1910-10-14 — Page 15

New Companies Bill.

DIFFERENCE DETWEEN, PRESENT

·AND PROFOSED LAW.

MEMORANDUM BY THE REGISTRAR.

13th lost.

A memorandum on the differences between the provisions of the Companies Bill and The Companies (Consolidation) Acı, 1908, by Mr. J. H. Kemp waslaid before the Legislative Council this afternoon. The memorandum shows the diference between the provision sof the ill and those of the Companies (Consolidation) Act, 19:8, of the Imperial Parliament on which the Bill is based, and refers specifically to overy -clause about which there is likely to be any controversy. Other changes are treated gou- erally. Walquote the following extracte

The sections in the Act, nud the correspond- ing class in the Bill, are given at the end of each paragraph of sub-paragraph.

The changes have been made chiefly on account cl the following :-

(6.) The existence of the "Shanghai Com

panies".

“(6.) Chinéan language and customs.

Existing local law, courts, currency, etc,

SHANGHAI COMPANIES,

A great many of the companies registered in Hoogkong.are companies which transact all thair bu,lasks outside the Colony, Most of these companies have their 'bosd offices either at Shanghai or at Tientsin They have no office here for the transaction of business, and thair directors and office and all their property are out of reach of the jurisdiction of the Hongkong coorts. Under these circumst inces, capirol over them is difficult, and. It is found is pra tice that some of them are very dilatory and segli. Rent In complying with the provisions of the low In order to strengthen our contref 'over theen companies a number of provisions have bren Introduced into the Bill which do not exist in the Act because the difficulty bas never become acate in the United Kingdom. Other provi- sions have been inserted in order to meal the convenience of these companɛes; these have been rendered necessary by the time which 'letters take to reach Hoogkong 'from Shanghai, Tientsin, etc., and by the fact that different newspape's circulate in those ports. One pro - vision, which is adopted from previous logistą. sloo, i.e., Ondinence ró of 1907, as anraded by Ordinaala za of 1909, is the result of a compromiss between the rival claims of the Hoogkooz Government and the extraterritorial authorities at Shanghai to' collect probate or estate duty on the shares of there Shanghai Companies" All the special provisions re- ferred to are epumerated below.

CHINESE LANGUAGE AND CUSTOMS,

Somo special provisions dro introduced in order to meet the requirements of the Chinese language, and one provision is naked on account of the expected attitude of the Chinese towards it.' The following are the details ;— .

(a.) Chinese Names.- fi la,well known that Chinese individual and placé names are of little ute unless given in Chinese char acters. The Bill requires that tho Chinese names and addresses to the company's register of members, and in the annual" summary, Theil be given. Act, Sectionj 125,,16: Bill Ülauses 26,,27. (d) Chinese Equivalent of "Limited Com

pauy."The Act requires all limited comparies to use the word "mited "as part of their names, and forbids the uza of the ward by unincorporated persons. The regular Chloess equivalent of limited company "is “you ban kang ex!

יי

THE HONGKONG TELEGRAPH FRIDAY OCTOBER 14 1910

The fees in Table B of the Act may be lowered, but may not be increased, by the Board of Trade (Section 18 and 244). Similarly, those in Table B of the Dill may, be lowered, but may not ba Increased, by the Governor (Clauses 118 and 224).

(f) Frs for registration of documents--Thii is under the Act, and 53, the present fer, coder the Bill, Clause 253 and Table-

B.

(e) Stamps on memorandam and articlos.--

Both the Act and the Bill require Ibat the memorandum and the articles shall each bear the same stemp as if it were a' deed In England the generat dead stamp is io, and in Hongkong it la Sgo. Act, Sections 6 and 12; B, C aures 7 and r*.

(*) S'amp on sliare warrants to bearer-The present Companies Ordinanco, 1865, 8, Squires share warrants to bearer to be stamped with an ad valorem stamp of 30 cents per Stop of vomical. value. In England ibis duty is provided for in the Stamp Act, 18), and not in the Companies Act, and it has been decided to deal with it hera in an amend. mant of the Stamp Ordinance. It may be mentioned that the English rate is five times the present Hongkong rateɛ/ (t) Winding up foes-Under the Act there

ara fixed by the Lord Chancellor with

the sauction of the Traavary, and under the Bill by the Governor-in-Conocil. Act, Section 237 (3); Bill, Clause 219 (1). (j) Winding up. Rofen "including winding

up form."-Under the Act these are made by the Lord Chancellor with the concurrence of the President of the Board of Trade, and under the Bill by the Chief Justice with the sanction of the Colonial Treasurer. Act, Section 337 (1); Bill, Clause 119 (1)..

