1923-12-13 — Page 2

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INTERIOR FIBROUS PLASTER DECORATIONS. ALL WORK EXECUTED UNDER EUROPEAN

SUPERVISION BY THE-

CHINO AMERICAN INDUSTRIAL DEVELOPING CO., LTD.

50, 52 QUEEN'S RD, C.

NOTICE.

W.S. BAILEY & CO. LTD.

ENGINEERS & SHIPBUILDERS KOWLOON.

HARBOUR REPAIRS Tugs. Barges, Light Draft & High Speed Vessels & Motor Craft.

SÜLE AGENTS FOR

"KELVIN MOTORS

Works

-

PHONE

Kowloon 21

· Ma lager........ Kowloon 633 HARBOUR CALS FLAG L

STEAM LAUNCH FOR SALE.

For Ladies and Gentlemen JAPANESE BOOT & SHOE

MAKING EXPERT

S. NAKAO (FAT MAN)

(Late with Nakao & Co.) How Bitusted Cornar Flower Streal.

SHOE

REPAIRING

ROYAL & CO. Footwear Specialists. Tel. 3237.

1. D'Agular Street, Central.

MASSAGE

Mr. N. AKAJI

Mrs. E, AKAJI

Graduate of Tokyo massage

School

No. 8 Queen's Rd. C. Phone C.4395

May your

Christmas be made! happy by the Music of the

VICTROLA

S. MOUTRIE & Co., Ld.

Sole Agents.

TEL 833 & 3749

NOTICE.

METALS

of all kinds especially for ship-building and engineering work. Complete stock. Best, terms. Immediate delivery.

SINGON & CO.,

[Established A. D. 1890] HING LUNG ST.

Phone -Central 515,

THE HONGKONG TELEGRAPH, THURSDAY, DECEMBER 13, 1923.

BANQUE INDUSTRIELLE DE CHINE.

HONGKONG CREDITOKS

MEET.

At a meeting of the Hongkong creditors of the Banque adus- trielle de Chine, held at the City Hall yesterday afternoon, it was nanimously decided to accept the Scheme of Compromise recent- ly circulated. This was explained fully by Mr. H. A. Nisbet. the O15-ial Receiver, during the course f his speech Mr. Nisbet Was supported by the Hoa. Mr. A. R. Lowe, Mr. H. C. Macnamara of the firm of Messrs. Deacin, Hors ton and Shentas, solicitors for the Banque and Mr. Switert the legal manager ** the Saclely d Gegante). There were about 30 creditors prerdut.

Addressing the meeting. Mr. Nisher said: Ladies and Gentle mea. This meeting has been in- hered by the orier of the Crart r the purpose of considering, and i thought fit. of passing the Scheme of Compromise, the don ments in connectiên with which have Leen in your hands for a little over four months. The docu- menta prevent full details of the Scheme of Compromise and the glag of it is set aut in the epite mised summary, a copy of which was als sent you, and which, to refresh your minds, I will gow read you:

"The present proposal is the re spit of a careful examination of the affairs of the Banque du trielle de Chine by the judicial authordles in Pari mbined with a declen the French Government to support the French

MASSAGE HALL redit in the Far East by giving

25 WYNDHAM STREET

MRS. H. MORITA. MR. H. SUGITA.

GREEN ISLAND CEMENT

COMPANY LIMITED.

PORTLAND CEMENT.

In Casks of 375 lbs.net.

In Bags of 250 lbs. net.

SHEWAN, TOMES & CO.

General Managers Hongkong.

JAPANESE! EARTHQUAKE.;

We have aver 100 views damage at Tokyofandi Yokohama on sale.

MEE CHEUNG

at it wa.expense special privie leges to Far Eastern creditnes.

A full definition of who are Far Bustern redigera la contained in the eighth wrtive of the schemet bat, generally speaking, all cre- Moore of the Hongkong bratab od The Basque are included and the ven wall themselves f the favoure able the offered to them as

The Scheme..

Chine under arrangements fully HONGKONG SPORTS & PASTIMES (Second Series).

set out in the scheme, including

the payment of 95 per cent, of its

I profits to the Banque.

Payments will from time to time be made to the holders of the Dis- tribution Netes, provided there is at the time a sum available for distribution equal to 5 per cent of the total amount secured.

The notes will be for Frs, 500, payable to bearer, and fraction cer- cates will be issued for smaller amounts.

Far Eastern Creditors The French Gvernment has arranged to surrender to the Far Eastern creditors of the Banque a part of the Boxer Indemnity sulest to secure the following advantages to these creditors and to these creditors only.

The holders of the Distribution Notes will be allowed to exchange them at the rates of exchange be- fore mentioned into 5 per cent. Gold. Dollar Notes. redeemable within 23 years by yearly draw- ings or repurchases.

As is generally known in the Far East, the payment of the Boxer Indemnity is secured apert the Chinese Maritime Customs and the Salt Tax, and there is every reason to believe that these pay- ments will be regularly made in the future as they have been in the past twenty years or more.

The gold diar certificates will he issued for sums of G$50, with fraction certificates when Reces-

stry.

In the case of the ordinary dis- tribution apies and the interest- heuring gold notes, a market will andrubtedly be created in the principal financial centres of the world and creditira will be able to realise these notes, if they wish to diso, at the prices current for the time being.

Lastly, in the cases of small de posters and the hellers of nges Issued by the Banque in the ecurse fit banking business, the S- late Francaise de Gerance will pay in cash at par the gold dollar samsipead pies yoga taonde sang hure exchanged their distribution notes.

