1934-09-01 — Page 3

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THE HONGKONG TELEGRAPH

SATURDAY, SEPTEMBER

LUK HOI TUNG COMPANY

HEARING OF WINDING-UP PETITION OF $3,000,000 CONCERN RESUMED.

1934.

CAPTAIN OF ISABEL. U.S. NAVAL OFFICER DIES IN HONGKONG Lleutenant-Commander son Avery, commanding the U.S.S. Isabel, collapsed suddenly lato yesterday evening and died fm- mediately aboard his vessel.

Harri-

His wife is staying in Hong- kong, but their two children are

A SIX-YEARS' SCHEME IN POINT. at home, it is understood.

A legal fight to prevent the winding-up of the three-million dollar Luk Hei Tung Bank, Ltd., owners of extensive leasehold property in Hongkong, was resumed before the Chief Justice, Mr. A. D. A. MacGregor, yesterday afternoon.

wind-up -The petition for

brought by Chan Chik-ting, a depositor to the extent of $20,000, and was supported by Chan Chun-tak, an unsecured creditor, both being represented by Mr. H. G. Sheldon, who was instructed by Mr. G. 8. Hugh- Jones, of Messrs. Wilkinson & Grist.

Mr. F. C. Jenkin, instructed by Mr. D. B. Evans, of Messia, Johnson, Stokes & Master, appeared for the Luk Hot Tung, the Man Chuen Co, Ltd. (formed to save the Lak Hof Tung from liquidation) and 32 unsecured creditors, who are opposing the petition

Command of the isabel, a con- the vorted yacht attached to Asiatic Fleet, has been taken over pro tem by the Executive Officer, who last night received a South China Morning Post representative.

Ilo stated that there was very deep regret in the Fleet at the tragic loss of a popular and well- loved officer. Commander Avery had been with the Asiatic Fleet] for two years and was due for a transfer next May. For some time he had suffered from heart trouble, augmented since a severe illness a few years ago. Latterly, he had become worse and recolving medical attention, but the and was so sudden that no- thing could be done,

The whole of the proceedings yes meeting, the Managing Committee terday were occupied with the cross- having falled to agree as to the bast

Lt.-Comdr. Avory was 41 years examinations of the petitioner by Mr. coursa to pursue, the best scheme to the Managing Jenkin. The process proved dimeault adopt, the membora

of age. Born in Pennsylvania, he for the Interpreter, Mr. Ng Chak Committee, including yourself, paid a wing, who protested against the visit to the affices of Messra, John- graduated from the Maryland Academy at. Annapolis in 1917, witness and asked to be relleved of son, Stokes & Master for advice7-

and Yes, there was such a happening. and served in European waters placated the duty. He wan ultimately carried on with the cross I put it to you that the principal during the Great War.

The body was still on board the examination, which was not completed reason you want there was to find out

whether they could suggest a scheme. Isabel laat night, and arrange- when the Court rose.

Questioned by Mr. Jenkin, witness You saw a European solicitor, Mr.ments for the funeral had not denied that four resolutions were Watson, and he suggested debentures boon made known. It la possible passed at the Christmas Day meeting to you?--I remember seeing a sollei- that the deceased may be taken

ator, but as to whether or not ha sug home to be buried in native soil. of depositors, giving effect, to scheme for securing the depositors, gested debentures I don't recollect.

The deceased was well-known in but admitted that the signatures, Can you remember anything that which appeared below the minutes took place at that meeting 7-I can Hongkong and China waters, and recording the proceedings, ware his.

the much sympathy is felt for the remeniber that the purpose of Mir. Jenkin: These are the minutes interview was to arrive at soma widow and family by their many of the meeting held by the Managing scheme for the satisfactory working friends in the Colony. Committee at that date 7-Yes.

of the Luk Hoi Tung. You still deny that, at that meeting, of these four resolutions were

passed?aly recollection fails me with regard to this matter.

that

t suggest to you that the solicitor

advised a scheme of debenturasHe payment of debentures. He first may have suggested that, but I do not heard of this plan, ho said, on Jan remember having heard him.

