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THE "HONGKONG TELEGRAPH.

FROM MILLIONAIRE TO BANKRUPT.

Interesting Shanghai Case.

debtor's estate.

tion of principle. As it involved the this. law applicable to transactions of thus the bank. particular nature which were carried

FRIDAY, JULY 22, 1921,

EARLIER

SPECIAL TELEGRAMS.

AUSTRALIAN EXHIBITION

OPENED.

Shangbai, July 21.

Mr E. S. Little, the Australian

YAMOUS

RENTS ORDINANCE.

Judah L. Ezra was then called, and man of 29 going bankrupt for three inting between "garbling" and stated that he was in the habit of and a ball million tacks with asseta "speculation," asked what was] Op going to the Netherlands Trading less than Tk. 1,300.

the difference between bayles Society on behalf of his brother. Mr. Ward sontended think this was money on the chance that it They had known him for about seven a perfectly legitimate transaction might shar in price and buying (From Our Den Correspondent) yoara. Ho had never led them to There was no suggustion that Judal cotton on a similar prospect,

The Official Receiver Here, SHANGHAI EXPORTS TO A case of considerable importane boliere that he was anything more] Ezra' had ever had a single exchange

ha was selling money be bad not in convex.on with forward transae-than a clerk in his brother's office. I transaction with the banks before.

got and nevar intended to get.

USA. tjuns in Exchange came before his The proxy given to him by his bro-

His Lordship:-Many people ilmour Judge reser Urain at ther had been shown to the bank, The hearing of the appeal by sell cotton they have not got

Shanghai, July 21. The Shanghai exports to the great M. Supreme Court, Shanghts on hat not in connexion with these the Netherlands Trading Society That is how a

many Untied States has dropped nearly and the Nederlandsch Indlache merchants in Egypt make 3 per cent, during the last Half- July 19th. The proceed.ugs arose out transactions.

Baat in connexion with the bank-living, of the bankruptcy of Judah Ima

The Official Receiver:-Do you

year as compared with she period The Official Receiver mer ending June 30, 1921 The ex Faro, and concerned two sums-Th know if the majority of non-British uptcy of Judah Isaso Era WAS

concluded at H. M. Supreme chant would do that in the course 42,131.3 and Tis. 90,548.12-wing banks in Shanghai go in for these Court at Shanghai on the 14th of his business. But this was not bars and hair nets hare izeromed. [ports of laces, embroideries, gold by him to the Nederlandsch ladische transactions

inst before his Honour Judge part of Ezra's business. Bank and the Netherlands Trading). Mr. Ward-This makes onn's hair Peter Grain. Appellants ask for

The excharge Huctuation is large. His Lordship-The line be responsible for the drop in Society. On behalf of these banks,{stand on end. The Hongkong Bank raversal of an order by the tween gambling and speculation value. Mr. H. Lipson Wand submitted does it

Official Receiver rajecting proofs is very narrow, and the point is motion asking the Court to reverso In answer to his Landship, wit of debts to the amount of Tis a difficult one.

MONEY A COMMODITY, an order by the Official Receiver re-ness said he had never had gamb. 90,849.12 and Tia 495,131.37, in-

Mr. Ward, addressing the court jecting proof of these debts on the ling transactions on exchange with curred in forward transactions in

arobange, alleged to be void as on behalf of appellants, said the sround that the transactions covered any other banks in Shanghai; but coming within the section of the fact must be appreciated that the by them were of the nature contradicted this when questioned Gambling Act of 1845.

banks in the course of their gambling. The motion asked that by the Oficial Receiver. He then The Official Receiver (Mr. A.L. business sold a commodity which Trade Commissioner, has opened a the proofs be admitted, and that said he bad namerons, contracts Dickson) said that they had was either silver or starling as miniatura exhibition of costs of the appeal be paid out of with the banks, in which he intend-young clerk, well-known at any the case might be. The Official Australian products and manu-

ed only to pay or receive the dif-rate to one of the banks, engaging Receiver seemed to have at the factures. Mr. Ward said the assets in the formate. He was never naked if he in transactions involving in one back of his mind the idea that the

ever kenks case £85,000 and in the other only legitimate way to deal in THE HOUSING SITUATION. bankruptcy were practically speak was speculating.

