1927-09-24 — Page 2

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MITSUI BUSSAN KAISHA, LTD.

If you require Provisions, Wine and Spirits, Sweets, Uigars Cigarettes Tobacco, imoking requisites, Books, Papete, and Toilet Articles etc. you expect to buy the best qually and of undoubted parity and freshness We supply these at moderato prices to all who make their purchases, and in addition ws guarantee a courteous and obliging servich.

An inspection of cur store is cordially invited-New stocks just arrived. PASS ROOKS will be issued on application,

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Telephone H. 165

Telephono K. 625

Vicente Atienza & Co..

General Managers,

54, Nathan Road, Kowloon,

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"

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THE HONGKONG TELEGRAPH,

HONGKONG

MENTO

·CONTRIBUTORS RELUCTANT TO PAY CALL ON SHARES.

SSATURDAY, SEPTEMBER 24. 1927.

NEW ARCHDEACON.

SPANISH POLITICS,

APPOINTMENT TO ST. JOHN'S DE RIVERA'S WARNING TO HIS.

CATHEDRAL.

OPPONENTS.

San Sebastian, Sept. 23. The King has authorised the Government to increase the mom-

CLISHMACLAYERS.

A SUGGESTED CURE FOR BUBBING TALKERS.

!

Only, two of the contributors, in Liversedge, Yorkshire Hongkong bership of the National Assembly to versation of some folk was merely

|

London, Sept. 23. The Rev. Alfred Swann, Vicar of haa beon of appointed Dona English work in the diocese of Archdotcon for

Victoria, Hongkong..

Cathedral and

Rev. Alfred Synan joined the Navy on the outbreak of war and served for a year as an A. B. and then na an officer for three years He participated in the Zeebrugge mid and was awarded the D. B. C. Ho expects to leave for Hongkong early in December.-Reuter.

addition to. Mr. J. Henncasey Seth presiding as one of the two joint Liquidators, and Mr. G. S. Hugh Jones, representing Mesars, Wilkin son and Grist, the Company's Solicitors, were present at the first annual general meeting of the Hongkong Development Building and Savings Society Limited, call ed by the Liquidators, (Messrs., J. H. Seth and S. II, Ross) at the City Hall at 2:30 'yesterday afternoon, At this meeting the report of the liquidators, accompanied by a state- ment compiled by them of the accounts, was presented, reading as & Grist that they had no further follows:

instructions, but they wore order; The Company went into liquida-ed to enter an appearance. tion by special resolution on the 4th August, 1926, having given the necessary notice to the members of Staff who were paid off on the 31st August, 1926. The Com- pany's offices were also given up on that date and the books and papers removed to the offices of the Liquidators."

Most of the loans made by the Company

made were

against shares and with the slump in the share market, at the time the Liquidators were appointed, the margins, in practically all cases, had not only disappeared, but most of the loans showed a large de- ficit.

"

The Liquidators commenced to liquidate loans as soon as pos- sible, but with a restricted market the prices obtained were not auff cient to cover the loans, and in a few cases all securities with the

exception of unsaleable shares were realised leaving the balance of the loans clean.

The action of this group of Con tributories delayed the service of further writs by about three months, which has since been re sumed, without, we are sorry to say, any great success, and Cont tributories are asked to assist the Liquidators to collect the first call.

If Contributorles will pay their first call, it will be unnecessary for the Liquidators to make any fur ther calls.

Chairman's Speech. Presiding over the meeting, Mr. J. Hennessey Seth said:

The Report and Statement of the Liquidators' Account having been in your hands for some days, I will with your permission, take them as read.

Turning to the Assets side of the approximate statement of affairs, the unpledged assets re-

400, after which Frimo de Rivera, in a statement to the Government, said he does not intend to allow himself to be tricked or permit public opinion to be misled. He has therefore decided on stringent measures against those who are seeking to again plunge the country jato ills from which they had been saved, by mon of goodwill, backed by honest citizens,

most

(BY ROOT, MACWHIRTER.)

Somebody has said that the con-

a nervous habit like twiddling the thumbs. Certainly lots of us have had occasion at one time or an other to wish that a little more was known about talking as a symptom so that the right folk might be in- duced to take the cure.

