1929-12-24 — Page 6

DON'T SAY "WHISKY,"

SAY

THE HONGKONG "TELEGRAPH.

"FINDLATER'S"

NEON ELEctrical cORPORATION OF ASIA.

Tel. C. 2812

David House, 67, 69 Voeux Road,

Hongkong.

**living flame

" unusual illumination or electrical adver-

tising by "neon tubes," distinctive, attractive, letters,

characters, trade marks or emblems.

we have been manufacturing precision instrumenta fer thirty five years; all lubing, electrodes, gas, instruments, mechanism we use in manufacture are our patents, world wide. We invite competition but prosecute infringers.

·As we install aeon it is the last word in practical economy, we guarantee under bond 28,000 hours day and night advertising illumination which everyone is pleasantly compelled to read, we lease our products, we are here to give you three, aix or more years of service.

NEON ELECTRICAL CORPORATION OF ASIA:

07, 07, Des Voeur Road, Central, Hongkong.

Dute... Dear 'Birs,

Without obligation to me, pfonas send reprae sentative to explain the advantages of Neòs Illumination

Name Address

OUR PATENTS INCLUDE Canada, France, Belgiun, Spain," Italy, Great, Britain, Holland. Czecho Blovokią, Germany, Denmark, Norway, Sweden,

UNITED STATED PATENTS 1,613,054 1 677,095 1,093,252 1,611,751 1,620,910 1,671,916.

U. S. PENDINO APPLICATION

166,857

$10.145 325,427

201,BIT

318,158

352,210

TUESDAY, DECEMBER 24,

BREWER CASE EVIDENCE.

OFFICIAL RECEIVER GOES INTO BOX.

THE BALANCE SHEET.

"

Mr. E.L. Agassiz, Offeint Receiver, was a witnesses yester- day in the ease against Mr: N. 1. Brewer, barrister-at-law, who is charged under the Perjury and Larceny Ordinances in the matter of the preparation and Aling of a balance sheet of the Instone Banking Corporation.

TRAFFIC OFFENCES.

DRIVERS FINED' FOR HAVING DEFECTIVE BRAKES

ac-

During the hearing of the traffic cases before Mr. Whyte Smith at the Kowloon Magistracy yesterday afternoon, the driver of a motor forry was fined $30 for failing vehiclo 'with to provide bis

and efficient two independent brakes. The defendant was pre viously fined for a similar offence and had also been involved in an accident some months ago on count of defective brakom

In another case, the driver of a lorry was fined 880, it being stated After Leo Kon-shan, the first that one of his brakes was fairly clerk at the Land Office, had given good.. Sub-Inspector Mason inform evidence as to the filing of the ed his Worship that he had warned memorials of" twe mortgages, the defendnat same weeks ago wlion amounting to $150,000 and $20,000, he had intended to take out h sum- respectively, on the Instone Bank-mana but had forgotten

The driver of a lorry, who whe Ing Corporation building at Des Voeux Road, Mr. George Labrum, alleged to have driven out of Gas- monager of Ye Olde Printeric, colene Road and cut in front of two was recalled. He said that the vehicles in Nathan Road, was fined order for copies of the 1928 bal-$1K. It was stated that one of the ance sheet was brought to him by cars in Nathan Road had to stop Mrs. Brawer and not by a mesnon-dend to avoid a collision. ker as stated in evidence by a On charge of falling to report an previous witness. Usunily, annecident, the driver of a lorry was entry in the day book was made fined $10. The defendant was stated with the order, but he agreed, 45 to have backed out of Waterloo possible, that assuming that they Road and collided with a bat, had received the order, the type smashing the driver's seat of the was set up before the date of June Intter vehicle 21, 1928.

It was ainted that the owner of the lorry had agreed to pay for the repairs to the bus.

The defendant said that the as- Mr. E. L Agassiz, Officialcident was not a serious ane and did Receiver and Liquidator of the not report it to the Police. Instone Banking Corporation, said that the winding up order was made on June 10 last. Since that date, he had been engaged, 'on and off, in investigating the affairs of the Bank. He called in the assis Lance of Mr. S. Hampden Ross, desiring the latter to assist him by reporting, in particular, on the balance sheet, and to show him from which books the various items of the balance sheet had been extracted and how they were made up.

Witness Investigated those books which he thought material. in particular, the head office ledger, the shareholders ledger, the. Com- pany's cash hook, head offee loans and investments, and the pany's minute book..

Com-

A fine of 3 was imposed on a be driver, who was charged with failing to give the necessary signal when about to stop. The defendant ro marked that he had to pull up súd- denly as the conductor had given him a late signal to stop. He ex pinined that if he had not pulled up suddenly he would have overrun the

stopping place.

His Worship pointed out that if he pulled up suddenly it was more on why he should have given a signal.

가

in witness' opinion, Was false. The balance of $260,000 "wan merely a cross-entry effected by the transfer of the Bank premisca from one property account to an- other.

Balance Sheet Effect. ." Speaking of "stocks, shares and other investments," witness anid this Included that $405,000 of

the Instone Trading liares in

firm which, he Company, a

WAS. opened for the found,

of going into the

No Cash Received. Looking through the various items of the balance sheet, witneen found that $1,133,000 of the Issued and subscribed. capital bad never heen allotted. In arriving at that conclusion he considered. The been applications which had received, and it struck him that they were bad applications, as from the books it did not appear as if any cash had been received. It did not appear also from the books purpoRe that anything had, been received | import and exports business. The on the per cent. deposit; as only assets it possessed, however, provided by the Company's were shares of the Instone Bank- ing Corporation, and 48 theso Articles of Constitution.

shares were worthless, the assets of the. Trading Company worthless. Reading that balance sheet, said witness, "one is givan the impression of reading the of balance sheet of A prosperous with inrge banking business.

of paid-up capital, amounte customers' deposits in the neigh- bourhood of half-a-million, with liquid "assets and, Loans on short terms and at call amounting to three-and-a-half inks."

