1930-10-07 — Page 7

REALTY

(Continged from Page 1)

GO. POLICY.

the

For the foregoing reasons, Directors of your Company will vote against both the said resolu tions, and I ask the shareholders to

do the same,

As I have already stated, this meeting has been convened at the instance of certain shareholders of the Company by Requisition for warded by them to the Directors in writing, pursuant to Article No. 68 of the Articles of Association of the Company and in accordance with Section 67 of the Companies' Or- dinance, 1911, and has not been convened at the instance of the Directors. I will, therefore. now call upon Mr. O. F. Ribeiro, who forwarded such Requisition to the Directors, to propose the resolu tion No. 1 set out in the notice,

Mr. D'Almada's Speech." -

occupied, and that every tenant was paying rent, were $280,000 a year.

..

After quoting other figures, Mr. D'Almada said the building had been purchased for $2,400,000 and was worth $320,000 a year in re- ceipts. The total interest payable on the two mortgages was $150,- 000. They could assume for the purposes of argument that that sum which the purchasers were paying was equivalent to the rent of the whole building.

Mr. d'Almada went on to paint | out that in view of the figures he had quoted, contingencles which might arise in default of either' of. the mortgages were very unlikely.

Let us

"Inglorious Uncertainty." Continuing, Mr. d'Almada said: -Your Directors have stated that the object for retaining this $1,750,- Mr. Leo D'Almuda, jun, who 000 is to meet contingencies, the proposed the resolutions on behalf possibility of the arising of which I of Mr. G. F. Ribeiro, the chief think is very remote, but let us requisionist, said:-Mr. Chair-

adopt their point of view. man, ladies and gentlemen.assume that there is

a possible should. like to thank you for the contingency, Your Directors think privilege you have granted me to

this money should be retained, not propose, on behalf of certain in any sich way as to be handy requisitionists, these resolutions immediately but should be invested. As such, I take the place of Mr. in shares or in any manner which Ribeiro to put these resolutions to they think ft. If you are the meeting. Before dealing with sistent with regard to contingen- the actual subject matter of these cies, you cannot possibly allow the resolutions, I think it would he investment of this money in any well at this stage to recapitulate thing like shares. It is all very very briefly the history and show nice to say that shares are all right, why this meeting was called.

but contingencies in the share mar- ket are very much less reminte,

The Hongkong Realty and Trust Co., Ltd.. was formed in 1923 with these man or these sole objects view: for the purpose of building this very fine edifice Exchange Building). At that time money was somewhat plentiful in the Colony and 1923 was a very fine The Company was launched in no time; the

year for trade.

building was erected in no time, and completed in 1926, and on completion of the building, the

can-

THE HONGKONG TELEGRAPH.

TUESDAY, OCTOBER 1. 1930.

INTERIOR VIEWS OF THE R.101.

The above pictures give some impression of what the in- terior appointments on the airship R.101 were like.. Above, a corner of the spacious dining-room; below, the artistically

decorated lounge.

We all know Ice House Street; have heard all about the glorious uncertainty of cricket; but cricket is nothing alongside the inglorious uncertainty of Ice House Street. If you push your argument you can- With regard to the main objects. not risk this $1,750,000 in shares of the Company, he admitted quite because shares may drop at

any frankly that that which the Diree- moment: There is so much de- pendent on shares. There is

tors were seeking to do was a sab- sidiary object. He pointed out. guarantee.

that although practically the whole. of the capital was sunk in

the

RECEIVED STOLEN

PROPERTY.

HEAVY FINE ON CHINESE SALESMAN.

I am instructed that at the time ownership, which was the Com- increases were being paid there pany's main object. was Culfilled.were persistent rumours regarding building, they could always increase/ STORY DISBELIEVED.

Directors' Powers,

the proposed amalgamation be their capital.

