1926-07-13 — Page 7

THE HONGKONG TELEGRAPH,

COMPANY LAW. NEW EXPORT CREDIT OUR HOSPITALS.

HOME COMMITTEE'S REPORT.

· IMPORTANT PROPOSALS;

SCHEME.

TWENTY MILLIONS STILL

AVAILABLE.

CHINA TRADE POSITION.

London, July 12,

.."

The Departmental Committee ap pointed by the President of the Board of Trade in February, 1925, The Government's now export to report upon the changes desir credits guarantee scheme came into able in the law regulating joint operation to-day and henceforth the stock companies has performed its Department of Overseas, Trade will work with dispatch, thoroughness, be responsible for the administra- and judgemont, says the city "editor of the Manchester Guardian

· Commercial. 'Ita report is of the highest Importance to that large section of the community which is ..interested as directors, share holders, or debenture holders in one or more of the 91,000 com- panies Acts in England and Scot land, especially as there is reason to believe that the Government is prepared to give legislative sanction to the recommendations without delay.

In their preliminary observations the Committee appenr in some measure to deprecate the view that drastic changes in the company Taw are called for, for they pay tribute to the honesty and consci- entiousness with which, the great majority of limited companies are administered and reject the sug. gestion that every loophole in the law which the censional wrong- deer may exploit can be stopped up except at the cost of seriously bampering the activities of honest

men.

IMPROVING THE LAW."

Nevertheless, the proposals which they put forward for the improvement of the existing law in regard especially to (a) the market ng of shares and debentures, (b) the responsibility of directors, and (e) company accounts are of a fairly far-reaching character. lt is clearly impossible here to do than aummarise in the briefest manner the changes re-

more

commended.

THE PROPOSED NEW G. C. H.

VICTORIA IMPROVEMENTS.

A representative of the Telegraph who yesterday called on the Hon. Dr. J. B. Addison, Principal Civil Medical Officer of onlth, was given some interesting information in regard to hospital matters,

Asked for details regarding the tlon of the scheme, and will be the accommodation at the Govern- proposed scheme for, increasing. known as the Export Credits Guar-ment. Civil Hospital, Dr. Addison antee Department,

stated that the suggested pro- Mr. A. M. Samuel, in explaining hospital on a plot of ground across posal was to entirely rebuild the to pressmen the conditions of the the road to the south of the exist scheme, said that its main objecting building. He believed the was, to increase export trade and plans were completed, and were at present in the hands of the Public reduce unemployment. Six out of Works Department the twenty-six millions of money available under the Export Credits Act was in uss under the original scheme, and twenty millions re- mained fluid for the "new scheme. The Government did not want to in- sure exporters risks, but wanted to let the insurance companies sice that business could be done.

The Government scheme would be terminated at the end of three years when it would have secured enough experience and averages to enable insurance companies to take over the business.

Asked the reason for the excin- sion of Russia from the scheme, Mr. Samuel replied that it was in uc- eordance with the Government's policy which it was impossible for

him to varyReuter,

Mr.

FURTHER DETAILS.

Rugby, July 12. Samuel, Parliamentary Secretary of the Department of Overseas Trade, gave to-day some further particulare about the new scheme approved by the Cabinet for insuring British firms when send- ing goods abroad against bad debts.

The principal provision of the scheme is that by which the Government will guarantee the

The present Government Civil Hospital, said Dr. Addison, was n very old building; in fact, he had not been able to find anyone who could tell him when it was built. The new building, if the scheme went through, would be modern in every respect and would provide much more accom modation than the old one. As to the cost of the project, he could not say what that would be.

moreover,

VICTORIA HOSPITAL.

The improvements being carried out at the Victoria Hospital on Barker Road were now nearing Completion. said Dr. Addison, and it was hoped that the work on what is known as the old part of the hospital would be finished so as to allow of its being put into use early in October," "What had been done to this part of the build- ing was to renovato and largely rebuild it on modern lines. It would contain about forty beds, which was the same number as before, but the wing would be much more modern in

respect.

every

When this work was completed, general patients would be accommodated in the rebuilt wing, instead of, aa at present, being sent to the new maternity wing. The latter, with twenty cds, would then be utilised solely for maternity and children's cases, So far as Dr. Addison knew, it was still intended to confine the Victoria Hospital to women and children.

