1914-03-13 — Page 5

amount

to

anything like the same outsidor as to a continuing member of the partnership on the death, bank. ruptcy or retirement of the other.

Now the increase in the value of the goodwill appears to be nt- tributable to a great extent to what is referred to in the fourth paragraph of the plaintiff's al- fidavit as "the general manager- ship of several companies and agencies." This is a business peculiar to the East, and which, shortly, consists of substituting a general manager at a salary for a board of directors. The posi tion of the general manager is tisually provided for in the Articles of Association of the com- pany to be managed and is a]; lucrative one. Obvionaly, savO in exceptional casca the appoint. ment must be personal, and what- ever the value of auch agencies (included by the parties under the term goodwill) to the partners. of a well known business the disappearance of those partners

THE HONGKONG TELEGRAPH. FRIDAY, MARCH 13, 1914.

SPECIAL CABLES.

WHITE WOLF

11

TERRORISH.

ANXIETY FOR SAFETY OF MISSIONARIES.

(From Our Own Correspondent).

-Shangbai. Received March 13 Anxiety is being felt for the safety of the missionaries in the country being scoured by "White Wolf."

Three English women are missing from Laghukow, where a Norwegian doctor has been murdered in going to the Bielance of a compatriot.

Number of foreigners have gathered at Siangyang, and are preparing to flee..

!

of

would render the value of the occur again, and it is a ught to of such farther arrangements goodwill to an unknown par. give them a different meaning, a in

dissolution, chaser of little v lue.

meaning which will conflict with at any rate there is ample The intention of the partners the meaning of Article 12, and opportunity to make them, then the intention I have in their default the "property and in September-1908 was accord with

discovered in the parties to effects" are to be sold. If the

ingly to continue the partnership keep the goodwill apart from goodwill is to be sold there must for an indefinite time, having in mind the great value which, the

tbo rest of

but сп

DAIRY FARM NEWS. HENRY HEATH'S HATS

FISH.

FRESH SIBERIAN SALMON,

SELECTED KIPPERS, HADDOCKS, FILLETS.

TURKISH CIGARETTES

OF HIGH QUALITY

MAHALLA No: 1 SPECIALS No: 1 SPECIALS No: 2

M. Weinberg & Co., London W.

SOLE AGENTS,

asseta of, be a loss, it would be better for what they describe as the goodwill the firm, for the plaintiff seeks to the pariners to keep it between of the business, is to them, and say that the expression "Proper. themselves and each make the knowing that it could not possibly ty and effects" is equivalent to best of his share if he cannot be of anything like the samo to

The partnership business and arrange with his partner as he "anyone else.

property, including the good-will probably in the end do. On vill," I can now consider the hearing

It might, of course, be the whole I can see no reason of all this on the partnership said that Articles 10 and 12 pro- for saying that the parties MANUFACTURERS: deed. Article 10 provides for a vide for a counting between part intended to attach a different general account to be taken onner, and 15 for a sale of the meaning to "property and effects" esch 31st. December "of the business, to, it may be, a third in 15 to that which, realing them oredits, property and effects, party, and I was at one time together, those words must have debts and liabilities" of the part much impressed with this view, had in 10 and 12, and the limited nership, and the partners are

careful consideration, meaning which they have there bound by such account. Articles and for the reasons I have and which the defendant soks 11, 13 and 14 provide for the given, I feel convinced that the to give them, is, I think, more purchase by a continuing partner partners intended to keep the in consonance with the intention of the share of an outgoing goodwill separate from the other of the parties na expressed by partner in the partnership busi-assets of the firm when dealing their acts, the manner in which they have dealt with the goodwill ness and property and in the good-with one another. will thereof." Then article 12, Now it has been submitted by and the tacit adoption of Article which governe all three, provides the plaintiff that the result of the 15 in their partnership, at will a means of ascertaining the share, cases is that in a general clauss when it might have been exclud- first of the goodwill, secondly of for the dissolution of the partner-ed in the deed of September 1900.

"MONGUL" LINE OF the business of the property ship, and sale of the effects the

For these reasons 1 think that

STEAMERS. (other than goodwill), and then words "property and effects," will article 15 does not cover good- provides the terme of payment of cover the goodwill. As a general will, that consequently the Court

NOTICE TO CONSIGNEES.. the said share ie. the share proposition, that is true, and I cannot order a sale of the busines THE STEAMSHIP” PATHAN," of the outgoing partner farther agree that in the earlier sa a going concern, and that 16 FROM GLASGOW, LIVER in the partnership business clauses giving the continuing appeal should therefore be di- POOL & STRAITS.