Now to suggest to a babbling friend that he or she should see a doctor would be but to add a new enemy to an already overful list.

THE

"DANAE" ORCHESTRA

will play during Dinner

at

LANE CRAWFORD'S RESTAURANT

TO-DAY ¡September 24th,

Active opponents will be condenmand, what's more forbye, more than likely the of the property will be confiscated and raised. their names and titles erased from official lists and subjected to public odium. The statement twits them after recounting the disastrous re- with invoking liberal opinion." sults of their home and foreign policy and comparing it with the successful achievements of the present regime. -Reuter,

off as guilty of high treason, their critic's own sanite would be THEATRE ROYAL

These expenses, would have been considerably less had a reason- able response been made by Con- tributaries, and no obstructionist methods employed.

Yet, as they say about improve ments in this Colony, the unlikely of to-day becomes the common: place of to-morrow. Who knows gossip who is given to waste but the day may come when the minutes o' perfectly good time on reminiscence

or rumour, will voluntarily go and put herself in the hand o' a doctor just the same as if she'd a gumboil or varicose veins.

Janet was reading just the other day aboot a wee lassie that kept talking even on for a week without stopping and all that the doctor did in the hinder end was to feel It is extremely difficult for the her spine and push a nobbly.bit Solicitors of the Company to serve o her vertebras into its proper a number of the Contributories place. So you see my idea isna' and I would earnestly ask every so far-fetched after all. You'l Contributory to assist in giving in- agree wi' me, anyway, that it's no' formation either to Messrs. Wil-nearly so insulting to say to a man kinson and Grist or ourselves, that his spinal cord's got fankled which will enable us to collect the than to tell him that he's blether. calis,

You see what, I mean?

A Circular.

I have here a éircular dated the

present securities held against ad-8th August which reached ine ear- Among the securities taken over vances which have not been ly this month, reading as follows: by the Liquidators were 20,265 pledged to creditors and have been

"In the Matter of the Hongkong shares in the Rural Land Invest-valued on a reasonably conserva- Development Building and Savings ment Company, Ltd., for which tive basis. The amount due from Society Ltd. no offers have been received. Debtors includes two secured These shares were quoted at the 31st December, 1925, the date of the last published Balance Sheet of the Company, at $7.00 per

share.

loans amounting to $180,000, which have been assigned, leaving ap- proximately $650,000 practically unsecured, and the estimated we shall

Ay, as I was saying, there's an awfu' lot o' loose talk floating laboot" this Colony, one way and another. The Ferries and the Peak Trams nowadays are just fair terrible. The other wet morning I was unfortunate enough to land myself into a cabinful of loose talk and the clatter was enough to put an Accousticon oot o' bùsiness,

* * +

Solicitors for the above Company. Messrs. Wilkinson & Grist, the

"All I said was: You had, are now applying for judgment sausages for breakfast so I thought against those shareholders who you wouldn't want sausages again have not entered appearance and for supper and he took hold of,, are also applying for an hear that tin of salmon (and you know ing of those' cases where share what a price it is now), and ac- holders have entered appearance tually.

In order to defeat this action it is necessary for us to act quick- ly and with this purpose in view

meeting of interested sharehold

amount recoverable is, I think, a fair estimate of what At the meeting of Creditors of the Company held by the Liquidatories will appreciate the difficulty

receivo. eventually

Contribu- tors on the 3rd September, 1926, in, collecting large amounts under the amount due to the Hongkong conditions which have obtained & Kowloon Taxicab Co., Ltd., was during the last 2 years. Had the estimated at $11,290, but a claim debtors been pressed to the limit, for considerably more than that it would have resulted in the Com-ers will be held at the Savoy Hotel aum was made, and after taking Counsel's advice, a compromise pany obtaining practically noth was arrived at fixing the claiming whereas with one of the debtors it has been possible to compromise on reasonable terms and I hope debtors will come for- ward with proposals for early re- payment of their loans.

at $17,600.