(b) All ciber roles of procedure, "Including

rules as to costs and fees," are made lä. England by the author'y having power to make rules for Supreme Court, 44, the Lord Chancellor, Lord Chief Justice, Master of the Rills, President of the. Probale, Divorce and Admiralty Divising, and (árr other judges. Tho 11.11 places this power in "the Chief Jus. tice with the approval of the Legislative Council". This is the authority which possesses, nader section 32 of Ordin ence of 1873, the limited powercf mak ing rules for the Supreme Court which is it that the legislature has parlad, with in this Colcoy (except for a limited power given to the Chief Justice by Section 709 of the Cafe of Civil Pro- cedure Act, Section 138; Bill, 'Clause

. 210.

(1) Tables and Forms:-Under the Act, Bay of the tables and forms in the First Schedule to the Act may be altered by the Board of Trade, except that it may not increase the fees payable to the 10. Riuttar of companies, Under the Bill these tables and forms may be altered by the Governor, and be also has no power to increase the fees payable to the registrar of compantes. Act; Sec- tion 118; Hill, Clause it8.

BANKS.

.

The fact that banking partnerships were ex- cluded from the operation of the Companies Ordinance, 1865, bia necessitated the ldsertion in Clause any of a provision that banking com- paoles in existence at the time of the com- mencement of a bill may register under it, and of a costeguential alteration in Clauss 234. Ol course existing banks need not register unless they wish. In one other matter relating to banks the Bilt differs from the Act, fe, limited banking companies are not required to publish the statement of assets and itabllities referred to in Clans 108 of the Bill Act, Sections 108,. 249, 256; Bill, Clauses 108, 127, 734-

اپ

HOLDING OF LANDS IN HONGKong By FOREIGN COMPANIES.

Under the Hill, every company incorporated outside the Coliny which fulfil the conditions of clause 352 is empowered to bold lands is the Colony i this follows the picient law (see Or diance 7 of 1918). The Act gives the powere only to companies facorporated is a British possession. Act, Sections 24. 275 Bill, Clauses 253 253.

NOTE.

(BA) The Bill provides that any Chineso equivalent ofits nams which a limited company may use shall con- tain that expressico, and penalises of the term by parsons the use

INSPECTION OF RECÌSTER OF MEMBERS.. who have not been incorporated with limited liability, Act, Sections, 3, 4, 258. The Bill provides that the registrar of com

panies may inspect the registers of members, 274, 281; B, Clauses 4, 5, 236, 252, 200. (c) Banks, Half-Yearly Statement. -Huberto and debenture holders, of any company without there has been no limitation in Hong-fee. Act, Sections 3ɔ (1), 101, 101; "Bili, Clauses kong on the size of partnerships formed 31 (1) 102, 103.7 for the purpose of banking, and the En glish law on this subject is now being applied for the first time. Opposition, is expected to this provision of the Bill, on Account of the publicity which twili 10 volve, and it has been decided as conccs. alon to exempt banks from making the statement required by clause 108 of the Dill, Act, Section 108; Bill, Clause 108. RULES-FEES-TABLES-YORMS. The provisions of the Act and of the Bill are compared under the following heads:

(a) Fee for search by non-members of a company's registers of members and mattgages. In the Act the fee is, and to the Bill it is 50 cents, which is the presest tee for search of the ragister of members. Act, Sections 30 and 10: Bill, Clauses 31 and 102, (b) Fes for coples supplied by a company,

In the Act the fee is sixpence per hundred words, and in the Bill it is as cents per folio, which is the present fee for copies of the register of members, Acl, Sections 30 and 103; Bill, Clauses 31 and 103. (e) Kes for search in the office of tho regla. trar of companies -Tae Act. provides for "the payment of sach fets as may be appolated by the Board of Trade, not exceeding one shilling for each inspec tion". The Bli fixes it at 21.00, which is the present fes. Acl, Section 243 (6); Bill, Clause 233 (1), (d) Feas for copica sopplied by the registrar of companies.-The Act provides for fees not exceeding 5/- for a certificate of in corporation and not exceeding sixpoEcs per folio fre a copy of any document. The Bill fixas the lees at $5.00 and 40 cents per folio respectively, which are the present faas Act, Section 243 (6); Bill, Claus 233 (s).