case £165,000. His financial ataus sterling or ailver was to buy it ing nil and the matter cane be-knew he was gambling.

wasnovar queried and no question when one wanted to do what was

Shanghai, July 20. lore his Lording really as X QUẢN. Mr. Ward:-I really object to all was asked as to whether be was known as "settling exchange." The Municipal Council ofisially He can only tell what he told speculating or not. Counsel for He contended, however, that announces that no action will be appellants had attempted to show the other mathod to which he taken in regard to the housing His Lardship:-What did you telif that of the time Mr. Ezra was a bad referred was perfectly legi- situation. (un by a large number of the foreign your broker-Ho knew I was gam-wealthy man. How much reliance timate, whether it was specula- the Netherlands Trading Society (tian or whether it was not. The banks in Shanghai, the question was bling.

The Official Receiver:-Did you put upon that was shown by the Official Receiver had used the one of the very greatest importance.{

Netherlands tell the broker you were gambling: evidence of Mr. Reitsma, their words "gambling" and "specula- CHINESE TENANTS AND As regarded the

manager, who, some weeks after ticn" 19 though they were Mr. Ward:-The question is, what the contracts bad been entered synonymous, but from the legal Trading Society, on March 21 thg obtained judgment against tue did the broker tell the bank?

into, suddenly realized that the point of view they were entirely His Lordship:-Why do you say bank held contracts with Ezra for different. debtor for the sora of T. 90,622.87

A Matter for Rejoicings. upon a promissory note the broker knew you were gambling £85,000 and began to wonder, to

His Lordship-What do you and custs

Having achieved what they set which was dated December 2, 1920-ic knew I never had sterling, or use his own word.. if Ezra had say was the "consideration" ia

out to accomplish, the nasociation In die course, in the debtor being had any-use for delivery of sterlingbeen gambling. He did not think this contract?

he was going too far in saying Mr. Ward: The intention to of Chinese tenants in Hongkong. adjudicated bankrupt, the Society? The Offical Receiver:-Have you that it was common knowledge in take delivery. A transaction, be a temporary organisation special- re-ever approached the Hongkong and Shanghai that Ezra bad, cor only comes gambling where this 'com ty formed to petition the Govern put in a prosi for that sum in spect of the judgement debt. On Shanghai Bank with a view 22 set made any money he had by gambl-sideration is absent on both sides. ment to pass the recent Rents Bill.

but was, continuing to April 14 the OEeal Breviver caveling exchange or making sterling tog

His Lordship:-The "considera was dissolved at a meeting held garable.

tion" is that the parties are bound them nonce rejecting the pro- on contracts?

Mr. Ward: I must object. Tel Mr. Ward-Please, please! to give or take delivery if called the ground that the con-racts be

apon? tween the debtor and the Seeley) the suggestion is that these two for one didn't know it.

A BONA FIDE CONTRACT. were sold na being within the section) banks are not reputable, I will dest WHAT DID THE BANKS KNOW?

with it

Mr. Dickson--The whole qués- Mr. Ward: Yer. This trans-

la recapitulating the Rent of the Bambling Act of 1-15,

The Odial Receiver:-I am notition of gambling was gone into action on the face of it was Ordinance, the Chairman

said Couns deal briefly with the

before the Chief Judge on bi purchase. To disprove that, Affairs had had 5,000 placard by the basse in Stanghai. The the repntation of these bank.

failure for Tls. 3,500,000. A good must be shown that there was a printed in Chinese to be poetics of the banks, and of these want to show the methods of the deal had been made of the fact. contract superadded providing

posted in public places and the Official Receiver continued, that the contract would never be

distributed among the Chinese. Witness, in answer to the ques that debtor received from his carried into effect. Unless there reminding them of date when the succeeded in making their sales and said he asked a broker it be brother, Edward Ezra, power of was an express contract, counsel Ordinance came into operation puchade for ork day blin 1.1 would try the Hongkong and Shang.attorney, but he strongly objected | went on to say, it was dißenlt to July 19th.) and the datą adopted thể me, my they always made them hai bank

These balaner exactly: but they met keepestal er ansaccesstall

His Leydship-Was the attempt fluenced the banks in the slightest could be gambling within the for the stai dardisation of rents

degree when they entered into meaning of the gaming act. There (December 31st. 1920). saking a balance, otherwise they

these contracts, and there was was no evidence at all in this pamphlets also contained instruc- Witnensuccessful.

