1935-12-17 — Page 14

KINGS

TO-DAY. ONLY

At 2.30, 5.10, 7.15, & 9.30 p.m.

RHAPSODY in REDHEADS

Tuneful' hits

ccstatic

----carefree fun romance - exciting dances And -- 48 GLAMOROUS, GLORIOUS CUTIES!.

FLASH!

HEADS ON PARADE

DIXIL KAYHO

OHN B

LATEST FOX MOVIETONE NEWS FROM ETHIOPIAN FRONT TO-MORROW

EDWARD ARNOLD

"DIAMOND

A Universal Picture

GTX ENTERTA

QUEENS

in

JIM"

THE

HONGKONG

SCHEME OF ARRANGEMENT

BANK CREDITORS

APPROVE..

The, schiome of arrangement drawn up recently in connection with the voluntary liquidation of the National Commercial and

Savings Bank, Ltd., was placed bo- fore the creditors at a meeting yesterday morning, and approved by an overwhelming, vole. In the confirmed by afternoon. It was the shareholders.

Addressing the

with

or

creditors, the

TELEGRAPH. TUESDAY, DECEMBER 17, 1935.

Canton

Tientsin

Hankow

Total

160,000 03,000

CHINA'S POLICE

10,000

$1,318,000

D

During the year 1935, the Bank had to pay out the total sum over $3,300,000 and in the meantime the Bank tried to colleet in the Janns and overdrafts but only succeeded in getting in a sum of about $600,000, On the 10th day of September, 1936, that is the date when the Bank closed its doors, the amount of loans and overdrafts granted to customers less reserve stood at the figure of 84,420,650.61 made up as follows:

Hongkong Shanghai Canton. Tientsin

Hankow

$1,719,028.37 1,123,801.03 483,454.22 809,380.80

293,906.40 .34,429,560.51

BEING TRAINED AT MODERN ACADEMY

Berkeley, Cal. Dec. 16.. University of California graduntes hope ultimately to train an all-China at the city of police force based flangehow, and patterned after the efficient Bureau of Investigations of the United States Department of Justeady the mucleus of an efloient Chineno police force has boon assem- bled in the Chekinng Police Officers'

in Hangchow

Academ by ifornia, it will utilizo

graduatos of the Uni-

versity

of

the Berkeley Polico methods studied by them.

Polico

Department

The Dean of the faculties of the Chairman said: This is a meeting of the unsecured creditara

Administration. Professor of in Prof Saving of this sum of $1,420,50,51, the Academy is M. A. Feng, Frank Lee National Commercial and Savings sum of $2,710,422.14 representa loans Horine Hsich is one of the Adminis

against securities Bark, Limited, convened pursuant to and overdrafts an order of the Court to consider situated outside the Colony of Hong-trators. All are graduates of the

without modification, kong.

masters' and n Frozen are representa abia sity of California, Fong and

The

of the scheme of arrangement proposed to solutely frozen assets and the Bank

head bo mado between the unsecured could not make use of the game in doctor's degree,, creditors and members and the Bank. order to get in any liquid cash to laboratory is Liang Fing, for many yours the head of the laboratory of meat an emergency inasmuch as in The Bank was incorporated on the accordance with Chinese Law, it will scientific detection in Lyons, France.

The

Academy, which sow boasts 400 6th day of November, 1921, with a have to take at least one to two nominal capital of $2,000,000. The capital was fully subscribed by 1023 months before any mortgaged deed students, gradunted its first class lant and by a special resolution pasted can be finally put through for a re- ye laboratory, Angerprinting and in February, 1924, the capital of the mortgage of any of such ansets. Bank was increased to $5,000,000. of the The present Issued capital Bank is $2,574,100,

In the first year of the Bank's business, the deposits amounted to only $1,000,000 but the business of the Bank continued to expand and at

Sums Raised

filing systems of the Berkeley Pelico Department have been adopted by the Academy. The students, who must- be high school graduates, come from many points in China. The Academy in semi-military in character, in that milltary tactics and drill aro directed by The

The Directors of the Bank did their very best lo raise funds to They them meet the withdrawals. selves advanced a sum of $172,000 without any security and a total sum of $85,000 against securities

one time, the deposits nimounted to sums raised by the Directors during my Chinese army nilleers. But tho

over the sum of $10,000,000. At the end of December, 1924, the deposits with the Bank on saving mal other accounts, came to over $7,000,000,

П

With the exception of the year, 1924, the Bank lind, since its incor poration, been paying regular dividend of 7 per cent on its paid up capital. The following is a table showing the amounts written off yearly and the net profits made:

Amount

Written Of Net Profits

Year

1922

1923

1921

TO-DAY ONLY at 2.30, 9.15, 7.20 & 9.30

1925

1924

1827

1928

1929

1930

1031

77.364.87 65,931.41 163,639.32

1832

108,096.17

1933

62,203.62

1934

31,613.29

AN ALL-STAR SHOW

"The BIG BROADCAST

of 1936"

A Paramount Picture with JACK OAKIE GEORGE BURNS GRÁCIE ALLEN LYDA ROBERTI

BING CROSBY

WENDY BARRIE

ETHEL MERMAN

RAY NOBLE

POP EYE CARTOON

“FOR BETTER or worser"

YOU ARE GUARANTEED A GOOD TIME !