(.) Fees on registration of a company and on reglatration an increase of capital. These are set ont in Table # in the Fim Schedale bath in the Act and la the Bill. Table B in the Biti simply re- enacte Tabla B of the present Com. paulos Ordinance, 1865, which contains the fees chargeable here at present. Our scala is a little higher than the scale in the Act, so far as it goes, but it stops at a maximum of $300 while the Egilsh scale goes up to 50. To look only at Table E, however, would be to obtain a very misleading comparison between the fees payable on the registration ofa company in England and Boo hoog respectively, for in England there in pay- able in addition a Capital Duty of per Loo of capital, and there is no limit upon this duty. It was imposed by the Finance Act, 1899, 1, 7, and hai 'no. counterpart in Hongkorg. The recutt s that in all but the very smallest com. **panies our registration fees are far lower than the English fees. For instance, in the case of a company with a capital of Stanjoo our fan is $irt while in Eng. land it would be £127-10-0, or say $1,500," For present purposes i have disregardad such fees as do not vary with the amount of the capital,

The following memorandom of the chlef differences between the provisions of the new Companies Bill and the existing law. In the Colony professes neither exhaustiveness por literal accuracy, and various minor details and galifications have been omitted advisedly. The existing law is contained in the Companies Ordinance, 1855 (No. 1 of 1865), which in its present form in Sir Jobu Carrington's Edition of the Ordinances is a consolidation of the origloal ompanies Ordiniece and of various subsequent. ordinances which adopted relect- ed portions of later English legislation. It contains noun of the English legislation after 1898, and the log'slation up to that year wAS only partially taken over. In particular, the Directors Liability Act, 1892, (53 and 54 Vict

61), was not adopted. The present B'll Is based on the Companies (Consolidation) Act, 1908, Hdward 7, c. 69), and this embodies, inter alia, the Directors Liability Act, 1890, ($s and 's Vict. c. 61), the Companies cl, 2000, (63 and 6 Vict. c. 48), and the Companies Act, 1907 (7. Edward 7, c. 50). In the references at the end of the paragraphs, "Ordinance" means the Compasics Ordinance, 1865, and "Act" means the Companies (Consolidation)

Act, 1908.

SUMMARY,

THE HONGKONG UNIVERSITY.

.

RACES AND CREEDS

(f) Commissions and Discounts.—Restric

tions are imposed en the payment out of capital of commissions or discounts for

The appeal which is made by Sir F. Lugard taking or placing shares This to intend for further funds for the endown ent and equip ed to prevent a practice which was oncement of the Hongkong Univeralty will wo common in England, of adding laga Fast, meet with a hearty and generous responsa amounts to the pilce advertised as pay from the British public. There are, as doubt, able to the vendors who then stage many people at home whe scarcely realise the the underwriting, giving large blocks to importance of the project. Colas is a long fluanciers who guarantee that sufficient way off, and at the first blush not a few might shares shall be taken to provide work-pot the very pertinent query, Why should wa ing capital.

go out of the way to educate the Chinese (g.) Mortgages and Charges. A patre How will it benefit us? Or, on the contrary, mortgages and charges on the company's will it not rather ccable the Chlaaman to more preparty or podertaking will be void as effectively compete with us? A very little against the editors and liquidalur thought should basish all such ideas. The ax unless they are registered within sixplanatory statement Issued by Sir F. Lagard wecks after the date of their creation,

and his speech lo Liverpool on the subject of (4.) Auditors. The powers of auditors ste on the University place the pubile in possession larged, their responsibility is increased, of the very fallest Information bearing on the their duties are rendered more stringent scheme, so that there should be no two opinions and provisie is made to ensure that the as to the wisdom and importance of actively shareholders shall bear and have access supporting it. Briefly stated, the idea is to to their report. This subject is entirely found a University to be open to all....... unregulated by statute ai present. la practice, of course, provision is mode in the Articles for audit, but there is no restriction on the nature of the provisions that the promoters may choose to adopt. (4) Winding up by the count.-Every liquida

tor in a winding up by the count is placed under the regular and systematised con- trol of the official receiver, He must send his accounts to the official receiver to be audited, must pay all receipts into an account controlled by him, must give bim all necessary information, and must apply to him for his release. The official receiver reports to the court on the assols and Hab Bities of the company. on the causes of its failure, and if any fraud has been committed. At present, of course, the liquidator has in many cases to obtala the sanction of the court before taking action; the court makes a special order in each case as to the passing of ble accounts, and may ..take cognizzade of any neglect or mis- feasance on his part if moved in that behalf and the Registrar of the Supreme Court has to countersign all his cheques. But there is no authority whoa duty it is to watch his conduct, or who is em- powered to take action of his own motion in case of vecessity. Some provision is also made for the case of vatuntary -winding up, but of course there is no re-

golar control.

