1934-08-30 — Page 19

THE HONGKONG TELEGRAPH. THURSDAY, AUGUST 80, 1934,

$3,000,000 BANKING FIRM'S DIFFICULTIES

CREDITOR SEEKS

WINDING-UP

client.

Chau Chik-ling he added, denied that he consented to act ne n director of the Man Chuen firm or that he instructed Chan Pak- shung to act for him. Nor did he ugree to accept the scheme of settlement. He did accept a mortgage of $10,000 from Chan Yeg made out to Chan Kan Пр

STRENUOUSLY RESISTED BY OTHERS Hominee, this being in reply to his

INTERESTED IN CONCERN

PROPERTY SLUMP SEQUEL

arrived at that

demand for $10,000 of his deposit. Mr. Jenkin applied for leave to cross-examing the petitioner way. ing that he hoped to show that the

AN ABBEY WEDDING

PRINCE GEORGE'S ROMANCE

OVERWHELMED BY

potition was not a bona fide one. CONGRATULATIONS He did not rely on that altogether, however, in opposing the petitlan.

Petitioner then went into witness box.

London, Aug. 29. the Exceptional interest has

RADIO BROADCAST

Hawaiian Selections From The Studio.

Z.E.K. PROGRAMME

From ZBW on a wavelength of 355 metres..

1-2.15 p.m. European Programme. 1 p.nl. Local Time and Weather.

1.03 p.m. Recorded Music, 1.30 p.m.

Mr. Jenkin: The Luk Hot Tung|been aroused in the an-Report. Chan Chik-ting

Chinese and bank depositors arc overseas nouncement of Prince

represent their savings pending their return on

George's engagement to to Hongkong or Princess Marina of Greece. retirement China ?

A legal fight to prevent the

should withdraw the action on winding-up of the three

payment by the company of his million dollar Luk Hoi Tung legal costs. Sometime aubsequent Co.,

Ltd., owners of however, he again approached the secretary, requesting payment of enormous leasehold property $2,000 or $3,000 of his doposlt and in Hongkong, was

com-stating that he would accept a de- benture for the rest. This was menced before the Chief refused. Justice,

Mr. A. D.

A. MacGregor, at the Supreme Court this morning. '

that the creditor

Witness:

I cannot say

Do you know that if this bank fails, these people's savings will be wiped out and their homes wreck ed?--I am only doing this in my own interest,

MUCH CONCERNED. You were much concerned in the

You suggested, did you not, that

They left Salzburg to-day in company with Prince and Princess Faul of Yugoslavia, whose guests they will be at their Villa on the shore of Lake Bled.

the petitioner's deposit being $20 The feeling of the affidavit-the depositors together with a view to and Queen, who are in residence,

ono.

The company

RIGHT TO AN ORDER.

Counsel continued: I take it that in this case the debt is admitted The total indebtedness of the or undisputed and the case against welfare of this Company Yes. company was given an $2,700,000, the company is

Is a right to

winding up order. immediate steps be taken to get the In It seems to suggest bad solving the position 7-Yes. ating strenuously are opposing the petition and allege feeling against the creditor because having agreed to accept de-

It was at your instigation that that it is not brought with the bentures, wanted his deposit back any suggestion of saving the com- bona fide Intentions prescribed for Instead. He entirely denies that pay was started?--Yes, I ander the Ordinance.

he made such an agreement. Ho posed that. The petition for winding-up was denies the suggestion that he. of your brother depositors to be Because you wanted the interest brought by Chan Chik-ting a deposi-having agreed to tor to the extent of $20,000, and was goes behind their backs and tries compromise,

enfeguarded 7-Yes. supported by Chun Chun-tak an to get a winding up order. unsecured creditor, both being represented by Mr. H. G. Sheldon Instructed by Mr., G. S. Hugh Jones; of Messrs. Wilkinson &

Grist.