British exporter 75 per cent. of the (4) Only one substantial altera-amount of credit granted to a buyer in a foreign country. Guarantees tion is proposed in the law dealing will not be given for shipments with company prospectuses- to Russia. For India, Ceylon, the namely, that a statement of the Straits Settlements and China dividends paid by a company on they will be granted only for such eneh class of its shares for each goods, for which long credits are

THE WAR MEMORIAL," of the three years preceding the ordinarily required, such na bridges issue are to be applied in the pur and aqueducts and other engineer-

Asked whether the

- War chase of a business) of the net ing works. The premium will vary Memorial Hospital scheme was to proits of the business for each according to circumstances. Ap be proceeded with, Dr. Addison of the preceding three years must plications for these guarantees will stated that he knew nothing re- be included. "Offers for sale" are

come before the Statutory Advisory garding the progress of this under- 'to be regarded in the same light as Committee. Its Chairman is taking. He knew, of course, that prospectuses in cases in which Colonel the Honourable Sidney the late. Sir Paul Chuter was they relate to shares or debentures Peel, and other members hold pro-actively associated with this issued by the company in templation of a subsequent offering, finance, Insurance or the Governor had taken a deep to the public."A company is to industry and they, together, interest in it, but how matters be deemed to contemplate such an offer for sale if the offer is made within six months of the allotment of the shares or debentures or if the full consideration for the shares or debentures has not been";

con- minent positions in bunk-scheme, and that His Excellency.

represent, a large amount of technical and special knowledge of export trading conditions.-British Wireless.

stood at present he did not know:

We understand that the site for the War Memorial Hospital has been duly prepared and that a branch road thereto from Stubbs Road practically complete, but

Of

satisfied at the date of the offer. company to its directors and so far no start has been made on

Another important recommen-officials and a suggestion that actual construction work. dation is aimed at the "highly directors should be bound upon alate, nothing has been heard as improper practice" by which the requisition signed by the holders to what is being done in, the funds of a company are employed of at least 25 per cent.

of the

matter.

to enable a syndicate to purchase voting power to furnish a state- the shares of the company itself. ment of the remuneration paid to

If the recommendation of the them.

Committee prohibiting, the financ-

ing by a company of the purchase

BALANCE SHEETS,

of its own shares by third persons (e) In its treatment of the form

in the future, as happened in

PEAK, HOSPITAL.

With regard to the future of the Peak Hospital, Dr. Addison stated that this was now a Government

institution, but it would not per- is adopted it will be impossible of company accounts and the in-manently become so unless the recent case, for Company A to formation to be given in the War Memorial Hospital was not issue debentures to the public and balance-sheet the Committee is built. Should the latter hospital lend the proceeds of those, deben perhaps unduly cautious. It ad- be erected, then the Peak Hospital tures without security to Commits that the information given would revert to its donor.

In this latter connection, it will

is often unduly scanty, but, onbe recalled that it was in 1922 that pany in order that Company B

the ground that companies should may use the money to purchase within reasonable limits be left a Mr. J. E. Joseph" purchased, the the share capital of Company A.

Peak Hospital from its then free hand, suggests only one or owners and made a present of it DIRECTORS' RESPONSIBILITY.

tivo changes of importance. One to the Government, for such period of these concerns "holding com-as was desired. At the time the (b) Several important recom-

panies." The suggested. irsis-

gift was mentioned in the Legis- mendations are made with the object of increasing the responsi-tence on a consolidated balance lative Council, it was stated on bility of directors for the adminis-aneet embracing the accounts of behalf of the Government that tration of companies under their subsidiary companies is rejected, when the War Memorial Hospital control, The Committee finds the but the Committee recommend that was ready, it was proposed to hand common practice of drawing arti- it should be compulsory for such back the Peak Hospital property companies to state separatively into Mr. Joseph, to be dealt with as exempt directors from liability for their balance-sheets the invest he wished. loss except arlaing out of their ments in, and also the loans to or from, subsidiary companies and 'wilful neglect or default"-a practice to which the City Equit also to state how the aggregate. of subsidiary able case directed public attention Profits and losses -indefensible, and advocates its companies have been dealt with In the accounts of the holding prohibition. It also recommends

company. that in cases in which directors render themselves liable to crim inal prosecution the duty of In

cles of association

as to 80

Apart from these points the Committee confine themselves to recommending that a balance-

RIVER LEVELS.

BOARD OF CONSERVANCY RETURNS.

The latest returns issued by the

water

stituting proceedings should not sheet "shall give, such particular Board of Conservancy works of be left to private initiative, but

as will disclose.the goneral nature Kwangtung shows the should be imposed on the Public of the liabilities and assets" (a lovels at the various ports on July Prosecutor. Other recommenda- tions under this heading include sufficiently vague requirement) 7th to be:

a provision that it should he com- and to insisting that preliminary pulsory to disclose the aggregate expenses and goodwill where as

amount of loans granted by al

cortainable should be stated separately.

Shiuhing Tsingyuen Bamshui Shoklung

Plus Nil.

11

.8.3 ft. 22.24 ft. 1.6 ft.

TUESDAY, JULY 13, 1926.

THE SMOKE NUISANCE.

(Extract from Leading Artiolo in 8.C.M. Post.). "Occupants of the higher Buildings have much reason for complaint of their neighbours. A pall of smoke can be seen lying over, Hongkong, pre- vented by the Peak from dispersing, Public buildings are dirty. The Harbour, is polluted. Offices and dwellings have a fing, smoky deposit. One finds evidence of smoke and soot on all hands.”

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