+

J

|

HONGKONG VOLUNINBE

RESERVE.

'VIRIT. MEETING.

TAB SIBERIA”

356

PARTICULARS OF THE COLLISION:

As praviously reported, the P. M, steamer Yesterday the first menting of the Volunteer Siberia which left Robs on Sunday night (and Reserve was held at ibs City Hall. H.E.Siri) for Hongkong, was compelled to put Heary May presided. On the motion of Mr. back into port sons after starting owing te n G. H. Wakemus, seconded by Captain Branch, collision which occurred off Sumy between that H.E. Sit Henry May was elected president of vessel and a small japaness steamer, at a quar- the Rezerve, Sir Henty, in returning thanks for past twelve. kesit for the appointment, said he had much pleasure The Japan Chronfola; in lis Tuesday's issue, in accepting the office. He knew that he could says seems that about midal, ht, About rely upon the members to make the movement two miles after passing Wada Polat, a a real success, which he thought it ought to bored light was seen about ino de rees on It ought to prove a very valuable addition, to the starboard bow. The Siberia's course the defence force of the Colony,

was "meldlained until: a green ""light-i came visible, and then again a rad" light. Thereupon the Siberia's course, was altered slightly to starboard, the lights then showing rad to red. Suddenly, the on-coming steamer's course was ngala changed, showing' green light, and she blow two blasts. At this "janc tare, to avoid a collision the Siberia's engines were reversed, and thren blasis sounded, the other vessel still showing a green light. Tomimtur, also outward-bound, and On leaving port the Siberia bad passed the while this was occurring she was following the Siberia a short distance bebind; on the"star" board side. The Captain of the Siberia, seeing that a collision was inevitable, stopped the engines to lessen the forca of the impact, Thö Tomashima-maru however, continued to coma straight on, apparently, without even op. donyouting to turn aside, and struct tha Siberta amidships, twelve fest before the ensui glas-room bulkhead, opening one plate its foll width, and denting a plate above and below, besides buckling three deck beams. Fortunate ly the damage was just above the water line, sed as an immediate" inspection slowed that no serious consequences were to be feared, and The Tonna hinaware appeared là họ là đại danger, the Biberia pút back to port and anchored off Wada Point. The TomasžiMA maru also put back to port, with aleven of her. plates badly buckled. At the time of the ac cident Captain Bischof, Inland Sea pilot, was on the bridge of the Siberia and with him wern Caplain Zeeder, and the third and fourth officers,

Mr. A. Mackenzie proposed, and Caplain, Brauch seconded, ing election of the following committee: Captain Branch, Messrs. Baker, R. E., O. Bird, L. G. Bird, W. Dobbs, G. H. Wakeman and O. E. H. Boavis. Carried Mr. A Jenkins was appointed secretary. On the question of the annual subscription, Mr.. Wakeman was undat the impression that the bet owing to the position of Hongkong it is subscription should be limited to $3. If it ware fixed at a bigher figure it might proven primarily intended for Chinese. la common with the leading British and American Univer men from jolning. H.. pointed out that the sity it has no religious exclusiveness, but it Reserve would obtain a grant in respect of welcomes the establishment or hostels by re-material. He thought himself that $3 would be sufficient. He would like to see old Volunteers ligious bodies who hava educated students In their schools, provided they conform to the joinlag. There were quite a number in the regulations Imposed by the Council for the Colony.