Mr. F. C. Jenkin, K.c., instructed by Mr. D. B. Evans, of Messra. Johnston, Stokes and Master, ap peared for the Luk Hol Tung, the Man Chuen Co., Ltd., (formed to save the Luk Hol Tung from liquidation), and 32 unsecured creditors,

32 CREDITORS OPPOSING.

บ

The affidavit of Sik Chel-fat, director of the Man Chuen Com- pany, made on behalf of the debenture holders, was dealt with by Mr. Sheldon.

pro-

Witness stated that notices were course meetings of the depositora sent out to all depositors and in due took place. At the third meeting

Reuter Press Bulletins, Rugby Press Nows, etc.

2.16 p.m. Close DownA

6-8 p.m. European Programme, G-7 p.m. A Relay of the Hongkong Hotel Dance Orchestra from the Hongkong Hotel Roof Garden, (by courtesy of the Binnagement)

7 p.m. Closing Local Stock Quota- tions, London and New York Stock and Commodity Quotations.

Prince George was at the wheel of the car in which ha and his Bance travelled and his hosty followed in another car.

Their Highnesses have been overwhelmed with congratulations on their betrothal and the King at Balmoral Castle, also received | many mesangos of congratulations to-day,

No oficial announcement of the date of the wedding ls made but

take place in London, probably in Chora(n) Honeysuckle and the the Press anticipates that it will

Westminster Abbey in the late Autumn and precedents are being examined regarding the procedure, FORMAL CONSENT.

7.08-7.40 p.m. Concert Items. Song-The Lass with the Dellente

Air (Arne).

Song By the Waters of

Minnetonka (leurance).

Mavis Bennett. (Soprano). Pianofarte Solo-Danse Creola

(Chaminade). Pianoforte Solo-Pierretio

(Chaminade).

Una Bourac. Chorus-(a) Sweet Genevieve

(Tucker). (b) At Trinity Church

(Gilbert).

formed at his suggestion.

managenient committee was be given by Order-in-Council,

Mr.

THE IDEA.

were they not, with the idea, both Several schemes were suggested,

AN OUTSTANDING LOVE MATCH Princess's Tribute To Marina

(Special to "Telegraph">

to

Bee (Fitz). (b) If you want to Know the Time ask the Policeman (Rogers). Violin Salo-Estrellita (Ponce).

Light Opera Male Chorus. Violin Solo Valse Bluette (Drigo),,

Jascha Heifetz. Song-O Sole Mio (Capurro).

(Pergolesi).

Mariano Stabile (Baritone).

7.40.8 p.m. From the Studio.

Hawaiian Selections by Ho Yuk

Programme.

1. Imi. Au là Oc.

2 Lomi Lomi E.

3. Hawali, Moonlight, Flowers

4. Hanohano Innalei.

G. Beautiful Libue.

nud You.

8 p.m. Local Time and Weather Report.

8.03-10.30 p.m. Chinese Studio Cun

Formal consent to marriage will

following which arrangements for Jenkin: Still because you the wedding will be made under In October, 1933, the affidavit had stated, the Luk Hoi Tung Company your co-depositors and because folk as Earl Marshal,

at heart the interest of all the direction of the Duke of Nor-Song-Siciliana Di Pergolesi was indebted to numbering 1,959, to the extent of avoid the winding up or liquidation Prince George will

its depositors, above all things you wanted to Meanwhile it is anticipated that

return $2,700,000 odd. were as widely scattered as the

The depositors of this bank?-Yes.

London in about a week or ten days Federated

Malay

In order to prevent nearly 2,000 and that Princess Marina will pay Lun, Ho Yuk Ming and Ges d'Aquino, States America besides those at Toi Shan their all?—Yes.

and depositors from practically losing a short visit to London as the

guest of the King and Queen.~ and other parts of China. The

| British Wirelėsa. company's assets consisted almost Mr. Jenkin said the petition had entirely of leasehold property and one supporter but all the remain-loans an interest made to companies, Jug creditors (on the list in Court) PROPERTY DEPRECIATION. for the benefit of the depositors were opposing. He appeared for

and the company, that the deposi- 32 of the unsecured creditors- Property had depreciated enor-tors should agree not to call for re- unsecured in the sense that they mously in Hongkong. At a meet-payment until some future time?-- had not taken up, debentures. ing of the creditors it was decided Yes. We had that idea.