not a scrap of evidence in support case that either of the banks en-tions to report any molestation by Cross-examined by Mr. Ward:-of the suggestion.

tared into a gambling transaction, landlords to the S.C.A. in

dissatisfaction ex- You have been an extremely wealtby į Stress bad also been laid on the Dealing with the facts of the sequence of man at one time-Yes.

circumstance that Mr. Toeg, being case, counsel referred to tharressed with the reats paid. In And as a wealthy man you wereja well-known broker would not statement that Judab Ezra had such case the tenants in the same position in your bro-have entered into these contracts been spoken of as a clerk in his obtain a person to witr.eza

bad be not been misled by Ezra brother's office, but there was not non-acceptance of the rents, wrap ther's office - You

position as to his nancial status, This, evidence at all that he told either up the money and stow it away.

be submitted, did not affect the of the banks what his position in after marking the question at all. At the time the the office was. He was a man refusal, until the landlord applied contracts were made no one (as) who at one time was a wealthy for it. The taking of the date was was always the case) kaew what man, ev2D a very wealthy man essential evidence if there should ex-exchange was going to do, and it having over a million taels, and be legal proceedings.

might very easily bave resulted he was living as a wealthy man. in the banks owing Ezra what he THE POWER OF ATTORNEY. now owed then.

There was this further fact:

iu knowledge

in the offices of Kwong Sang Hong and Company last evening. Mr. |Mak Lai-chi presided over a large

attendance.

[antere of exchange business carried [ attempting to cast any reflexion unt when he came up for examination bona fide contract of sale andithat the Secretary for Chinese

partealae Fanka.

that! was, the: they did thir lest and usually

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You were in the same

trasts —Yes.

£

to the suggestion that this in-see how an exchange transaction

The Official Receiver went on was

Common

Co-

should

the

date of the

With regard to a

fraudulent practice largely indulged in by landlords of falsifying the exact

Mr. Ward:-Tiny

may dat times; every merchant her that. It they thok exchange is going up on you entered into these cou down they may hold up their buy- ing or selling for a couple of thugs,{

His Lordship's Question. but from time to time if they are

fis Lordships-What is an a legitimate bank tesels wealthy man! earrying on business they met balance up their

Canal:-You have Been prob. sales and purchases beauce their baby world Tik. 1,000,0001-Yes. business is to make their profit in

Mr. Ward: To me at lends it is the difference between their buying)

a competence.

to say that he was quite prepared Shanghai that Mr. Edward Ears Amount of rent paid to them on and selling ra109,

to agree that similar contracts was a very wealthy man with the rent receipt in order to evade His Lord-hip-It is beyond my made by the banks with persons large business interests. Not the payment of the proper house His Lordship:-The bookmakers deams of avarice, lat Home do something of the same;

whom they knew were merchants, only was Judah Ezra living in tates, Mr. Mek Lai-chi said that Conn:-1:- You were living in or who were engaged in such the way he had described, but in such a case tenants should not ustam. They make their "book"Shanghai as a wealthy man-Yes. business as made it necessary he had informed the banks that Pay the stipulated rent, but pay balance by laying on and ofte

You are not living as a positively for them to settle exchange, were be had general power of the amount stated in the Mr. Ward said it was, just the poverty-stricken individual at the perfectly legitimate.

from this brother,receipt. same as thging wheat for future moment? You are Eving fairly com

Therefore they had a man who The Chairman said that the suc delivery, He bought at one price fortably now, driving about in motor and sold it to someone

lightly different price. His profit was the difference. That was nutj gambling.

worth

A DANGEROUS PRECEDENT.

gam-

and

attorney

&

GENERAL NEWS.