Mr. Brett rammked that being a milltary strict supervision and discipline of andargin force he thought a subscription would have duates. Students who are not resident in a

been unnecessary and that a grant from the hosta! must liya in the Univerally precincts (where residential quarters are provided)Government would have met all expensas. under the close supervision of the British staff, It is an essential and primary object of the University to train the character and morals of students, aud, so far as possible, to inculcate Western ideals; with this close supervision Chinese parents and supporters are in strong sympathy. Playing fields are provided for the association of the staff with the studcote la bealthy exercise and to premole touch." The first three chairs to be established are "Medi clue" (incorporating the Hongkong College of Medicine, which for twenty years has done ex- celleat work in this direction); "Appiled Science for the education of railway mining, and electrical engineers, surveyors. &c., and "Arts," to meet the requirements of those who desire to adopt an official career in China-to include political economy, Chinese language and literature, general history, geography, mathematics, c. This, then, is the project for which

(7) Directors and Promoters.-Tha company mast keep and file a register of directors,

SIRK LUSARD APPEALS. Provision is made to ensure that he its realliation will confer an immense booa persoas held out to the public as latend on the Chinese, who, so to speak, will fog directors shall really take up the have the highest form of university education effice. In any proceeding by a subscriber brought to their very doors.; This means that against a director or promoter Iné min. the students, while coming into contact with representation is the prospectus, the Westera life and influences, will not lose touch onus wil' in future be on the director to

with their own country and their own prople. show that he had reasonable ground to To acquire modern learnlog they will not bavD believe be misleading statement to be to abandon the study of Chiness language and true. At present the onus is on the sub- literature, The Viceroy of Canton, though one scriber to abow that the director knew

of the old school" of Chiasse thought, in an the statement to be false. Failure 10 exceedingly able manifesto in support of the comply with the requirements of the law scheme, pointed out that Chinese who go to will in many cases entaila pecuniary per foreign Universities go at a most impressionable alty on the dicctors Power is given to time of life, before, their characters are fall the court to relieve directors who have formed. They are peculiarly liable, therefors acted bonestly and reasonably and who to lose their own national virtues, and to pick ought fairly to be excused.

up the vices of the country of their aducation (Foreiga Corporations-Every company

In other words, they become donationalised, incorporated outside the Colony which and return home to spread heterodox poilical commences business in Hongkong after opinions, and to sow their own discontent the commencemeat of the new Ordin amongst their stay-at-home compatriots. By auce will have to give certain joforma-nicans of the tongkong University the Chisese tion and file an annual balance sheet.

students will have at their disposal all the (L) False talemeets in Returns.—Anyons higher educational facilities they requiro, to- who knowingly and wilfully makes a gother with access to degreas equivalent to a material misstatement in à returo, report, London degree, and that without the disadven- balance sheet, certificate, etc., will comtages of residence in a remote and uafamillar land. The University is intended to give a (m.) Banks. In future, partnerships of more thorough training for the

than ten persons formed for the purpose of banking will be illegal unless register. ed. Banking partnerships were omitted from the Companies Ordinance, 1854, because it was intended to deal with them separately. They have, however, been left entirely unregulated. (n.) Generally spesking, the provisions of the Bill apply to existing, as well as to future, companies. There are exceptions, and in particular it may be noted that foreign companies already doing business bere, and existing banks, need not register. It must, of course, be understood that some of the less important matters dealt with by the Bill are at present ordinarily regolated in the memorandum and articles' of each individual company, but they are made absolute in the Bill and are not felt to the discretion of the promoters of companies, and the remark does not in any caso apply to such matters ara criminel fincor, civil liability of directors and promoters, selures to be filed, or winding up requirements and control.

i.

mit a misdemeanour.

"BEDFORD" RELIEF enter. TAINMENT,

PROGRAMME FOR FATURDAY.

Following is the programme of the Bed. ford" Relief Entertainment for Saturday, Oct. 15-

1-Overture

2-Sorg

4-Song -og 6-Másical Sketch.

PURSUITS. OF PRACTICAL LIFE.

The President pointed out that "thay, wers not a military force, but as organised club with a military blas. He did not think they could get on without some litte fand. They would hava 'rango expenses.

Mr. Wakeman proposed that the manual sub- scription commenco from October tit..

Mr. Beavis seconded. The motion was carried.

The framing of rules, was lost to the com. milles.

Mr. Hearlo asked what sort of rifle would be issued ?

The President siid that the short service military rifle would be issued. He was in com. munication with the Volunteers with a view to procuring rifles at once. Next year there would be a vote for the purchais of rifles.

Mr. Hearle suggested that sumo members might prefer the long rills, with was usiter for shooting. The President said that it would be better to adopt the service rifle and be in the same position as the military..

In conclusion, His Excellency urged upon members the necessity of shoaling their mus» ketty copris so as to obtain ibs grant of too rounds of free ammunition.

· QUBEN'S COLLEQE AQUATIC SPORTS.