**

and property and in the good partner en opel a to prahant to will thereof The mode of as was advisable and prudent to certaining the price is by "aking mention the goodwill. But under a general account of the credits, the circumstances, and in view property and effects, debts and of the meaning of the words liabilities of the. partnership, "Property sal effects" Articles 10 and 12, that is to say an erectly similar in

would, I think, have account as is taken under article it" 10, and it is to be taken on the bean still moro alvisable and 30th. June or 31st. December prudent to insert "Goodwill" in again, subject to a modification, Article 15 if it were intended to following the date for accounting cover it:

From the 31st December, 1906, in article 10. These two articles deal in identical torms with about three months after the the question of accounts between signature of the last agreement, the partners both during the the partnership became a partner

KRUSE AND CO.

To-day's Advertisements

PUBLIC AUCTION.

THE Undersigned has received instructions to sell by Public Auction on

SATURDAY,

oing at 2.30 p.m.

Wanchal.

missed. The costa, I think, CONSIGNEES of Cargo are should be paid out of the partner. hereby informed that all the 21st March, 1914, commen- ship assets, for the question is a Goods are being landed at their risk difficult-one-and the plaint is into the Godowns of Holte at No. 7 Wongneicheong Road, entitled to ask for our opinion Wharf at Kowloon, whence

and/or from the wharves delivery A Quantity of Valuable may be obtained.

Household Furniture. (Full particulars from Catalogus) 20th March, 1914,

On view from FRIDAY the

on it,

The Chief Justice Sir W. Rees Davies, said;

I have little to add to the learned and exhaustive judgment

of the President.

No Olaime will be admitted after the Goods have left the Go- downs and all Goods remaining undelivered after the 20th inst will be subject to rent.

I endeavoured to approroh the

All claims against the Steamer gamest on appeal with ou open must be presented to the Under- mind and it was difficult to do signed on or before the 10th prox. ab as the very able orgament or they will not be recognized.

All broken, chafed and damaged continuance of the partnership ship at will, subject to the original addressed to us by Mr. Alabaster Goods are to be left in the Go-

was largely on

which wasn't relied on in the amined on the 20th inst, at 11

Court below.

A full consideration of the arguments, however, has confirm the opinion which I furmed that

(Continu don Page 10)

ed

LATEST SHIPINA NEWS.

MOVEMENTS OF STEAMERS.

close under articles 11 to 14. in the deed of 1908. It was, The words "property and effects" therefore, contemplated that in article 10 include everything Article 15 should apply to a part- except credite, debts and liabil pership at will. If so, as the ites which would go into a part-defendant's Counel pointed out, nership account. One object of a partner by giving notios to this account is to ascertain the dissolve, would force a sale of the divisable profita in view of goodwill if it were covered by article 7. The insertion of the "Property and effects" and so, goodwill which was fixed as be- if he wore in a position to bid, tween the partners and which and his partner were not, he might as an asset of the firm would acquire the whole business vary, obviously would appear in at a price which would not include snah an account p вер the anything like $300,000, the remarks of Jessel, M. R. agreed price of the good will, for in Stuart v. Gladstone. In fact no outsider would give that price. it never was included in the Undoubtedly a very large suma accounts till quite recently, when would have to be paid to pur- it was once put in, apparently in chase the bustness as a going order to show that the concern concern, the debts are about 18 was solvent. Then, as I say, Ar- lakhs, the credit somewhat over ticle 12 follows the wording of 20, and the good will three. Un- The H. A. L. a. HOERDE left Binga- Article 10, and clearly does not der these piroumstances, a reading pors on the 13th Inst. a.m. and may be include goodwill, in the term pro- which includes the goodwill in posted hers on or about the 20th inst, perty and effects. Nor is it inelad. the term "Property and effects," ed in the torn "Business and prc. is hardly consistent with a part- perty," which occurs at least nerabip at will,

a.m.

No Fire Insurance has been effected.

Bills of Lading will be counter- signed by

DODWELL & Co., Ltd.

Agents. Hongkong, 13th Mar., 1914 [1182-

'BEN" LINE OF STEAMERS, NOTICE TO CONSIGNEES.

The U.P.R... EMPRESS OF JAPAN left Kobe on the 12th inst. at noon and in The Steamship. due to arrive at Yokohama on the 13th

inat, at noon

The . MANCHURIA arrived at

Manila on the 11th Inst. and is expected to sail from that port for Hongkong on the 13th inst, at noon, making her due to arrive at Hongkong on Sunday morning, on the 15th lust, at daylight.

B.J

To-day's Advertisements

BENARTY." From LEITH, MIDDLES. BRO, LONDON, & STRAITS.

Terme :-Cash on delivery.

LATES

In

STRAW

FELT

HATS

HAT

NOW SHOWING

At

MACKINTOSH

& CO., LTD.