Mr. Sheldon said the nominal to meet their debts by issuing de- capital of the company was $2,bentures to the creditors and schemes 000,000, the amount actually paid scheme was drawn up with the should take shares to the amount (Dy Telegraph, Copyright. Telegraphia Mem up being $475,000.

idea of preventing them being of half his deposit and the other, A.10a.m.)

sapre. Ordinance, - 1881. Received August forced into liquidation by any of half should be re-paid in instal- the creditors.

Iments over a period of five years?—

Parla, Aug. 29. The debentures were

the Yes,

Princess Eulalie of Spain paid a value of $1,900,000 of which the

warm tribute to Prince George's And it was considered that that Dance unsecured creditors were repre scheme and

this evening, saying: some of the others "Princess Marino is the most sented by $800,000.

which were not-finally-ndopted beautiful princess in the whole of Giving reasons for the proposi-were not sufficiently strong really Europe to-day. Pictures are in- Musle from ZEK on a frequency of that the petitioner called on him tion to the petition for winding to give the company time enough adequate for a correct apprecia-010 ke'. relative to the suspension on BP. the affidavit went on to state to recover? No. It was consider-ition as she is the most glorious November 16, 1933, of payments that the company, it was under-ed that the scheme could not be out by the company. Interest on stood, made a profit of $195,000 put through, and the suggestion blonde." his deposit of $20,000 was paid to for the year ending September was abandoned. Since that early Princess Eulalie, "that this is an "There is no question," added Chan Chik-ting on the 24th of that 1933 and maintained that earning suggestion hnd month.

power up to January of this year. f another company

been abandoned outstanding love match."-nited

Was formed Press.

The petition was opposed by the Man Chuen Company Ltd., which was a Debenture Trust Company formed in clrcumstances which would be revesial Inter.

The affidavit of Chan Fu-cheang, "secretary of the company; set out

:.

DEPOSITORS' MEETING.

เก

THE PROBABLE LOSS.

For instance, one of the earliest was that each depositor

But you have denied all these resolutions was at the meet-

If the company was forced into known as the Man Chuen Co. liquidation it would have to sell Was it decided to form the notes of the meetings? He suggested that a meeting of its properties at a time when they Man Chuen Co. at the meeting the depositors, most of whom were would not realise enough to cover held on December 257--No. in the Toi Shan district, should be the mortgages.

Was it resolved to form a Com-ing. called to make out A scheme to

pany on that day under any name save the company from liquidation. This was done and preparations of "I have tried to estimate what the Debenture Trust Deed was watik happen if a winding up or minde resulting eventually in the der was made and I believe that; Man Chuen Company. Chan Chik-dividend of between ten and 20. I put it to you that it was also perhaps ting was made a director of that per cent to unsecured creditors is decided to ask the depositors to there was no resolution and no company but his name did not the most we could pay," continued become members appear in the list which had been † the affidavit. filed but in making that statement

was in

um

I put it to you that it was well- at all? There was a discussion known that these debuntures to take steps to form a company. which were going to be offered

"NO RESOLUTION."

to depositors were to be redeem- able in six years? There was some discussion, but

of that com-ngreement at all. any by accepting debentures? There was no such resolution.

DAY BY DAY NEWS IN

BRIEF

Did not the whole scheme de-i "The Debenture Trust would counsel did not wish to infer that also probably be rendered void:

pend on the length of time you there

was fraud.

And by a further resolution it kept the depositors at bay ?--No, Over 60 per cent of the creditora Later Chan Chik-ting came to had accepted debentures is set was decided to get the Lak loi that was not our object. Chan Fu-cheung, continued the tlement of the debts. I Tong Bank to hypothecate their Well, to get them to agree to davit, and said that an opium; informed by Chan Chul-chungssets with the Man Chuen Co-postpone their payments was the Business he was running in Canton that if the company is permitted to No.

main feature of the scheme? No. a very bad way and he carry on paying interest

You admit you were present at The hearing was adjourned un- on the domanded $10,000, threatening to debentures, and is not immediately the meeting?May I refer to my til 2.30 p.m. to-morrow. commit suicide unless the money harassed by its creditors there is was forthcoming. The secretary possibility with an improvement agreed to pay but apparently in the trade of the Colony...that, petitioner could not wait for the the company may be in a position money for on January 13 of this in January. 1940, to pay debenture THINKS, AND TRAGEDY TO HIM WHO ported to the local health authorities LIFE IS A COMEDY TO HIM WHO, Two cases of meningitis were re- Fear he issued a writ of summons holders in full.” claiming $20,000, the amount of

FEELS--Horace Walpole. hia deposit, and Interest.