A SUCCESSFUL MEETING.

bath innt. Queen's College this afteroon "held an aquatic meeting at the V.R.C. Bath, which was kindly placed at the disposal of the College for the occasion, The Inst meeting which the College held was some eight or Bios years ago, and eo ciber meeting has since taken place. A couple of years ago some of the boys got together and suggested the holding of a meeting, hit nothing eventuated. Ultimately the suggestion was revived with the result that most successful afternoon was spent by the boys at the V.RO, to-day when an attractive programme was gone through. On the whole the sports were very good and some of the The swim. events proved cloid contests. ming was witnessed by a large gathering of poplis-past and present.

TWO LEKOTHS HANDICAP.

F. C. Robarts (goes 6 secs.) ............... Pau Sbai Obeak (goes 7 recs.).... Six started in this event which resulted in an easy win for Roberts,

FLUNGING.

The officials of the day were as filows:- President: Mr E Ralphs. Chairman: Mr The Caisoto ata fiadlog out thatthe mete study A. D. Brawo, Hon, Treasurer and Secretary: Mr A. O. Brawn, Judges: Mr A. O. Brawa, of Chinese classics is not sufficient if they want to hold their own in the modern world. They, Mr Garrest, Mr K, E, Ü. Bird, Mi A. W. Grapt. need engineers to build their railways and Mir A. H. Crook, Mr R. J. Bitbeck, Mr B. bridges, doctors to heal their sick, and trained Tanner, Mr Sutherland, Mr F. f. Ds Rome. economists to deal with the problems of the Starters: Mr Garrett and Mr Sutherland. Re currency and of Gaancial reform. The Hoog feree: Mr A. O. Brawo, Handicappers: Mr kong University will do much to met their 4.0, Brown, Master f, W. Lst, and Master F. wants in this direction. It will be noted that Ellis Time-keeper: Guzaer Bedbrooke, R.0,4. English is to be the medium of instruction, and Committee: Mr. A. O. Brawn, Master J, W. this will lead to the spread of the English fan-Leo, Master F. G. Roberts. guage in the Far East, Forber, as Sir F. Lugard points out, Chloese students would be ained in the ideals that acinated a British gentleman, and as many of those students would' occupy important positions in the Government of China, the influence they would spread would be entirely for good. From the selfish polat of view the schems should appeal to us, faï it is calculated in a very effective way to sirengiben the moral hold of this country on the China and to accentuals British lafuence in the awakening of Chlon, which is now la pro gress, and which so many, other Powers are andearouting to turn to their profit In word, the University will enhance the prestige and raise the influence of the British race in the Far East, and therefore we trust that the people of this country with do their part in bringing the scheme to successful completion. --~-~L. & C. Express

‚,"Obeion" | SINGapore share circular. Band of The Bes

"The Young Royalist" MrR. E. White 3-Song-...................." Roser.io June“ Mr. Badeley

„„ ...Nitvang Mr G. Lammart

.." Indian Desert Song Mrs Schofield

Mr R. Sutherland

Mrn Edwards

Mrs Gordon

Mr A. R. Austin.

The market has remained in a depresied state during the week and a continuance of falling prices. In mbber shares, advised_from|| London, tended to further this condition. However, Intest advices indicate arising market in rubbers and there is at the close a

7-Violin Solo Romance (Jansen) My Als Folk"

8-Song

9-SODE.................

The following is a summary of the principal changes introdeced by the Bill into the existing law. Fuller details, and also other timro-Gymnastic

changes, are given in the body of the

memorandum.

(a.) Annual Summary-This will contain some useful additional Information In fatura.

(8.) Aunual Balance Sheet.-All companies

will in futura biva to fle an annoul bilence sheet of astete and ¡labilides. ́(c) First Healing and the Statutory Report. -Seven days before the first matting the directors past send to every share. holder, nod file with the registrar of companies, a "statutory report" contalo- ing fall details of the allotment, ste. {d,) Prospectus.—Provision is mada egniust inisleading prospectures, Minuto direc tions are given as to the lnformation that a prospectus must contain, and in case of misrepresentation the one is thrown on the directors and promoter to show that they had ressonable ground to believe that the misleading statement was true. At present the onus is on tho, subscriber to show that she directar or picmoler, knew the statement to be false,

Display

"The Border Ballad

V. S. 5. Wilmington INTERVAL. Selection.The Arcadians";

Band of The Buffs 12-Song »

""My Dreams* Mr E Abony 13-Song.......... "Angels Guard Thes" Mrs Maltland 14-Songs at the Plano.

