeaux of a mortgage by the personal representative of the deceased given to raise money for administration purposes, which contain an express covenant that they shall not be personally responsible," It was said that the ant result of this form was that the money was owing to the mortgagee but not. by or from anybody: that the money was secured by the land and is owing on the security of the land, and that there was no personal liability on aDyond. The answer is that the money, is lent to the estate and the salate is liable; and the law regards the estate. of q. deceased as a "legal-county,- represented-by caitaia.... perion, which is capable of incurring liability but it is a liability limited to its capacity for payment, independent of any personal liability of those

The s.5, Dunbar (Captain Martin) which ar rived in port yesterday from Vladivostock with a cargo of beans, reports having passed a steamer nol under command in Lat. 3- 35 N.

126 12' E. The steamer is said to be the 1.5. Cheapside, but the Dust's commander beefer coming out and reporting on the affairs of failed to find the name in the "Shipping Ga zette."

"

VICE-Presidents Pao Hei and Yen Hsin of the Ministry of Education have been fined three months' salary each for having made erroneous replies at an Imperial audience. MR. A. Course, traffic manager of the Electric Tramway Company, prosecuted one of his wire coolies in the Police Court, to-day, for the theft of a quantity of trolley wire. Sentence of four. |teen days' hard labour and four hours' stocks

was passed.

up 10,

I know they fake themselves up horrid. But was the a little girl? should say she was

about sixteen:

_She_was_a_good-looking girl?—That's_a_ matter of opinion, '

But she was a fion girl, wasn't she?—Oh, yes; cua pass.. '''

During there proceedings, sounds of laughter were beard in the Court-room and even the Chief Jantico's features were seen to relax into a smile.

OPIUM TRADe depressED.

sopior and one junior clerk, with the compra. dore and staff. It is considered that a great deal of the work hitherto done to the Hong- amalgamation, a considerable saving will

NO. PROSPECTS OF ANY, REVIVAL IN INDIA. Og office is superfluous, and that by the be effected. Thare ara also saveral changes contemplated in the management

The Government_of_india_have_had under of the various docks, all tending towards consideration for some time the question of The Chinese 'Chamber of Commerce at Mukden was to enterisin the Japanese Consul economy, and we have to view a reduction la the cultivation of opium in Malwa, In view of persons. And this brings us back to the preli- Gencial and various prominent residents at a expenditure of from £5,000 to £5,500 per the gradual restriction of exports to China,! banquet on 18th Jast., with sheoject of stimulat-annum. The only farther known payment is The position is a difficult one, for stocks of minary discussion on the meaning of securing ing commercial friendliness: between Chinese that of some Sa5,pon for lengthening and pro- the Malwa drug ata very large, and prices are viding increased office accommodation in the steadily falling. The trade, which is financed the performance of an obligation by mortgage.

and Japanese.

present Drawing Office at Kowloon, but as this in, Bombay, is consequently in a depressed and the common law liability which may or

is a permanent improvement, it can prostate, and there is no prospect of any revival. may not exist concorrently with it,

perly be added to the book value of Kow. The demand from China will continue to fall loon Dock. There is une further

off, if the anti-oplum policy of the Peking to which I must refor, and that is the Government is maintained, and, the native states of Central India are already beginning valuation of one stock.

It is stated that H. E. Chang Yin-tang, who, But looking at the argument on its merits is according to recent reports, will succeed H. E. is aalound, for the redress which may be eb-Wu Ting-fang as Minister in Washington, will tained in the security itanif, and may be en pay a visit to England, to discuss the saltle forced in such a case as this inespective of the meat of outstanding mining cases, balors pro- fact that there is anything owing. The demand ceeding to Amorica.***

maller

Your new manager

is of opinion that it is necessary to write to fool the effects of the new conditions that | stand | bave bann set up. The only remedy seemi down values as they at present

is sufficient, and the demand determines the THE Directors of the Whangpoo Comservancy amonot which must be paid, not as a debt, but Board have decided to recommend to the in our books, they having hitherto been based to be, says the Pioneer, to encourage the to prevent forfeiture of the security. The Viceroy of the Liangkiang Province that the cost Your Directors, recognislog that this saltivation of crops other than poppy, but it whole point of the defendant's argument is that agreement of Mr. de Rijks, the Enginear-in- la: a matter of primary importance, hava ar2 has yet to be ascertained whether the lossen there is no money owing, only that the power chief of the Board since its establishment three-ranged with Mr. Finley, Miller to go through that must Inevitably be incurred at first can

the stock in conjunction with our new store, I be made goodi of sale may be exercised, in respect of the | year ago, be renewed for another year,

[471

AMSTEL

PILSENER BEER.

SPECIALLY

PASTEURIZED

FOR USE IN

TROPICAL

COUNTRIES.

Solo Agents:

H.

MOST

PALATABLE,

REFRESHING

AND

WHOLESOME.

PRICE & CO., LD.,

WINE, SPIRIT AND CIGAR MERCHANTS, 12, Queen's Road Central..

Hongkong, 7th August, 1909.