A Dinner Dance will be held at PAYMENT OF $10,000 AGREED.

While bathing in a pool in Kowloon Mr. Sheldon sald he would sub- Teng Tsai & bey, Kwong Fing-tni, Repulse Bay Hotel on Saturday, and mit that debenture holders were aged Ave years, was drowned. The Ten Dance Di Sunday. The It was

therefore evident that not entitled to be heard as against body was removed to the Kowloon Andetonians" Band will bo`la ntten- anlega something was done the unsecured ercditors, whole scheme of arrangement of

The affidavit of Leo Sing-hong |

LEGAL POINT.

Mortuary,

*.*

on-Tuesday,

dance.

ho depositors would fall through to the petition showed that their Canton Road, fell from the first floor Director of Messrs. Caldbeck, Mac-

t was agreed to pay the $10,000.

Counsel høre Interjected that claims were some $42.00

etually a niortgage for $10,000 was

·

opponents making 32 together; the addition

cert,

p.m. Reuter Press Bulletins, Lendon 1 p.m. Stock and Commodity Quotations.

10.30 p.m. Reuter Press Bulletins, Rugby Mid-day Press News, Further London Stock and Commodity Quota. tions, followed by New York Opening Quotations.

10.40 p.m. Close Down.

ZE.K. PROGRAMME. 8.30-10 p.m. European Recorded

8.30-9 p.m. Operatic Programme. The Bartered Bride-Overture

Die Fledermaus-Mein Herr Marquis

(Smetana).

Berlin State Opera Orchestra,

(My Lord Marquis) (Strauss), Die Fledermaus-I'll play the

Innocent Country Maid (Strauss). Elizabeth Schumann (Soprano). The Queen of Shoba-Ballot Music

(Goldmark, Op. 27).

Der

Chicago Symphony Orchestrn. Rosenkavaller-Finale Scene with Waltzes (Richard Strauss).

Richard Maye anil Anni

Andrassy.

9.9.17 p.m. Suite Bergamarque

(Debussy)..

Walter Gieseking (Planoforte).

1. Prelude.

2. Minuet.

3. Clair de Lune, 4. Passepied.

9.17-0.30 .. Vocal Gems.

The Blue Mazurka.

Light Opera Company.

C. B. Cochran's 1030 Revue,

Light Opera Company..

9.30 p.m. Reuter Press Bulletins, London 1 p.m. Stock and Commodity Quotations.

9.36-10 p.m. "Casse Noixcite"

Suite (Tschaikowsky) played by the

B. B. C. Wireless Symphony Orchestra conducted by Percy Pitt.

Overture.

2. Marche.

3. Valse des Flours.

4. Danso Arabe.-

5. (B) Danse Chinoise;

(b) Danse Russe, Trepak.

6. (a) Danze do la feo Dragee;

(b) Danse des Mirlitanx,

Close Down,

10 p.m.

"ROBERT MORRISON".

CENTENARY

and his following five opponents. A woman, Lam Po-yik, of No. 109

Mr. N. C. Mačgregor, Gṣverning yesterday whilo gathering in some gregor & Co., Ltd., has arrived in Mr. Jenkin here Intericcted that clothes. She was sent to the Kwong Hongkong from Shangha! by the ven to him in the name of his then were another. 26

Empress of Russia. Wal Hospital,

The Finance Committee acknowledgo phow who represented him.