He also found that a transter had been made from the capital accounts to allotments auspensa account, on or about November 21. 1927, of an amount of 5023,000 deducted from the $1.133.000 the issued and subscribed capital: and that the amounts which had been previously debited to share holders in the shareholders ledrer. bad been recredited and again de- bited to allotments suspense account.

;

were

Mr. Davidson asked if what Mr. Avansiz had said was not a matter of comment, and Mr. Fitzroy replied that one of the charges against the necured was in, con- nexion with the preparation of a balance sheet calculated to induce people to entrust money in the

Speaking of the statement t affairs fled with him by Mr. Brewer on July 2 of this yout. witness said that he found that

Calls, tmonit

amounting to $136.000, were not Included in the summary of Capital uncalled and unpaid. The applictions for shares being bad. he could nelank regard the amounts as being an asent of the Company.

1929.

HORLICK'S

IS ALWAYS SERVED

when MALTED MILK is asked for," says the management of Lane Craw ford's Cale-"We keep no other

This we may say is general amongst all high-class casterers, who pride themselves upon serving THE BEST, NOT THE" CHEAPEST."

GREAT CLOSING-UP

SALE

All Stocks must be cleared, including

ALL THE NEW SEASON'S GOODS,

To make room for rebuilding our premises.

Come and see

the sensational bargains! FIRST COME-FIRST SERVEDĮ.

·Sale Now On

YEE SANG FAT

Is IT

REALLY RUNNING?

That's the question

every woman asks the first time she sees the

S

New Silent Kelvinator

SILENT is the now 1929 Kelvinator thai, even when standing close "by, you esaudi detect whether the machaulam la

Continuing witness said that the "customers, deposits" amounting to $260.000 was in reality. made up of mortgage and long term launs, and were merely a cross- entry in the books.

running. collateral

Speaking of the security loans, witness said the item was made up of receipt forms which had been produced. It also included an amount of $64.700 Cross-examined by Mr. David actually given by a man named Chanson, the Official Receiver agreed Sze-chuen and which might be that in law an allotment of shares properly recorded at the time of amounted to a contract to take iba balance sheet. That amount shares. He agreed that the system had, as a matter of fact, been of double entry in book-keening had to he followed, but said that taken into consideration in compromise which witnesn bad what should have been done was arrived at with the shareholder to write down the value of the

assets concerned.

R

Scores of women who have inspected the saw unit are delighted with Its smooth, silent performance,

THE

Call and maks the tes! yourself. Then note the other advanced

Now Slientų

· features of the Kelvinator, including the “ROW - 'flexibla ubber tray for laulaat; removal of ice cubes, automatis cold-keeper and artistle, ' sturdy sabinets.

RELIABL

KELVINATOR

before transferring the Agents-REISS, MASSEY & Co., Ltd.

balance to the balance sheet. The books, in other words, should have been put right before the balance sheet was made.

At the conclusion of the Official Receiver's evidence Mr. Fitzrov read large portions of the report of the public examination of Mr. Brewer to the Magistrate, in which, the defendant stated that the balance sheet as printed was never alened or approved by him. It was altered in his absence and the publication was also done in his, absence, and it was then ton late to make any alterations.

Cash and Loans. Witness had recovered nothing from the "lang" made on the receipts. So far he had issued a writ ngainat one man and there was a possibility of getting some thing on it. In the period between June and July, 1928, the period of the balance sheet, the Bank had no more than $30,000, according to the cash book, and out-of this it purported to make loans to share holders to the tune of $761,000.

Speaking on collateral security loans, witness said they were loans "secured" on what purported

Ho maintained that the balance to be allotted shares, but to be. worth anything, they must be sheet was not inaccurate in the secured independently of shares. commercial sonne. He took the was word of the auditors as he should The value of the shares entirely dependent on the asseta do. There was not a word of a of the Bank, and as the assets at fe in the printed balance sheet. that time amounted to practically He was further reported to have. nothing, by the same procens of stated in the examination that he reasoning, the collateral security did not agree that the balance misleading and -In- loans were worth nothing. Wit- sheet was ness had not found any receipts accurate, au the auditor said it which would go to show that any was customary.NE

Later in reply to what ha.con- loans had been paldi.

Speaking of: Mortgages, witness aidered the value of the shares to Beid he had not found any mort-be. Mr. Brewer stated that in the gages which would bear out this ordinary sense, 3. but in a com- Item, except for the one amount mercial sense, $900,000, E ing to $2,500 secured on New Territories property. This Item,

The hearing was adjourned until this afternoon at 2.15 p.m.

EXCHANGE BUILDING.

Now Being Exhibited

Tel. C. 673.

WHITEAWAY, LAIDLAW & CO., LTD. FURNISHING DEPARTMENT.

AND AT

THE HONGKONG ELECTRIC CO.

SHOWROOM.

For the Best

LOCAL VIEWS

PORTRAIT

GO

PHOTOGRAPHS

MEE CHEUNG

Studio, Ice House Br

Branch 7, Beaconsfield Arcade,