A Very Poor Memory

uary Cor.7.

A strange answer from one who

A week ago you swore you got thei was the father of the scheme, You

I put it to you that, as the data information. from Chan Foo-choung wore the man who wanted it, as boing

do- of payment was all-important, you by notice?-I bave heard mention of of benefit to the creditors and positors, Yesterday you told us that asked what period you could choose? this six-year scheme before, but it you had some memorandum in your-Others who went with me may have was not until January 7 that I was

officially informed of the poriod. asked that, pocket of this meeting 7-Yen.

Then. you admit that the six years Your memory is very poor. I put When

did

you prepare

that you that the solicitor said you scheme was discussed hafore it memorandum 7-I don't remember.

Do you remember that at the meat could have any period you liked. He date!-Yes.

Where? In Hongkong. ing of December 26, a scheme pro-sald five, six, or seven years, anything viding for the payment of debentures. you liked so long as it was accepted 7 within a period of six years was pass. It was so long ago that I cannot el by the Managing Committee? remember what took place at the meet. had sald there was not such a thing ing. It may be that one of the others yesterday and I still adhere to it did suggest it. I don't remember the scheme.

At that meeting of December 25,, the Managing Committee turned down the five-year scheme 7-YCE.

ro-

Do you still deny that, subject to the consent of the debentura holders,

At meetings of the Managing Com mittee 7-Yes.

And that you successfully fought for the six years' scheme 7Witness did not reply.

Do you want to answer my ques- tion?--YOR.

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And it was your own scheme, you who were the father of it, but could

Let us have the answer not remember it? On the way back you had a discussion amongst your. That is your question. (Laughter).

Regarding the meeting on De.. selves, and you then decided that the No Memory. One of the reasons for its being six years' scheme was a good one cember 25, was the six years scheme

af the discussed then 7- turned down was that you wanted a Porhaps one of the others

The question was repeated. Ove longer and safer period for the Com-Committee may have accepted it.

Pressed, withers admitted that he times to witness, without being ro pany to recover itself?--I don't

may have discussed it with the plled to: member that..

Interpreter's Protest. others.

Referred to a discussion on Decem The Interpreter (to the

Again, pada

Mr. Sheldon: My interpreter tells a six-year scheme was decided on 7ber 20 in the boarding house at Wan- Justice): My Lord, I wish that somo

chai where the members of

in per the ather Interpreter may be asked to I have forgotten.

Can you tell us when you first Managing Committee were staying, take my place. I can't tolerate this, that the interpretation

axasperated. The Whole Mr. Ng Chak-wing, the Court DENTAL heard of this six-year schemo?--I witness denied that there was an

active discussion of the plan, or that audience understands me, except this Interpreter, consented to carry on, and don't remember.

I have specific reasons for making he argued Chan Fal-nam, the Toyshan witness.

a respite examination of the witness was re- His Lordship suggested CREAM

sumed. that quits certain. At the present district branch manager, out of an

Mr. Jenkin: Do you agree that moment you have no recollection of alternative 5-year plan the latter had for the Interpreter, but Mr. Jenkin pointed out that a probability attend- when you first heard of that six-year proposed,

Referred to an affidavit he swore a ing the calling of another Interpretor about $2,000,000 has been issued in Counteracts GERM ACID

acheme I still say that.

matter, witness was that the witness might say he debentures?I don't know.

I put it to you that the real reason was adjourned until the next sitting I shall try to assist your memory week ago in the as to the six years' Acherue. I put it agreed that the reason he gave for did not understand the first Inter- to you that, on the Friday or Satur-rejecting the d-year scheme was that preter. In which event they would havo for this scheme was that it was clear of the Court on September 12, at 10 Day it entailed too long a period for re- to go over the whole of the evidence to you and your fellow members of a

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that the the Menaging Committes winding-up of the Luk Hol Tung would be of no benoit to any of the depositors 7-YCB..

And that but for the fact that' depositors to the value of two millions had taken debentures, the position would have been precisely the same: it would not have benéfitted anyone?

Yes.

The examination of the witness

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