A circular posted at Folico Head Executing a warrant on No. 12 Wa with thanks the following subscrip Chan Chik-ting then agreed to a 26 claims amounting to $80,405 quarters, states that a warrent has lu Fong. Detective Bergeant T. J Ive up his deposit books and making a total of $79.705 which Buon alter the arrest of Wong Hemsley effected the arrest of Lions to the Allco Memorial and ccept Instead a debenture, was almost the total of the Hong-Kwal, formarly employed as shroff in Lum, 244 unemployed, Who was Nethersole Hospital Building Fund.

On or about March 15 kong unsecured creditors. the General Post Office, for the al- brought before. Mr. Macfadyen in the LIST NÓ 4.....

morning Proviously acknowledged 113 8,003.08 e premises hvérò scited in ex- Referring to Lee Sing-hong's teged theft of $867.80, from his desk Central Police Court this ution of л writ Issued by affidavits Counsel read from it that drawer. He is a native of L3 Tsal charged with the possession of 10

and Mrs. Jacks han Chik-ting and it became the unsecured creditors bollered Yuen Village, Sze Yuk, and absconded poft lottery

guilty, he was fined $10 or fourteen Mr. and Mrs. P. S. Cassidy parent to the secretary that the they would get nothing ir

on August 20. ...

days, hard labour. wind-

Mr. and Mrs. A. R. II.. iginal nction had never, in fact ing up order. was made, the anle

Phillips Remanded from yesterday charged on withdrawn, although as far of the company's property realis with possession 35 po pi lottery-Thero shares certificates, valued at Mesare. Dairy Farmi

Ico & Cold Storage Co, Ltd., was aware, no further ing barely sufficient to cover the tickets, Ching Chau, a Chinese doctor. $450, of the On Lok Yuen Company, mand for payment had been exlating mortgages in their opin was this morning, convicted by Mr. and two baskets formed the subject. J. Ferguson Esq

Macfadyen in the Central Police Court of a theft charge brought against Hut J. Scott Haraton Exq and Aned $16. Loung Man-ho, lift-Kwok-pin, 24, unemployed, before Mr. J. Pearce Em boy employed by Butterfeld & Swire, Macfadyen in the Central Magistracy

de alther by petitioner or his lon licitors and it was expected that

́ ́tlekata. · Pjazviling.]

ONLY REMEDY. Bit. Sheldon Logan an exhaustivo deposce that he owed $50 to the de this morning. The share certificates

fondant's partner and not top de- were in the name of a woman, Hul

ie Honour Mr. Justice

As a result of the seleuro, the peries of law submissions with the fondant. Witness denied having call-Chan-nee, who had since "left": "for Further subscriptions

an Chik-ting would calt and take This debenture.

La Chien Comparka

shiver and an arrangement

Cheat the present polition 14th Elviradasmiana rafiet Tolahan Sextence of ano months,

NiY":"Fonigdy" Jore" t5. his " for the money,.

25.00

26.00

25,00

100,00

10,00

50,00 10.00.

· 11# 0,088.65

Special LEK

K. SHOES

Tan. Black

or Patent leather. Broken ranges and discontinued numbers.

GOLF SHOES Crepe-soled

}

K Shoes, xtrong studded, shoes and a two-colour model with Dormy Rubber soles. SPORTS SHOES Brown and Fawn, Black and Grey. Black and White, Tan and White with leather soles.

SLIPPERS

Plain colours or fancy designs. A multi-coloured slipper at $21,00 is down to $10.50 and there is a large range at

WEEK

$15.00Usually

$15.00

$12.50

$42.50

to

Usually $29.50 to $39.50

Usually $21.50 40 $35.00

Usually

$7.50 $12.50 to

$19.50

AUGUST 27th TO SEPTEMBER 1st.

MACKINTOSH'S

ARTS & CRAFTS

STORE

CARPETS

AND

FURNITURE

For further particulars write to

ARTS & CRAFTS

CLEANING AND STORAGE DEPARTMENT,

4a, Des Voeux Road, Central,

- Telephone 24173....

OPTIMISM

and high spirits

should never be disturbed by kidney troubles which are a constant danger In thila climate.

·Tako

“HELMITOL TABLETS

at the first symptoms. They affect a thorough Internal cleansing of the organism.

THELMITOL

taken in water and sweet ened to taste is a palatable and refreshing beverage.

HELMITOL'

»Bayer« product.