"MEN'S WEAR SPECIALISTS:"",

16, DES VŒUX ROAD.

WM. POWELL, LTD.

HAVE IN THEIR

TAILORING DEPT.

AN

EXCELLENT SELECTION

OF

NEW MATERIALS,

FOR THE PRESENT AND COMING SEASON.

ALWAYS MODERATE FOR THE BEST.

J. ULLMANN & CO.. JEWELLERS, WATCMAKER, OPTICIANS. LARGE SELECTION OF

WRIST WATCHES

FOR LADIES & GENTLEMEN. Prices Right

ALL WATCHES SOLD BY US ARE FULLY GUARANTEED.

J. ULLMANN & CO. CINER OF FL

THE

STREET.

ANDERSON MUSIC CO., LTD.

THE ALLISON

GREAT

ENGLISH

PIANO

HIGH CLASS INSTRUMENT

AT THE

PRICE OF A CHEAP ONE.

GEO. P. LAMMERT, 6, DES VŒUX ROAD,

Auctioneer.

NOTICE.

B

OWING to the construction of

an underground Public Trough Closet Latrine therein, it is hereby notified that, on and after the 20th. March instant and until, further notice, D'Aguilar Street will be closed to through traffic.

AFF, CHURCHILL, Director of Public Works. Public Works Office. Hongkong, 13th March, 1914.

| FOR SHANGHAI, NAGASAKI,

KOBE AND MOJI, '

"ONSIGNEES of Cargo are hereby informed that all Goods are being landed at their risk into the hazardous and/or extra hazardous Godowns of the Hongkong and Kowloon Wharf and Godown Co. Ltd., whence TH and/or from the wharves delivery may be obtained.

HE Steamship

"ARRATOON APOAR.”

No claims will be admitted Captain - W. Walker, will be after the Goods have left the deapa'ched for the above ports, on Godowns, and all Goods remain-TUESDAY, the 17th inst, at ing undelivered after the 20th 4 p.m.

The Stsamer has superior ac Mar., will be subject to rent. must be presented to the Under- installed throughout with Electric All claims against the steamer commodation for passengers, is

rigned on or before the 27th Mar. Light and carries a duly certified or they will not be recognized, dootor.

Allbroken,chafed,and damaged

six times in the four Articles deal-." Some paint was made of the ing with an outaging partner, position of oraditora and the because the word property" is result to them of excluding the always followed by the words goodwill. I do not think the

And the goodwill thereof," or, creditors are concerned in the FOR SINGAPORE. PENANG Other than the good vill.": question before the Court It AND CALOUTTA. The conclusion that I draw is purely a patraction of the (Taking cargo on Through Bills of that in all dealings between them-dead as between the partners Lading to-Rangoon, Madras selves they keep the goodwill If the firm were bankrupt,

and Mauritius). Absolutely separate from what I o'her e nei·lerations would apply, may call the recountable part of and the sale the Court would order. THE Steamship the business and in view of the would not bo. affected by the

importance of great

the ag eement between the partners. good will to It speelyes Artiale T6 contemplates and its comparatively small and arrangements between the part- uncertain value to outsiders, ners on a dissolution besides Far Farther Particulars, apply

3 p.m. seems the only business-like those in the early Articles, to course to pursue.

reballar importance of DAVID BASSOON & CO, LTD. GIBB, LIVINGSTON & CO. Now I come to Article 15, the the goodwill may well have

Agente words" Property and effects" led

the

ዓ.

Return Tours to Japan(ocoury- Goods are to be left in the Go- |ing 20 days.)

TEL. 1322.

WORTH HAVING

D&J MCALLUM'S Perfection

Embraces Al

W De qualit ́s of ngidans) Scotch lisky Confioicur

Perf

SOLE AGENTS

Perfect Whisky:

Mellow

like a

Liqueur

CANDE, PRICE & Co., Ld.

-PROPRIETORS, ME 3D:8-9∙MECALLUM EDINBURGH

"GREGORY APCAR" Daptain J. E. Drake, will be amined on the 20th Mar., at the Indo-China Steam Navigation despatched for the above ports on 11a.m.

Co.'s Steamore, Fare' for round TUESDAY, the 17th instant át No Fire Insurance has been | trip $120, effected:

For Freight or Passage, apply Bills of Lading will counter-

to signed by

downs, where they will be ex- Return tickets are available by CONSISTENCY OF QUALITY

GUARANTEED.

the contemplation Hongkong, 13th Mar. 1914 [1180 Hongkong, 18th Mor., 1914,

Agents.

DAVID SASSOON & Co., Ltd..

Agents,

PRICE PER CASE 1 DOZ. QTS. DUTY PAID $21.00

| Hongkong, 13th Mar., 1914.

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