Mrn Webb and "THE CHANGELING"- A Comedy lo One Act

by .. W. W. Jacobs.

George Henshaw Mr P. Tesler Mrs Henshaw Miss Benbow Ted Stokes Lieut. Rosomar, KM. Stage Manager, Mr G,O; Barlos

TYPHOON WARNING.

The telegram quoted below was, received (e) Allotment. Restrictions are imposed in from the Manila Observatory at the American

Consulate General, Hongkongt

order to prevent allotmenia being made on insuficient applications and businurý

- being commenced without a reasonable

27 Manila, October 8, 10,20 4,0. Cyclone or phoon N., of Luzon, moving N&WC OF NANOWC

better tome all round in local shares. There has been but little doing in. Mining and Industrials,

Rubber-Highlanda have changed hands at £4:17 6d, Slugspore Paras at gas, Allagars at 41, Merlimaus at prices ranging from £8. 10 4% 3d, Hajoeps at ros, Kamualogs åt 4s 3d. Prem, Patalingen1558713, and Bertams at 6s 6d, Singapore and Jobores have been done at $10.50 to $ro, Balgewales at $10.50 to $to, Changkat Serdange at $7, United Singapores at $1.25) Palo Dants at $639, Ayer Panas at $6.85. und Jimahe at 75 cents:

Mining-Ranhs are on offer at 56.50, Trosobs have been steady at $13,5annd 513,75, | and Kinta Tine at $16, but there is little dolog

In this section.

General-Stralis Traders have been done at 557 and Fraser and Neaves at $19, with sailers over lu both cases. Straite Steamships. Gold Storages and Riley Hargreaves are want• ed, but there are nona on offer.

"RUGBY.

HONGKONG FOOTBALL CLUB ĐI. HONGKONG VOLUNTEER SCOUTS.

The following have been chaied to play for be Hongkong Football Club versus the Hong- kong Volunteer Scouts at Happy Valley to monow, path. Kick off 5.30 p.m. sharp,

Full Back T. J. Robaɔn; Three-Quarters F. R. Mann, H. G. Hegeity, A. N. pasland, C. A. W. Fortier: Hairan T, Cooker and E. Ley Shaw i Forwards; 2.0.-Denison, W. Ross, AW. Walkinshs, B. F. Dudley, F. F. Jose- land, &; 0. Palley, D.B.. Ritchis and. A. N.

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G. Jorge, 40 ft, 2 [ăsimintaigner. E J. Cur, 39 ft. 6 is............................................. 2 Two LENGTHS HANDICAP. (For Chinese Boys only).

Pau Shal Chouk (scratch)

I

Sex Poop Sang (gone 4 secs.) ............2 A good race from start to finish, in the ficat sprint Pau Shai Cheuk came up is grand style and won by a yard. A touch separated the second from the third boy.

Time: 43 4/5:"

FOUR LENGras ḤandicAP.

. G. Jerra(gasi H2 0862 ĐỊNH Pau Shal Chonk (gons 15 secs)......... Time: min. 33 secs. 440 YARDS SORATCH.

I

2

Five faced the starter. All wout off well toge. ther, and before the sixth lap was over all gave | up, with the exception of the above two. Logan won easily, finishing fresh,

Tima: 8 min. 10 secs. SWIMMING IN PA'RS.

G. Jorge' A. Logan. TRAM RACE

Oruz, Let, Pau Shai Cheuk, Rum.

jaho, Janerbitg and Ismail... ! Logan, Jorge, Roberts, Xavier, Usa sad Wang án • FOUR Length (Scratch). For Past Pupils.

THE ALLEGED, UNRE$7.

In the opinion of the pilot if the Tomarkíma- mau had ported when she saw the 'Siberia porting, the collision might easily have been avoided, as the Tamashima mark had plenty of mom from shere (about one and a half miles), making the evolution possible. The accident. is attributed solely to the confusing manner in which the steamer ahead changed her course; from poit to starboard, and vice

, ont giving noy definite Indications of the direction she desired to proceed' unții tov late.

The damage to the Sidarid was temporally repaired yesterday, a new plate being insertad, and the two bant plates straightened out.

TAB SHIPPING TRADE.

