1926-03-17 — Page 7

BANK LOAN CASE.

(Continued from Page 1) other questions, that although he took a copy of the latter away, he did not consult with anyone at any later date. To this 'counsel remarked that it seemed to him that there could not, be much ob- ject in witness taking away a copy of the letter when he left Lam- mert's 'office.

Mr. Petter, continuing his cross- examination: On the 8th June. you have told us Mesars. Lammert's owed you $13,000. Why didn't you press them for the repayment of his money 7-1 did press him for payment, but he said that the Sugar shares held by me is security for this, loun, had gone down in value;; and usule could not be effected.

What has that got to do with the $13,000? You merely held these shares us security for the loan?--- He mentioned that to me, because by selling straight away at this depreciated value; we would be los- ing a great deal.

The position is this: You lend Lammert's $18,000 and against that as security you hold 200 shares of sugar. In the ordinary way when the Joan fails due, that money will be repail to you and you hand the stures back to Lammert. Now why in the world didn't you say to Chan Wing-fook "Now look here, Chan. Give me the money. I want; the money myself. Let me havei it back?"-1 did ask him and he asked me to extend the time for this loan. I prossed him for payment and he said he could not..

Counsel:-Ah now, we hayo it at last. Well, why could not you say to Chan: "You just said you have the money to give me when I told you I wanted money and that I wanted to sell those 200 wharves?"I cannot understand i: myself."

As a banker and a business man, is that your only answer taj the question ?--Yen.

J.J

THE HONGKONG TELEGRAPH.

JOINS THE CONSERVATIVES.

Sir Alfred Mond, who is soon above with hison and daughter, has just joined the Conservatives after being a Liberal M. P. for 20 years and holding office in Liberai Ministries.

CEMENT MEETING.

{{Continued from Page 13

Gemand for cement should arise we should be more than able to supply all our requirementa

for some time to come with our present plant.

¿

Now as to our finances, last year

WANCHAI QUARREL.

EUROPEAN LADIES

IN COURT. ·

Two European ladies were the principals in a case in which both alleged assault against the other by the use of Bad language, such as to provoke a breach of the peace, in a case which came before Mr.

WEDNESDAY MARCH 17, 1926.

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all our cash in hand went in pay. E. Lindsell, at the Central DIAMOND RIB METAL LATH His Lordship: How do you ex-ment of the dividenil and you will pect us to understand it?

see from the balance sheet that up

Magistracy this morning.

Cross summonses had been taken)

to 31st December we had expended out by Miss May Murray, of 213,. Witness replied that he believed 3330,305 on Maczo and $79,506 Wanchai Road, and her neighbour, the position then was that sugars er Hok Un. consequently on 31st Mra. V. L. Spink, of 211 Wanchai "having gone down to such a low December our overdraft at the Road. Mr. G. R. Haywood appear- extent, if Lammert's had redeem-Bank" had risen to nearlyed for Mrs. Spink, and Mr. A. J.| ed those shares they would have 3200,000, but,, against this our sustained a great loss.

O'Donoghue for Miss Murray

Mr. Haywood said he had had very short instructions. The trou ble was between the two ladies. who lived practically on the same premises, or next door to ench other. He suggested that the ense would be better dealt with if the

the

other side agreed. Otherwise, he was quite prepared to go on.

Mr. O'Donoghue, said he did not agree to that proposal. His ellent as firmly convinced that she was

the right and that the trouble was all caused by Mrs. Spink. He would ask that Mrs. Spink be bount over.

Mr. Haywood said he was prepared to agree with that sugges

Płocks of raw and finished material Counsel: Whether he had re-were higher by nearly $400,000 deemed it or whether you held it, and our lurestments at $714,650 It would have been the same ? were" untouched. "But he prayed that I kept them. As Home shareholders are I put it to you, that that is un-anxious to have some particulars true, as the natural thing for you of the. investments, I may tell you, to say would be that he must that these consist wholly of parties were bound over, if repay you, since he said he bad Hongkong Government War Loan, money to give you when you ar- British War Loan, Hongkong and ranged for the sale of the Shanghai Banking Corporation wharves--They would not have Shares, and Shanghai Municipal repaid me if I had pressed them. Council Loan.

