1926-02-08 — Page 2

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BANKRUPTCY COURT,

PUBLIC EXAMINATION OF G. P. AND H A LAMMERT.

Sir Henry Gollan'; Comments.

Several Tellow brokers and a few members of the general public. were present in the Bankruptev! Court on Satarady during the public' examination of Messes, G. P. ap H. A. Lammert. Sir Henry Gol lan made several strane commente

MONDAY FEBRUARY 8, 1926,

of recovery of such debts always to sell shares at the flat rate, the lepended on the market remain credit balance of $188,000 in May - iris good.

had been converted Into a defl- ciancy of over $1,000,000, in fact, the revised deficiency $1,500,000.

was now

Mr. Lammert pointed out that

His Lordship: It seems to me hat if the bottom dropped out of he market your liabilities remain and your assets disappeared. The Oficial Receiver: The peo-many of his clients had refused le you were dealing with were, in that flat rate. It was not oblign-

tory on a seller. he majority, people in receipt of

onthly salarios?

Psychology.

With regard to the 'collection of book debts, the Official Receiver commented on the fact that Mr Mr. Lammert: No, most of Lammert's "earrying" was only a them were in business. They robably dealt with other brokers nd were under obligation

on the manner in which debtorshers when. the slump aame, business lind been run,

Mr. G. P. Lammert first went into the box. In reply to the Official Receiver, he said he was 63 years of uné and wis" born in Hongkong. He started business here in 1890 as an auctioneer under his own name. There was $5,000 put into the business, which earried on until 1920.

Although witness was not then

Mr. Lammert added that a good any of his clients were connect- *c{ with Chinese banks and ther agencies for lending money. ›hey always seemed in a position gu money. So long as it was Ry (+) xet money, business was easy and ratos were maintain ed. Another factor was that the market would steadiness "of the

His Lordship: You mean tha!

a member of the Exchange, heffect the facility with which it began to do business in shares in would be possible to get money. 1914. In January, 1917. he join ed Mr. Worcester in a brokering business under the style of Wor- cester and Lammert: The follow- ing year a Mr. Silva joined them. This firm dissolved in 1920 and witness received between $20,000 and $30,000. During its existence, witness received about $1,000 from this.firm.

A New Firm.

On witness's return from Eng-! land in 1921, the present firm was started under the name of Lam- mert Bros. At that time he still had shares in the auctioneering business and this constituted one of his private assets.

verbal contract and as many such were being contested it made the thak of collecting money avon more difficult.

A Suggested Composition. Mr. Lammert caused Rome amusement when he remarked that some of his clients had "very elastic memories," also when he used the term "professional, car- riera" in respect of people who offered facilities to get interest" at the time of the June settle- ment.

Mr. H. A. Lammert was brief- ly examined, and the public ex-

having closed, amination

the

it would dominate the paychologyOfficial Receiver said there was of the banks.

a scheme of composition before In further examination, debtor the creditors. The main propo-| stated that just before the June at was that debtors be given dividend after the opportunity to pay a settlement and gyen Shanghai riot of May 30, events of 25 per cent, at the end of two id not appear to have much effect years on the personal security of on the local stock exchange. It the firm. It had been approved was only when the actual strike by ong meeting of creditors, began that there was a panic,

J. D. Hutchinson & Co. Creditore.

Position Bad Without Strike.

On behalf of Mesars. J. D. Official Receiver: But if there Hutchinson and Co., Mr. Hugh had been no strike at all, the posi-Jones applied for a receiving tion of your firm would have been order to be made in the affairs dangerous.

of the Kwong Luen-hing.

that stated.

the responsible partners had left the shop and were believed to have absconded. Petitioning creditors believed there were goods to the value of $12,000 in the shop and applied for an interim receiving order, to prevent the goods being scized. The application was granted.

Questioned as to the debts owing to his firm, debtor agreed that he When he started in the share did not press his debtors where broking business his unkots éon- he might have done.

He gave sisted of half shares in certain everyone a chance of paying. It land at Shum Shui Po. at an was useless sending a man to the estimated value of $40,000, and a wall and impairing his ability to small let of land in the New Terpay back. Finally, ritories. He had about $35.000

The Official Receiver: You the bank and shares in London to were in fact, too kindhearted and |the value of £7,000. The bulk of your leniency" now recoils on your

the dealings of his firm was broker-creditors to-day. ing. This involved. amount of "carrying" for clients, advancing money in their shares. There was a great deal of that done in Hongkong.

certsin

"Carrying" Transactions. His Lordship: Because, there is a lot of speculation in Hongkeng Mr. Lammert: Yes, I am sorry fo say.

*

Yat Wing Bank.

In respect of the affairs of the Yat Wing Bank, Mr. F. X. petitioning Remedios, for the creditor, asked for an adjourn- ment sine die with a view to with- drawing, the petition altogether.

His Lordship: In fact, you incurred the responsibilities of your clients' speculations.

At another point His Lordship commented: In its résults it The Official Receiver remarked amounted to this, that by carry-that, according to the statement ing your clients you condoned of the managing partner, the bank their speculations. If the market was practically solvent and only had held good you would have required time, like most firins' in come out all right. If not, you the Colony at the present day, vent glown,

Yue long Bank.

All the partners in the Yue Hong Bank were reported to have run away when their affairs came up for consideration.

His Lordship on Brokering. Mr. Lammert: If you work it backwards, it. comes to that, but Lone has to bear in mind that my

Mr. R. A. Wadeson, for the peti- clients

were probably dealing with two, three or

tioning creditor, suggested that a even four, brokers.

receiving order be granted in His Lordship: It seems to me order that a partnerships issue

remarkable

tried which would business. might be

materially affect the case and in the

Examined with regard to the manner of this "carrying," Mr. Lammert said that he would go to another firm as an agent, notes principal. The dients name would not be divulged and he (the agent) would be held responsible. He was responsible to either party. Tais had been the practice in former years when exchange brokering notes were used and the All I can say is that I am glad I

of principals and clients am not a broker. divulged, Later, it became the custom for principals to sign and now it had changed so that they were entirely responsible.

names

rather a

event of it being successful would release assets to the creditors. This course was adapted.

At a later stage, His Lordship, commenting

business On the methods of brokers as stated by debtor, said: "It seems to me like a bookmaker's..business."

OIL COMPANY CHANGES

HANDS.

changing hands. I have known TO BE COMBINED WITH OTHER shares come into my hands, thre or four times in one day. It is a kind of vicious circle.

With regard to witness's earn- Debtor: But the bookmaker ings from brokering in 1924, figares hedges. It is not that sort of were produced showing that they thing. In a settlement the thing were $138,000. The business bad is not to have too many shares been carried on fairly successfully until up to and including the settlement of May last. A balance sheet was produced showing that having arranged everything at that settlement, there was still a tried to cut down his commit lance of $188.000 at the bank in favour of the firm

Margins Dependent on Market: Questioned with regard to cer- tain margins. however, Mr. Lam- Stocked in all vizes and mert admitted that it was obvious all languages.

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Debtor went on to state that he

ments, but the Official Receiver, referring to halance sheets," said those reductions did not appear to be very substantial..

Could Have Profited. Mr. Lammert admitted that it that they would disappear automat would have been possible to have cally if there was any setback in got rid of shares at a profit be- the market. Questioned with re-tween May and June...

gard to certain book debts, Mr. Referring to the June Settle- Lammert said that they represent- ment, the Official Receiver re- ed clean differences as distret marked that by failing to collect from "carrying." The prospects money from clients and having

•

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