1914-02-13 — Page 5

will of the business, and the goodwill of the business shall be regarded as a branob."-In the taking over clause you don't. You will fad similar forme in the other books. The book I have got is Prideau, it is an old one. I think the new ones are practi ⚫cally the same.

The President Thesaare precedents?

Mr. Alabaster; Yes, Prideau's precedents. It is the precedent| partnership form and the last two clausea call attention to the termination of a partnership, 10 je taking over. 15, which is the final one contains no mention of goodwill in this form. Property and effects are our own words, and so on and so on, and the word goodwill is not mention- ed in the clause. So in these! books of forms you will probably find the same thing. So there în expressing general law goodwill is mentioned in the taking over clause, but not in the final sale clause because it is included under the general law, and therefore I say the droughts- man of these would proceed precisely in the way any draughtsman following these forms which are based on thei cases which I have cited, which express the general law in the exceptional esses. He has drafted these clauses to provide for these events. It is stated in genera} law in clause 15. The earlier

clauses give the continuing partner the option to take

THE HONGKONG TELEGRAPH, FRIDAY, FEBRUARY 13, 1914..

SPECIAL CABLES.

CHINESE POLITICS.

PREMIER'S RESIGNATION LIKELY TO B9 ACCEPTED.

(Special Pacific Service to the Telegraph-Reuter),

Peking, Received Feb. 13. The meeting of the Cabinet which was to have been hold yesterday did not take place.

A Mandate accepting Hsiung Hsi-ling's resignation of the Premiership is expected to be issued shortly. The name of San Pao-obi is mentioned for the post of Act-- ing Premier on the ground of seniority.

UNREST IN JAPAN,

POPULAR DEMONSTRATIONS; 200 ARRESTS,

Tokyo. Received Feb. 13.

The Badget has been passed by the Lower House with the reduction amendments to the Navy Estimates which were approved by the Budget Committee of the Diet.

A mob of 1,000 people made a demonstration at mid- night, and the police dist read them after arresting 200.

A number of Opposition newapaç or editions have been prohibited and the editors have been arrested.

The anti-tex agitation is continuing. Maes meetinge were called yesterday and to-day, insisting on resignation of the Cabinet, complaining of the harshness of the police and also that there is no provision in the Budget for the relief of taxation.

Over if he likes by ferrel to because they are state? The Chief Justice--I did not valuation. Goodwill must be there to ta both alternative ar- want you to sit down before I mentioned for these reasons, be-

guments Sagere and Taylor drew your attention to it.

Mr. Alabaster I cannot see

cause you cannot put a valuation and Neate. They will be dealt on it without mentioning it. It with by my learned friend, Mr. how the appointment of a receiver is utterly unnecessary. Two of Jenkin, who has also another al, would operate against the exer these authorities mention it internative argument on another cise of the auction clause. another place Library edition of case and he will also deal with I should have thought it was Prideau vol 2, 805.

this and authorities for beneficial proper. He would be the auc The Chief Justice.The same construction which I have dealt tioneer and he would receive the "in place of death?

with-lightly-It-is-unreasonable bids and, according to the direc to expect that these clauses have tions of the court he would say been put in to give him an op-whether he would realiso quickly portunity of buying something for or slowly. The appointment of $150,000 which he could have the receiveris a necessary incident got for nothing.

The Chief Justice:lle will deal with the other construction which is to be placed on Olauss 15 as a whole?

Mr. Alabaster: -I thought it had done that.

ulrticle 15. So far as it goes be roast realise the whole of the ass ts whatever they are.

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Mr. Alabaster :-Yes, that ia

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Mr. Alabaster-Yes during the term, but in this case it is not compulsory taking over, it is optional. If they don't take it over they close the thing and it; is pat up for auction and they can bid.

He has a right to take it at valuation. But this construction my friend will desi more elaborately. This must have been the intention-why The Chief Justice:-Mr. Slade give him, the option to pay contended, and I thought very a very large sum for what he can emphatically, that in order to get for nothing, for refusing to effect a sale of a going concern it excercise the option. But my would be necessary to appoint a appellant, I am going to addresa CONSIGNEES of Cargo are will deal with the receiver, but it would be necess your Lordshipa on one or two Goods are being landed at their friend authorities leading to the inconry for the court to lay down points. Really I cannot address venient construction. It is the terms upon which the receiver you ou "the large question, but extra hazardous Godowns of the NOTICE hereby given that

risk into the hazardous and/or construction that has given him would effect the sale. The court my address will form one or two Hongkong and Kowloon Wharf the option to buy at a very large would have to state the upset points. The first point is this and Godown Co., Ltd, whence OLOSED for the Transaction of price.

price and it would authorice the the defendant cannot here in this and/or from the wharves delivery Public Business on MONDAY, The President:-There is one receiver to pay the liabilities Courtuse the words "property and may be obtained, point you mention-you must fiz

of the firm and so on, and release effects don't include good will. " No claims will be admitted the price in order to arrive at like you to state whether that so?

the outgoing partner. I should The President:-Do they say any valuation at all ?

could be authorised having re- Mr. Jeakin-As I understand, gard to the terme of clange 15 their contention is that these which requires the realisation of words do not include goodwill. the effects and the payment If they don't contend that is ao, of the liabilitos.

my Lords, I may as well sit down Mr. Alabaster Article 15 is laughter).

Mr. Alabaster: Didn't I make myself clear on that point.

For property other than good have clauses for propor y other than goodwill and you

rill

you

The President:-Why?.