A salesman of the Wo Yuen Tai tween this Company and another The next point was with regard Tack shop at 365, Reclamation Before dealing with the events local company. Certain of the re-to the fact that the Directors Street, Kowloon, was charged be of the sale of Exchange Building,quisitionists have told me that al-thought it necessary to refer the fure Mr. Butters this morning with I should like to say that in the though the Directors were perfectly

feloniously receiving 164 gunny Memorandum and Articles of As within their righta in not consuit-matter to the shareholders. As a bags the property of a ginger sociation, were set out every objecting the shareholders, they think matter of fact, the matter was refactory. mentioned for which the Company that in view of the importance of ferred to the shareholders at his Complainant, a foki of the fac

formed. These I consider the step, they would have been instance, the reason being that they tory, identified the sacks by a dis- and I think there will be general consulted before any steps were wished to know whether there was tinetive mark on them, and stated agreement, are subsidiary and taken,

any tangible objection

stolen to the that they were

yesterday secondary to the main objects.

scheme. In point of fact very few morning, when he reported the mat- shareholders attended the meeting ter to the police.

WAS

Other Reasons.

TELEPHONE CO. FINED.

EXCAVATIONS NOT LIGHTED PROPERLY.

FIFTY DOLLAR FINE.

Insufficient lighting to mark the Shaukiwan Road beyond the, Elec- tric Company's power plant was the burden of a complaint against the Hongkong Telephone Company, In a case the hearing of which was concluded this morning before Mr. Lindsell at the Central Magistracy,

Kartar Singh, driver of a public car, told the Court how his car was ditched in a cross-trènch through the lack of any warning red light. Not until he was in that position could he see a red light about 13 yards ahead. There was none just behind or ahead of the car.

Mr. O. E. C. Marton, for the Tele- that phone Company, contended witness could have seen the second light from the first set in the road- way, and pointed out that the wit- ness apparently did not bother to look.

His Worship:-Why should he? His Worship could not imagine that the first thing a man caught in that predicament" would do. would be to go back look for the light. He was not considering proving his case; this was not an action for damages.

Mr. Marton, having obtained the recall of another witness, Mr. J. Gardner, who was travelling in the car, for "just one more question,' was proceeding to put a scries of questions, including one of whe- ther Mr. Gardner was "atar-gaz- ing." when he was checked by his Worship, "I thought you had only one question to put," his Worship- reminded Mr. Marton.

Mr. Lindsell found the enge proved, and imposed a fine of $50.

are the

R101 COMMISSION.

(Continued from Paye 1.3.

London, Oct. 6. An official Memorial Service for the victims of the R.101, will be held in St. Paul's Cathedral on Friday..

The French nation are all displaying the profoundest sym- pathy and their authorities giving all practical help and

Your Directors have powers by

French troops are rendering Mili- tary Honours to the dead. The the Memorandum and Articles of

I have put forward one reason and the Directors' proposals were A Chinese detective, who traced Premier, M. Tardieu will be at Assocation to deal with any why this money should not be in-earried unanimously. He did not them to defendant's shop, said he Beauvais to attend the departure money of the Company required vested in the share market. think the reasons put forward that found the fokis turning the bags of the victims. Lord Tyrrell, the for the purpose, in any such There are uther reasons. It day would have swayed the inside out with the object of hid-British Ambassador in Paris, ar- manner as they think fit, and must be remembered that when Directors in their policy if they ing the characters. He ques-rived there to-day. A constant although your Directers have this company was formed in 1923 had been put forward at that meet-tioned defendant, who said he stream of messages is being re- power to invest money without

money was very much more plenti-fing,

had bought them from a stranger, ceived in London from foreign necessarily consulting any of ful than it is now. The position

With regard to the sale of the and showed him an entry relating governments and from organisa- you, they very wisely called a

now is unfortunately not the same building. Mr. D'Almada said that to the purchase of 97 gunny bags tions and individuals in all parts of meeting for sanction of apportion- and the outlook is not at all bright, a second mortagage was unneces- for $20. He found 164 in the shop. the world.

I would bring forward one more sary, and that they should have The bags were valued at $60.

Experts Working. jargument us to why this money told the purchaser that they want-

Defendant, giving evidence, should not be allowed to be invested est cash. He thought that had they denied knowledge that

the bags

Throughout to-day, British and in this manner. Company was formed locally having something to say.

