1930-06-16 — Page 2

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THE HONGKONG TELEGRAPH,

SHARE CRASH OF 1925

RECALLED.

BANKRUPTCY DISCHARGE

APPLICATION.

MONDAY, JUNE 16,

930.

OBITUARY.

DEATH OF A CHINESE JOURNALIST.

After a short attack of typhoid, Mr. N. V. A, Croucher, a partner Mr. Loe Kwok Hong, or as he is in the firm of Messrs. Benjamin popularly known, Mr. K. K. Lee, and Potts, a creditor, opposed andied at the French Hospital on application for the discharge Saturday morning at the age of from bankruptcy of Messrs. G. P. 31 years. and H. A. Lammert, in the Bank- ruptcy Court on Saturday morning, before the Chief Justice (Sir Joseph Kemp), Mr. Croucher, who alleged that debtors had kept their books" carelessly, asked his Lordship to make an order that if debtors resumed business they should be supervised by a firm of chartered accountants, but his Lordship declined to make the or- der. His Lordship suspended the discharge for three months.

Born in Hongkong, Mr. Lee received his early education: at St. Paul's College and later at- University, tended St. John's Shanghai. From there he went to the United States and took a course in commerce and banking at the New York University and also studied Journalism. He re- turned to the Colony three years ago.

Last year, Mr. Lee joined the staff of the Canton Gazette and he was brought from Canton last the fever attacked

Debtors were involved in the 1925 share crash and went bank-week when rupt with assets estimated at him. $110,875.18 and liabilities estimated at $1,527,792.93. The applica- tion for discharge was made by Mr. J. T. Prior.

Both In Canton and Hongkong, Mr. Lee was widely known and was interested in several public bodies. He was a member of the Returned

Students' Club, An honorary officer in the Canton Air Force and a life member of the Chinese Bathing Club in Hongkong.

Mr. Prior said the bankruptcy was gone into very fully at the public examination and it would be sufficient for him to say that the cause of the insolvency was be- Cause debtors' firm

of abare He leaves a widow, a five-year- brokers had its fortunes en- old

son and two-year-old tirely built up on local shares daughter. The funeral will leave and all contracts were made with the French Hospital at 3 pm. investors and other brokers to-day and should reach the Cemetery, Pokfulum whose fortunes were also entirely Chinese built up on local shares.

Road, about 4.30. Rev. Kwan

Share Crasti.

*

Kan - yew of the Wesleyan

Church will conduct the burial service.

From June, 1925, those sharea suddenly depreciated to an enor mous extent-from 50 per cent. down to 25 per cent in many cases. In 1924 the firm was solvent and on a good basis, but in June, 1926, their difficulties became insuper-tell you that many names in the

able.

Mr. Prior continued he under- stood that the reports of the cial Receiver (Mr. D. H. P. Laing) and the Special Manager would be read out, and he did not intend to go into them in detail but he would say that they were friendly and so, he might say, was the body of creditors.

There was, however, one point he was not going to try and gloss over the smallness of the divi- dend. The dividend passed by the firm, one per cent, had been paid, and it was probable that two or two and a half per cent.. in addi- tion, might be paid, which would bring it up to three or three and half per cent.

either for refusing it or suspend.. ing it for any length of time.

Mr. Croucher:-Mr. Ross will

debtors' books are not traceable

owing to the very careless way the business was carried on, and it may happen again.

His Lordship:-Well, I under- stand you wish to call Mr. Roas on that point, do you? Yes.

Mr. Ross, giving evidence, said he was the Trustee in the Bank- ruptcy.

Mr. Croucher.-In your opinion, Mr. Ross, wern the books of the debtors' firm kept as they should be kept? They were not model books of account but it was pos sible to obtain a list of the assets and liabilities.

His Lordship: Were there names of debtors of the firm you could not trace?—In many cases it was not possible to trace the whereabouts of individual debtors. of the firm. but there was no rea son to believe that they did not exist.

Too Many Liabilities,

In reply to another question by Mr. Croucher. Mr. Ross said he thought that the firm had under- taken too many liabilities with a very small margin.

Mr. Prior went on to say that debtors had not applied for their discharge a short period after adjudication, but they had left a decent period of five years from the beginning of their difficulties until the present time. The peti tion was filed in September, 1925, but owing to delays for one reason or another, adjudication did not take place until March 30, 1926, which was four years ago."

Mr. Laing read. his report, in Mr. Croucher:-If they are dis- which the liabilities and assets charged and they wish to carry on were set forth, and which stated business they should be allowed to that the Trustee in Bankruptcy do so only under the supervision had received all possible assis of a firm of chartered tance from the debtors. Mr. Laing tants. added, at the end of his report, that he had no grounds on which he desired to oppose the applica- tion for discharge.

Mr. Croucher's Opposition. Mr. Croucher, stated he wished to oppose the application. He said that there was an enormous amount of book debts that had not been collected and if more time was given they might be able to collect further debts. Many names appeared in the books which could not be traced.

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RUSSIAN CINEMA

DISASTER.

TWENTY-EIGHT CHILDREN KILLED IN PANIC.

Moscow, June 15, A flash of flame along the ribbon of a film that was heing shown at a cinema performance His Lordship: Are the debat the Kharkoff school started aị tors in business now?

Mr. Prior said he understood that the Official Receiver was going to ask questions relating to that point in the witness box, thus following the practice at Homo-what had been their means of livelihood and what they had been doing.

The Official Receiver said he had not intended to call debtors but he would do so if it was desired.

Mr. Croucher stated that deb- tors were working for another firm Replying to his Lordship, the land were not in business on their Official Receiver said that Mr. own account. He explained he S. H. Ross was the Trustee. meant that if debtors went into He would say that as far as he business on their own at a fnture was concerned there was very date their business should be un- little possibility of collecting other der the supervision of a charter- debts. In any case it did noted accountant. affect the position.

Mr. Croucher remarked that his firm had suffered very heavy losses and the dividend was snuali,

Str. Prior remarked that if such was allowed it would be most unusual. His Lordship could take any means he thought desirable in His Lordship said he agreed regard to debtors keeping books that the dividend was small but and of having them regularly he did not see any reason for re-audited. "He did not really under- fusing the discharge. It had to be stand what Mr. Croucher meant by suspended, but he saw no reason "aupervision." If he meant daily

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panic among the children, whose parents were powerless to restrain them.

Twenty-eight of the children! were killed. Reuter.

supervision, it was going to be rather expensive for debtore.

Continuing, Mr. Prior suggested it would meet the case if his Lord- ship advised debtors that when they started business again they should get a chartered accoun tant to tell them what books they should keep and advise them that the books should be regularly audited. He thought that was what Mr. Croucher meant.

Discharge Suspended.

His Lordship. said he did not desire to make the order asked for by Mr. Croucher. In view of the small amount of dividend, he had no alternative but to suspend the discharge, but in view of the length of time taat had elapsed since adjudition. and in view of the Official Receiver's report, he would suspend the discharge for a period of three months.

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