Notice Ignored.

en-

The Mui Wo Brick Factory which stood in the books at $21,- 845.36 was sold for $400. The Company employed a watchman but the sheds were in a deplorable, condition and notices were served on the Liquidators to remove the sheds, etc. This would have tailed heavy expenditure and we came to the conclusion that we would sell the factory for what it would fetch. The purchaser would be unable to carry Brick Factory as the Government were not prepared to allow sand to be excavated.

on a

·

Reserve Inadequate.

...so I think I shall un- pick that old voile costume and turn it, and dye the stuff a deeper pink, and get some cinnamon on Wednesday, the 10th inst., at 12 coloured lace and a few buttons noon. As you are a subscriber to to match and cut it out like Gladys. the fund that is being raised to did her royal blue fight this matter you are cordially invited to attend this meeting when the opinion of Counsel, and what course of action to be taken will be considered.

If

you have not already paid the amount you agreed to subscribe please bring it with you to save time and trouble.-Yours, faith- folly.

You will remember that a Re- serve for Bad and Doubtful Debts of $350,000, was made at the 31st December, 1925, the date of the that Reserve appeared adequate last published Balance Sheet and

(Sgd.) Chung SO YEUT. at the time Balance Sheet WRS

60 Des Voeux Road Central.. drawn up, but with the further

Hongkong, 8th August, 1927.” decline in share values, the es-

I wish to emphasise the fact timate has since proved to be in- that the creditors must be paid adequate. As you will see from in full and that if the first call the Report, the Company held, of $1.00 is insufficient: for this

.

member what it was called, but I'm

lat Young Lady: "I can't re-

girl who married a sure you'd like. It. It is about a naval officer' and lost her baby and wandered about for years."

2nd Young Lady: "Perhaps it' was 'The Wandering Jew"."

1st Young Lady: "No, I don't think that's right. How silly ofi me to forget the title."-

•

.and the coolie was so rude. I said 'Man Man' and he clashed me down on the spot and it raining like anything.....".

"All I know is that it'a hardly worth while going home to dinner and going all the way back

On the 5th October, 1926, a call as security against loans 20,265 compelled to call up further capito Lee Gardens even if there are at the date of the Liquidation purpose, the Liquidators will be of $1.00 per share was made by shares in the Rural Land Invest-tal uctil the whole of the uncall plenty of buses. I wonder if the Liquidators, and although a ment Co., Ltd. which, at the 31st ed capital, namely $8 per share, Whitey Smith is going to play few Contributories paid their December, 1925, were valued at calls promptly, the majority ignor-$7 per share. These shares at the ed the notice. A final reminder, date of the liquidation were un was sent on the 1st December,saleable, and consequently there 1926. After the final reminder, has been a further depreciation it was obvious that it would be of $140,000 in securities held.. necessary to sue the majority of contributories, and the Company's Solicitors were instructed accord- ingly.

is called up. We are very loathe Red Lips Just Once Again and to do this as it will be a great if we can keep on dancing all the hardship on those Contributories. time. Those white elephants appeal to all those who have not think?" who have paid the first call and 1 ought to be a good turn don't you already done so, to pay their calls You see what I mean? as soon as possible.

I will now formally propose the following resolution: "That the of Account as presented be adopt- Liquidators' Report and Statement

made in order to pay off the credi

The call of $1 per share was tors, and I would impress upon It was rumoured that a certain helping the Liquidators in this Contributories the necessity of group of Contributories, proposed respect by paying their call The to resist the call, and upon receiv call was made with great reluce and after the resolution has ing definite information that this tance but it seemed the only way

been duly seconded I shall be was the case, the Solicitors were by which sufficient money could pleased to answer any question to instructed not to proceed with be collected to satisfy the credit-

the best of my ability. the service of writs until a test ors. The action of a section of case came to trial. On the after-shareholders has enormously in noon before the case was heard, creased our work, and has also the Solicitors representing the recessitated comparatively heavy group informed Messrs. Wilkinson expenditure in legal expenses.

"SALESMAN SAM

GOSH, IN GLAD I CAME OVER

TNIGHT, GUZZ!! FEEL JUSTI IN TH RADIO MOOD!

GURK!

CLICK!

EEK!

. There were no questions, and when the resolution had been duly seconded by one of the two Con- tributors present, the meeting} .terminated.

Two That Didn't

AWFUL!!

Y TERRIBLE!

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