In 1923 another done that, the Bank would have had were stolen. He did not enquire French air experts were still engag- of the seller regarding their origined on an examination of the wreck- as its main ohjeet, dealing in land

The presence of the characters ed airship. The authenticity is The next point was regarding and property in

general. That the investments in shares conveyed nothing to him as all denied of certain statements pub- Company having acquired

bags

marks. Helished purporting to express the bear similar items; the acquisition of Exchange capital, invested it in dealings been better to loave, the Company out because they the cause of the disaster. When its D'Almada said that it would have had instructed his fekis to turn opinion of air officials regarding Building and the crection of similar to those with which the in a liquid position, but he the bungalows at Repulse Bay. These Directors of this Company at pre-Chairman) would reinind them would fetch a higher price.

would then look like new and all the available information has were the sole enterprises pensent are empowered in their discre- that they could always make ad-

been collected and correlated which the Company ventured.

tion to invest this money. The revances, and he thought they should and imposed a fine of $200, or

Mr. Butters decided to convict authoritative statement will

issued. sult in the case I have mentioned credit the Directors with a suf-three month imprisement in

Conference Resolution. was disastrous and shareholders are still being called up to make it amount of thought for the default.

When the heads of the delega- payments.

shareholders not to put their

tions to the Imperial Conference money in anything where the risks ARE WE HOSPITABLE? met to-day, their first act was to were great.

ment of this money in such 11 manner.

uch credit is due to the Dirge tors for the running of the Com- pany and on behalf of the share holders, one and all thank you very gratefully. The dealings of the business were confined to two

Not a Fight.

Before I approach the main subject of this discussion, I should like to make it perfectly clear this is not a dispute or fight between the requisitionists on the one hand and the Directors on the other.

Shareholders Interests.

As for disasters, they were

(Continued from Page 6.)

I can put forward another pos- bound to take risks in every phase With regard to the sale of thisible argument. The return of $of life, but he did not think the and Camprodon, on the first stage building and the negotiations

and even after making this return.

be

pass the following resolution "We, the members of the Imperial Cor ference, desire to place on record, the Airship R101

the loss of 80 many

a share would still leave this Com- risks would have been big in that small and fat, and he wore black disaster to

of his journey back, He was a mark of our great sorrow at the entered into by your Directors in a very good position indeed case Mr. D'Almada asked for the

return of $7 per share, but he corduroy trousers that creaked as and the capital would still be more than would remind them that before the he walked, and rope-soled sandals brave and valuable lives. On

sale of the building was completon his feet. He carried his lug behalf rage in a xay handkerchief over British

without consulting the share- bolders. they were perfectly entitled to do so. When it came to the final settlement of terms the shareholders were consulted in

$1,000,000.

I would finally urge that share, they were in debt to the bank shoulder, and he sang at the homage to the gallant men who have holders in this matter consider and with the actual cash avail-top of his voice. the matter, and in that respect, their own interests. is it not bet-able would only be able to pay

Con-

nm instructed to say, that one of the requisitionists desires to gratulate the broker who put through the transaction,

Sale of Building.

In recapitulating brictly the terms of the sale of the building Mr. d'Almada said that $1,750,000

in

ter in a case like this to risk losing out $5. our second mortgage than

risk

losing the whole of the capital? In Resolutions Defeated.

conclusion, I would put forward

actually being

*

of all parts of the Commonwealth we pay

given their lives as pioneers in the cause of human progress and we wish to express our heart. It grief for their bereaved families. To our We offer. our deep Chairman sympathy at the loss of a distin-

friend."

The meeting stood in silence to

It had been moved by the

When he saw me coming up the hill below him he stopped singing, and waved his arms above his head, came up to where he stood. He these points: The total absence of

On a show of hands, the resolu-held cut his hand: would I go with necessity to retain the money and it tien was lost by 10 votes to 14 and him as far Camprodon--for guished colleague and a well loved is better to risk losing $650,000 Mr. d'Almada asked for a poll company? second mortgage than of losing He made a similar request when $2.400,000.

his second resolution, "that the When we came to Camprodon pass the resolution. capital of the Company be reduced after the long, hot afternoon's walk eush was paid by the pur-shareholders were

fr d'Almada claimed that the from $2,000,000 to $600,000 by the down the valley, Manuel Garcia led Canadian Premier, Mr. Bennett, chasers to the Company under a exceedingly generous in the matter return to the shareholders of $7 ame straight to the one imposing who briefly expressed his sense of mortgage and the balance of in. demanding a

an irreparable loss sustained in the his share" was lost by 10 votes to 15. hotel of the place and wayed return of $7 a

death of so many pioneers of aerial $650,000 on a second mortgage share. The Company had complet