A

rent

HING LUNG ST. Phone 515f the original contract a separate Lachad offered it to them on the date though, as they said, they sold tor has recently been introduced tion of Chinese tenants would be

JUST UNPACKING,

On the question of matnality. was still rich holding a general cess of the tenants movement was -

from

bisa matter for public rejoicings, and power of attorney else at ears and enjoying yourself—I am the Official, Receiver submitted brother who had vast business exemplified the truth of the Chi-

not in the same position as before. that the evidence showed most

interests in the East. The banks nese adage that "A person plans a Not quite the same position as rongly that Ezra was

bling, that the banks knew did not know what this money thing, but the issue lies with the when you were

taillion £

Heavens." Apparently the objec he WAS gambling,

was required for. To get a gaming contract, counsel taels ?—Not the same.

|that the banks, though they might

His Lordship delivered judgment)tionable demeanour of landlord submitted, they had to find that The Oficial Perciver submitted have been compelled to accept

in favour of appellants, holding had incurred the ire of the Hea suilding and engineering worka, both parties were gaming It did that the evidence showed most £85,000 in sterling if Ezra had that the transactions did not amounts as was demonstrated by their failure to persuade the Govern Complete stock, Best terins matter that ons was gaming strongly that Ezra was gambling, offered it to them on the date the to gambling-

ment to amend the new Ordinance Immediate delivery.

the other was not. There had to be that the banks knew he was gam contract matured, did not for one

in the specified way. The Chair- mutuality, as in every other con-bling, and that the banks, though moment expect to receive that

man said the tenants should ex- tract. In order to make it a gaming they might have been compelled to amount farther, they did not

press their gratitude to H. E. the MACHINE. TOTE" transaction, there must be added to accept £53.000 in sterling if Ezra care whether they received that

Governor. amount or not because

The Wallace Electric Totaliza- In announcing that the associa- gain between the parties, that the the contract matured, did not for that amount to a third party to India. It is a machine which dissolved, the Chairman" invited contract would not ander any cir- one moment expect to ressive that they could easily purchase it else cumstances be carried out, but that arount; further, they did not care where and make their profit and over the instruments previously of

possesses several advantages suggestions as to the desirability establishing 2 Permanent Rome difference to be arrived at on whether they received that amount any loss on the purchase out of existing on racecourses where association, the general purpose of ur not because even though, as they the difference on exchange pay- totalizators are in vogue. The which would be to devise means to The Oficial Receiver said the said, they sold that amount to able by Ezra. The agreement ticket-issuing booths, which are ensure the continuance of the bene- pot on which he joined issue with third party, they could easily par- was really one for the payment electrically connected with the its conferred by the Rents Ordin- Mr. Ward was as to whether the chase it elsewhere and make their

main indicator bouse, may be ance. He thought the matter was of hanks knew this was gaming, or profit and any loss on the purchase asked his Lordship to say that on enclosure, and the publicity of was no guarantee that landlords In conclusion, Mr. Dickson placed anywhere in a Race Club's prime importance, because there whether they themselves were gam out of the difference on exchange the evidence there was a clear individual operations can thus be would not renew rent extortons. ing. He would try to prove they rayable by Ezra. The agreement intention on the part of Ezra to reduced to a minimum. As soon after the Ordinance had been. must have been gaming. So far as was really one for the payment of gamble, and that this intention as a ticket is issued at my booth, rescinded.

was known to the banks; that the issue is recorded at the Mr. Leung Kim-wen said that if cerned. he submitted that this was It 'was not a genuine transaction though they might have been will-jadicator house, in full view of an association as that mentioned what any "bookie" or commission of sale and purchase. If it was not ing to take up the sterling on the public. The recording and by the chairman be formed, one agent diti at Home. He contended gambling on exchange, then there maturity they had no intention counting are automatic, and the branch of its work should be to

of doing so that the transactions in this case was no such thing na gambling on forced to, and would have been the Steward in charge, so that To this end, members of labour"

unless they were mechanism can be controlled by arbitrate in any labour troubles. were "time bargains." The partica exchange. It would be a dangerous quite content to receive the once he presses the button the guilds should be elected to serve knew the position of the debtor and precedent to rule that the transac-difference, which was all they registers are locked and cannot on the committee. must have known he could not take lion was not a gamble simply be wanted or expected to get.

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be tampered with. The advant- The meeting then unadimotely.

op sterling or deliver it, and that, cause the banks said they were prési GAMBLING OR SPECULATION? age to the public is that they can approved of the formation of the therefore, he was gambling on the pared to take up. or deliver sterling His Lordship, after having se at a glance how many tickets Chairman's suggestion to form an difference. They must have known at maturity. If this sort of thing quoted the judgment of Lord have been sold and how many association for the protection of he could not possibly require it for had not been allowed, they would Herschel, which defines and em-chances have been taken on each tenants. A confirmatory meeting

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