The scheme of which this is a very et talled epitome has been ratified by the French Government and by the principal banks in France.

realised that the scheme now put forward was ly I do not think I can usefully ald descitely formulated in February, anything further In explanation 1022, as it required a law passed of the documents. which

ure in by the French Parliament to give deta.l. The scheme has been it full effect: and this law was undoubtedly framed, for the bene passed during hat month. The St of the Far Eastern creditors. broad outline of the scheme by the alienation on the part of this, so far as 30secured creditors the French Government of their arencerned, and it is to them share of the Boxer Indemnity, alone that the present offer which may acordingly te consi. made.

dered in the nature of a gift in In the first place the Banque view of the fact that claims are will laue potes - the scheme to be settled practically in full by

of called "Distribution Notes" pay the issue of Gold $ Bonds. The Able in French francs for the alternative to the acceptance of amounts due to creditors as on Jely 26th.. 1921.

To arrive at sume due the fol- Towing & nversion Tutes will be emp.nged:

Ice House Street. & Beaconsfield Arcade.

T. NAKAO

Japanese Shoe Experi TORTOISE SHELL BOXES and CASES A SPECIALTY.

Astor House Hotel Building. Queen's Road Central

DOINGS OF THE DUFFS

LET'S GO OVER

TO MY HOUSE

I THINK WE CAN

GET SOME COOKIES.

THAT SUITS ME!

#1-4. 46.23 1

dhva

After a Victoria Vat and Pyrris ut the Halj Way House. the "Suddle" becomes less jormidable.

DEWAR'S

"VICTORIA VAT" &

Sole Agenta

Pyeria".

A. S. WATSON & CO., LIMITED.

Hongkong.

Canton.

GECOPHONE

VALVES

WIRELESS ACCESSORIES

VALVE HOLDERS

VARIOMETERS CONDENSERS

H. F. TRANSFORMERS

INTERVALVE TRANSFORMERS

BURNDEPT COILS

FILAMENT RESISTANCES

ACCUMULATORS

H. T. BATTERIES ETC.

ALL

BRITISH

ASK FOR

LIST B.C. 2984

THE G. E. C. OF CHINA, LTD.

PHONE 518

QUEEN'S BUILDINCS HONGKONG.

the scheme might be thought to. be to rely on the 1:cal assets for i a dividend. These amount at pre- sent to about $700,000 in cash.. which may be increased by fur- ther realisation of assets still un- 631 Fr. 12.02 1.

sold to about 3300.000. This HK$)-F- 640

amount would not produce a larger Such notes will cover principal dividend than approximately 10 interest and charges due to the per cent. There is however, a date above state and will be paid legal aspect in connection with off within a maximum period of the local assets and that is that 25 year without interest.

it is very doubtful whether it to prove your claims there on sebeme. For your information mon factor. The creditoga" claims There notes will be issued for well be competent for the local whatever basis was finally decided have to state that as Provisional have therefore been converted at the amount. due in respect of Curt to make un order to apply by the French Court.

Liquidator i have received proxies the various rates of exchange every claim culculated in the man- The local a83ets in payment of

Two Objections.

from 343 creditors, whose claims specified in the Scheme of Ar- Ser above described and the local liabilities only. The Enz-

In view of the fact that all the amount to Frx. 11.067,199.15, to rangement, so that all claims are holders will enjoy equal rights in - and, French laws appear to creditors under French jurisdic- vote in favour of the Scheme of now on & the distribution of available funds aree upon

I may the pooling of all tion in the Far East are parties Arrangement.. Against this, I add that the affairs of the Bank, by the Banque Industrielle de assets of á concer in every to the Scheme of Compromise, have received proxies from two will, subject to

for division pari-pass this would mean the islation of creditis only to vote against the the Court, continge

the approval of In this connection it is to be among all the creditors., Under Hongkong and under the circumscheme. The value of the claims the control of the

to be under" noticed that a new company has the circumstances it is extremely starcevit is impossible for me to of these two creditors amount to such time as the distribution of Court until been formed under the name of the likely that the Hongkong Court say what the outcome will be Frs. 3,461.87 only. The turrency the C3 Bonds takes plaze, when an S.ciete Francave de Gerance de la w uld make 12 order that the think I have placed the position as adopted for voting purposes is application will be made to the Banque Industrielle de Chine, funds be handed over to the clearly as possible before you, and Fran. There are about 20 dif-Court for the winding up petition which will carry on the business French Administrator of the Bank it is ww for you to decide whe-ferent currencies involved and the to be withdrawa of the Bunge Industrielle de in Paris, and you would then have ther you will accept or reject the fran; has been taken as the com-

Chine.

.

Country

Jimmy Gets the Left-Overs

SAY, LENA, CAN JIMMY AND ME -

HAVE SOME COOKIES? WE'RE HUNGRY!

WHY !

GUESS YOU

CAN

THIS IS JIMMY MADER ISN'T ? I HEARD THAT YOUR OLDER BROTHER HAD THE

MEASLES IS THAT SO?

YES MAM. HE HAD 'EM

BY ALLMAN

DID YOU EVER

HAVE THE MEASLES,

JIMMY P

NO. BUT I SUPPOSE ILL

GET THEM NOW THAT HE'S THROUGH

WITH THEM-

commco

basis.

(Continue on Page 4)

UNDERWOOD TYPEWRITERS PRICEH.K. $112.50 NET.

Weight

IN CA

24 Lts.

Weight

1

PORTABLE MODEL

Bole Agents

DODWELL & CO., LTD.

Queen's Bides, Phone: C. 1030 2-