Mr. Alabaster:-Because you

ou have no price upon it,

The President-You may fix by arbitration.

Mr. Alabaster: Yes.

The President: You must fix

MARINE INSURANCE ASSO- OraON OF HONGKONG. RACE HOLIDAYS.

all., MARINE INSUR- ANCE OFFICES

be

TUESDAY & WEDNESDAY, after the Goods have left the the 16th, 17th and 18th instant Godowns, and all Goods remain-

respectively, at 11.45 a.m. ing undelivered after the 19th

By Order, net, will be subject to rent.

A. R. LOWE, must be presented to the Under-

All claims against the steamer Hongkong, 13th. Feb., 1934.

Secretary. signed on or before the 26th inst., or they will not be recognized,

FRE INSURANCE "ASSOCIA- Goods are to be left in the Go- All broken,chafed, and damaged

TION OF HONGKONG. RACE HOLIDAYS. downs, where they will be, ex- amined on the 19th inst., at

No Fire Insurance bea been effected,

Bills of Lading will counter signed by

GIBB, LIVINGSTON & CO.,

Agents.

ay that it shall be so many the option claves and it is The President:-I think thoy bounds you cannot say it shall be part of my learned friend's argu-do—(laughter). be daily price, but for goodwillment. The court has power to

Mr. JenkinWe are just com- on must name s price.

eee that when an avetion elcy is ing to the case and we worked 11 a.m. carried out it shall be done in the lont the case on that basis. Now, best interests of both parties and my Lord, they cannot be here we submit that it would be to for this the very best interests of both first of all, they have throughout reason. My Lords, parties that a receiver should be their prolonged correspondence appointed to realise things gradu- treated the subject matter of Hongkong, 12th Feb., 1914. [1168 ally, but he must have the the sale..as including goodwill. goodwill with it. He must sell Now, my Lorde, it is obvious „PUBLIC AUCTION. the business but he must also from the course they have recognise the interests of both adopted that they are not pro- THE Undersigned has received parties. Somebody has got to ceeding under the earlier olanes Auction on receive the bids but he need not of this agreement-there has carry out the auction in one day. been no notice given in pursuance the 20th February, 1914, com- Your Lordships will give such of clause 13; therefore they are mencing at 2.30 p.m. at his directions to ensure the proper negotiating outside that clauss, Balos Rooms, Duddell Street, carrying out of the sale to the 13. And they have been trying Household Furniture, Crockery, A Quantity of Valuable to effect a sale by one to the other The Chief Justice wish to ander clause 16, or outside the cutlery and glass ware, etc. draw your attention to this you articles altogether.

FANCY MARBLE The President:-Coming to an BRONZE CLOCKS, BARO- GRAPHS, BAROMETERS,

n some way of arriving at it,

Mr. Alabaster:Yes; and you annot fix it at a daily price be ause it has no daily price. There- or you must mention it. There re really two alternative agree

ents.

The President-Four. First, uestion of practicability, the bcond, the legal argument?

Mr. Alabaster YES.

beat benefit of the parties.

two

instructions to sell by Public

FRIDAY,

alsu

and

SEVERAL SECOND HAND

RE-BUILT TYPEWRITERS of SMITH PREMIER, RE- MINGTON and YOST MAKES.

2 PIANOLA PIANOS IGRAND PIANO

At this juncture the Chief were not in the court below. astice handed down a book to There was considerable argument arrangement. Ir. Alabaster.

and the other side took the point Mr. JenkinYes. Now, my CAMERAS, TELESCOPES and thal the case which I was asked Lords, in the first place may I HYGROMETER etc., etc. Mr. Alabaster after reading

to adopt was in conflict with the refer your Lordships to rer the case: This is not ordinance and thereis the question passages in two of the affidavite & taking over" case on valuation whether there is anything in which my learned leader referred at a determination and dividing clause 15 which is against the to this morning-page (of the

and therefore does not mention Dodwill. My friend will argue whether the payment of the Tomes (affidavit quoted) and to other worde file) 6; the first affidavit of Mr. at; I do not wish to overlap liabilities is not a preliminary the anawor by Mr. Shewan, page im in any way in my argument at I submit it covers the whole to the separation of the 13 of the file. He answers par- round. But the learned ju partners?

agraphs five and air (affidavit judge

Mr. Alabaster-You must do qunted). So far as i have read se referred in the judgment at that anyhow. I don't want to these lotters of negotiation

|ordinauce-in

.1 COTTAGE PIANO

1 PNEUMATIC TYRE RICK-

BHA

e top of page 7 and I have encroach upon my friend's for a settlement, as the Paisne

Judge put it, a matter of eighty the

salt with every case, which be

soited up to the top of page argament.

Tou. But at the top of

geon pige seven there are

The President:— Mr. Jenkin or ninety letters have proceeded

is going to deal with the general on the basis that under whatever

a caseg which I have not re powers of the court ?

(Continued on Page 109

and ra

A FEW PIECES OFUANTON

On

THURSDAY

BLACK WOOD-WARE.

view from 19th February Catalogues will be issued. Terms-Cash on delivery

GEO. P. LAMMERT,

Auctioneers

NOTICE is hereby given that

all FIRE INSURANCE the Transaction of Public Busi- OFFICES will be CLOSED for

ness on MONDAY, TUESDAY & WEDNESDAY, the 16th, 17th and 18th instant respectively, at 11.45 am

By Order,

A. R. LOWE,

Secretary: Hongkong, 13th Fab., 1914,

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(late Flock),.....10 12 Vice-President

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