His Lordship commented on

At Deep Water Bay, the first six months work shewed a profit what he termed as an "extraordin but everything was brought a ary way of doing business" and most to a standstill in July and Baid that what the witness had since then it has simply been a sald in regard to this transaction;

struggle to keep the factory going seemed to him incredible.

with whatever unskilled labour we In further cross-examination, could pick up. I am, however, witness said that although the glad to say that the propects for urgency of the Bank's need for this year seem, especially as re- money had departed, he still per-gards brieks, better. The new mitted the negotiation to take its brick kiln is fulfilling all our ex-tions here, but I think I am able course, because he was averse to pections as to quanity and quality to go on. cutting it short at the stage it of the bricks turned out, and the

Mr. O'Donoghue said if Mr. Hay- bad attained; and also, because, he outturn of the factory is slowly wood would like an adjournment, thought a money could be increasing us some of our best men he would offer no objection. employed for a more profitable haye at last returned to work.. After discussion as to a date. purpose. This did not mean that Altogether our prospects for the the ease was fixed for hearing on it was a personal purpose, as in current year, are certainly better Monday next, at 11.30 am, dealings with Messrs. Lammert's and with a return of the normal amounting to a turnover of over demand for drainage pipes which

tion.

اسر

not

Mr. Lindsell-Would you pre- fer to have further instructions? Mr. Haywood:- have instruc-

two lakhs, these dealings were I am sorry to say has practically The Chairman: We must keep Mr. Potts: It seems a large sumi. kept in separate accounts accord- entirely ceased owing to the cur-large stocks. We have had trouble) ing as to whether they were his tallment of public and other works before. own or the Bank's.

We are getting no stend in the Colony, this Department of now and we are very glad to have! our business should again shew a large stocks. fair profit on the turnover,

The hearing is provveding.

BUDGET FORECAST.

EXPENDITURE OF NEARLY £800 MILLIONS.

London, March '16.

Mr. Carroll: Are we getting our I now move that the report and stone from Haiphong or from accounts as presented be adopted: The Chairman:-We are getting and the balance at the eredịt of [none at all now. profit and loss account be dealt The resolution with as follows:-To pay a Divid-nanimously. end of 80 cents on the Old Shares

Wan

carried

OTHER BUSINESS.

und 10.666 cents on the New The Chairman:-The next busi- Shares, $862.566.66, to place to res is the election of directory. In the House of Commons, Mr.serve for new plant, $100,000; to For the vacant seat on the board Winston Churchill estimated that carry forward to the credit of next some, influential shareholders have the total expenditure for whieh year's account, $63,342; and when put forward the name of Mr. J. H. they must provide in the Budget this has been seconded, I shall be Was $799,500,000

that pleased, to the best of my ability, order to keep down the to answer any questions Share expenditure to that figure holders may wish to put. 281,000,000 must, be economised in national administration. This was in order to counterbalance unavoidable new expenditure to he was pleased to find things were notice, we have agreed to invite

in

that amountReuter.

TO-DAY.

and

Dollar on demand 2s.3,5/16d.

Lighting-up ***

6.26 p.m.

Temporature (2 p.m.) Barometer.12 p.m.) Humidity 12 p.m.)

60

-30.01

95

QUESTIONS ON STOCKS Mr. G. H. Potts, seconding, said

Taggart. We have no objection to On the contrary, we shall be glad this gentleman joining the Board. of his advice and experience, but 381 pnder the Articles of Assocla- tion. he cannot be elected at this meeting without Boven .days'

better than expected. At the same him to join us after the meeting time he hoped things would be is over. better next year, that the strike :

I

Mr. C. G. Alabaster proposed and] would be finished and that work Mr. Goodall seconded the re- would continue in the Colony, He election as directors of Messrs. R. had pleasure in seconding, but G. Shewan and C. F. Mendham, would like to know something about This was carried. the large sum of over $1,300,000 in materials. Was that in stone or in cemunt.

The Chairman:-Most of it is stone and we are very glad to have

Messrs. Linstead and Davis and Messrs. Lowe, Bingham and Matthews were re-elected auditors at a'remuneration of 3750 each, on the proposition of Mr. Carroll, accorded by Mr. Coulthart.

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