A COMPARISON,

la the folelga trade; the Uolted Kingdom thera were entered and cleared at British porta in 1860 vestels of 13,915,000 too; the total in 1958 was 77,870,000. The increase was com- paratively steady through the inter years of the period, the toonage rising by a few millions each year until high-water mark was reached a 1907, when the total was 81,308,000 tons, Great Britalo, kowover, in holding her awa with very little to spare.

The total of foreign shipping entered sud. cleared at United Kingdom ports la 1860 was 10,774,000 tons. In 1908 it was $3,575,000 tons and the advance was quite at steady až that of Great Britain. Farther, while the United Kingdom entrances and clearances de creased in 1908 by over 3,000,000 tons those of the rast of the world increased by over 1,600,5 coo too. In 1860 the British percentage of the tonnage calling at home ports in

*

THE FOREIGN TRADE was 46.41 in 1908 it was 59.2. But in 1897, the British percentage was 729, or, taking stones.. vaszals only, 785. The position of overwhelm- ing superiority was last as the other balioes acquired their steamers, and now the British percentage of steam tonnage in our own, ports in 60,5,

The mercantile marins of the United States. bas decreased greatly within the past 50 years.: In 1860 American vessels aggregating 3,981,000 lops entered and cleared at British ports, whereas in zƐgo the total was only 292,000 tous. There has been a fairly

STEADY ADVANCE since, and, beginning with sġ15, the figures have been well over a million tons each year. The real competition which the British flag has to face comes from Germany and the Scuolpavien countries, Germany hai increased bar stan tonnage since 1900 from 3,940,000 10 4,578,000 tons, Sweden from 2,357,000 to 3,536,00 tons, Norway from 8,058,000 to 580,000 'toos, Danmark from 2,529,000 tons, and Russia fraza $56,000 to 1,087,000 tons. France is almost stationary. Holland and Belgium have gained. very little, Austria-Hungary and Italy have improved very slightly.

GOOD WORK AT SHANGBAL

Under the above heading the Navy League, Jenzmai has the following comment to make ppoo Shanghai's British community's activity regarding the branch of the Navy League there; aud it only makes us regretful" that such, a patriotic body should not receive liko support- In Hargkong The new spirit shown by the Shanglil Branch of the Navy Leagus is Of a cellent angurs for good work In the future. The Branch is to bo reorganised more in ac- cordance with the League at home, and if the behests, at the annual meeting, of that energetic advocate, Mr. W. V. Drummond, are headed, the Branch will contribute much more la the work of the Leagus at headquarters, Shangbal ower crerything in its fatore security to the Navy, and it should therefore conlilbate to the great sgancy that is atiering public opleloa to exercisa such pressure on the Government a It was rectally announced from Washington, will make it impossible for it to fall in the vital that advices had been received from American

matter of naval suficiency. The work done oficials in the Far East to the effect that a locally at Shanghai is at the same time, emin- Soma critical situation exised la Chiuz; where so ently ussful, and neid not suffer. outbreak similar to the "Usger trouble would remarks were made, at the meeting on the not be surprising. In connexion wib this to question of the status of the Branch, being on port we we anked by the Acting Consul foreigo soil, bet it has been embodied long General of the United States to give publicity since with the League at home or ampla 10 the following statement-The American grounds of extra-territorialitycy The North Legation in Peking is in receipt of advice from China Daily Newr, in a loading unticla com the Department of State that it is in utter menting on the misting of the Branch, naked igaorance of the source of the recent sumonex how it could best help the work of naval pra- regaiding an alleged unsettled state of affales paredness? and replied, “ Primarily by moset; "In Chica and has, moreover, repeatedly denied

contributions to the Navy League

By that it had received information of any nature such means the donors may feel confident that which might warrant socs disqolajing reports. the cause of the Bitlab Navy and hence of the --N.G.D, Nouk,

British Empire is balog promoted." It may also help by traintog opinion at Shanghal, by manns of lectures and educational propaganda, on the lipte of the League at,komaa.

SOME time ago it was stated that Mr. Kubota, chief engineer of N.Y.K. Reamer Chefoo-mark, claimed to have invented an improvement for tarbines, He want to. Nagasaki, says the Tax services of all the TuTOPARD RÜDDETE DR Nagasaki Press, and the invention has been the Imperial Chiares Car befected noder, kin supervision in a worksop being dispspied with ac at Deshima, and it is stated that successful trials order: from Paklog, have been carried out there ras invention other reductio will shortly be seated seats

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