Many of the shareholders were hand at it. with interest at 7 per cent. The ed its main object in the building absent, Mr. Scott Harston explain- I shook my head. I know that navigation. The Australian Pre- total price paid for the building and selling of Exchange Building, and he would have to fix the Manuel Garcia would never lodge mier in seconding, said that only son and Sir Sefton Brancker, was $2,400,000. The present posi- and he considered the best course polling date for January 20, 1931 there. "Come," he said, "I will last Friday he had met Lord Thom- tion was that in answer to the was the liquidation and return of from 10 a.m. to 4 p.m.

show you a better."

who had been full of en- requisition a letter was written by the whole, capital to the sharehold- The meeting agreed to this date. We threaded a series of alley-

thusiasm on linking up Bri- to a wine shop the Directors to the requisitionists

The scrutineers appointed were Mr. ways and came

Australia by air. of tain and foll where, behind a room in which they admiffed the remote contingency of a default in the mortgages. He thought it necessary to put forward certain Agures, but, although they were not absolutely accurate, he sub- mitted that for the purposes of that meeting they

were sub- stantially correc..

era.

Mr. D'Almada then moved the P: H. Suckling and Mr. F. Aharrels and benches, there was an-ways, and had arranged to discuss resolution that no portion of the Xavier.. present uninvested money of the was

The meeting closed with a vote other that looked out on to a garden the matter further when they re- Company be utilised by the Board of thanks to the Chairman. sloping down to the river, We ate turned from India. Mr. Scullin also made a feeling reference to the there soup and potatoes, of Directors without the sanction of the shareholders.

The Directors present were pimentos.

death of Squadron Leader Palstra,

The gross rent receipts for the

ed the resolution.

and

Hon. Sir Shouson Chow, Messra. Afterwards, when the news of of the Royal Australian Air Force. Mr. Leo D'Almada, senr., second- P. H. Suckling, E. M. Raymond, strangers had spread, neighbours In replying, Mr. Ramsay Macdonald P. K. Kwok and J. Fleming came in, and Manuel. Garcia be paid an affectionate tribute to Lord Thomson, with whom he was on the present were came expansive

Chairman's Reply.

Shareholders

"Is it not

Messrs. Leo' D'Almada, Sch., unusual? Here is an Englishman closest terms of intimacy, describ building were $23,000 a month, or The Chairman, addressing the D'Almada, jun., II. M. Smith, P. C. who has walked all day over the ing him as the dearest of his col- $276,000 a year.

Added to this meeting on the points raised by the Potta, M. H. Turner, D. V. Steven-hills with me on foot." We leagues. British Wireleas. might be certain allowances from previous speaker, said that he son, O. F. Ribeiro, M. J. Gaan, all became very friendly.

Shanghai's Tribute. time to time and rental which the Almada on the efficient manner White, F. C. Barry, F. M. Ellia, go South, I North.

would like to congratulate Mr. H. L. Lini, F. Xavier, A. Tra, C. E. In the morning we parted-he to

Shanghal, Oct. 7. It is understood that the Shang- Hongkong Realty and Trust Com-in which he had dealt with the sub-E P. Greaves, W. G. Pirie, N. V. A. pany were not paying, amounting ject, and the excellent manner in Croucher, T. K. Au, A. C. V. Ribel- Manuel Garcia. "You go to Lonveyed a message of condolence to "I am going to Saragossa," said hai British Association have con- to $4,000 a year. The gross re- which he had put it forward in the ro, W. Paterson, H. Lowcock, Mrs. don. It is a long way. If you will the relatives of the R.101 victims ceipts of rents from this building, interests of the shareholders. assuming that every room

G. Nelson, Mrs, A. Burleigh, and send me a postcard I will send you in this hour of grief. Our Own Miss L. Mow Fong.

was

one."

Correspondent.

POWELL'

10, Ice House Street.

JUST UNPACKED

S

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