4 SHOWS

DAILY

7.15-0.20

TARK ANY TRAM OF KEPPY VALLEY BUN

ORIENTAL

LAST 4 TIMES

TO-DAY. THE SEASON'S MOST EXTRAVAGANT

MUSICAL PRODUCTION

GEORGE WHITE'S 1935 SCANDALS

THEATRE-

ALICE FAYE! JAMES DUNN NED SPARKS

to

made up as

activities are merely funda- mental to police work.

The Academy prepares considerable Information on police affairs and is distributed which netivities $30,000 throughout the country. The institu provincial officers. tlon was founded by 221.000 under the direction of Frank Lee. 160,000

48,000 All of the administrators mentioned, 267,000 with the exception of Fing, received their training under August Vollmer, 85,000 Professor of

essor of Police Administration of 76,000

of California. the University of

the 10 days of the run excluding the monies raised by the branch offices. amounted to $885,000 follows: Shanghai Branch Chartered Bank Hongkong Bank Bank of China Directorn and Loans recalled Sale of investments

Shareholders

$885,000

A. F. Poon, at present a graduate student in Berkeley, is

is fitting himself for an adininistrative position in the

expects laboratory, which ho

to

assume in a year or so. It is also hoped to have Professor Vollmer visit the Academy as soon as he can find it possible to do so-United Preas.

$5.721.08 $116,090.79 By the 10th day of September, 27.778,37 138,454.35 1936, it became apparent that the 4481.07

260,631.52 65,007.20

run on the Bank would not stop and 151,231.40

a aum of not less than $1,200,000 240,781.40 33,807.41

was still required if the run was to 64,000.00

in 264,028.17 continue until all the deposits 154,686,81 Hongkong were withdrawn. It would 267,730.34 not be possible for the. Directors to 170,413.26

CHINA'S TRADE sum without unwarrant raise this Rum 188,409.91 abl

able sacrifices of assets of the Bank 144,204.99 and the Directors had no alterna UNFAVOURABLE BALANCE 496,880.7 tive but, to decide that further pay-

FOR TEN MONTHS ment

should be stopped and this step was taken only after the Direc-

Shanghai, Dec. 15. tors had deliberated the matter at

With imports valued at $781,550,- conferences from 3 p.m. on Satur-540 against exports of $444,999,997, day, the 14th September, to 2 a.m.

vya

The total sum of $510,000 transferred to the reserve fund, as $200,000 for property reserve, $100,000 for general reserve and $210,000 for reserve against · lonna and overdrafts.

Position at End of 1934

The position. of the Bank on the 31st day of December, 1934, was n sound one. The total resource of the Bank on that date was $13,086,- 023.61 including a sum of $1,031, 398,71 in cash. The assets and jabilities of the Bank on the 31st day of December, 1934, are as fol-

lows:

Assets

Cash In hand al at

Bank Loans and overdrafts

less reserve Bills receivable ....... Accounts receivable and

FLEMING

recoverable charges.. Furniture and fixtures Properly (including

vault)

Investments

POAD

WANOHA

TEL. 20478

TO-MORROW &

& THURSDAY. ANOTHER WARNER BROS. SENSATION.

BETTE DAVIS

6-STAR CAST

Female EARTHQUAKE

ROCKS 'FRISCO!

-Mext "Frisco Arlene ... Queen Cobra of

the Golden Gate .......

Whose smile 14 Para- die...Whose kisu; is death!

$1,031,393.71 4,939,195.30 02,200.18

on Sunday, the 15th September, and China's foreign trade for the last the unfavourable from 3 p.m. on Sunday the 16th to months from January to Octo September, to 2 a.m. on Monday, the ber

balance of $330,550,548, 10th September, 1936.

While the imports were reduced, an Increase of $3,134,145 was registered оп the export skle as compared with those of the corresponding period of last year.

Voluntary Winding-Up An extraordinary meeting of the members of the Bank was held on

It is estimated that the total

un- the 28th day of September, 1935,

trade balance for this and an extraordinary resolution was favourable duly passed for the voluntary wind-year will not exceed $400,000,000. ing-up of the Bank and the appoint- For the month of October alone, it ment of Meunrs, Philip Cockchin, Lo

is rovealed that the imports and ex- Chung-wan and Mann K. Wong as

ports were $461,175,798 and $18,390,- Liquidators. A

of the 705 meeting

respectively, showing an un creditors of the Bank was also held favourable balance of $12,776,033- on the 28th September, 1930, pur Union News. suant to Section £27 of the Com

ction panies Ordinance at which meeting the_appointment of the Liquidatora was confirmed by the creditors.

The following statement of affairs was made before the creditors at comes to $6,167,147.48 excluding the caplini of which a sum of $1,282,- their meeting:

secured debts 2,127,610.70 Cash in han

146,150.20 148.22 represents 4,429,550.51 against the properties of the Bank 713.240.50 to be paid in full. The amount of 461,931.54nsecured debts expected to rank for 2,131,856.46 dividend is, therefore, $3,666,639.18.

203,767.10 195,441.76

497,375,00 40,897.71

687,412.73 Loans and overdrafts

Branches and Agencies 2,800,743.31 | Branch and agencies

Bank notes expenses,

branches

Suspense account,

ex-

change transactions. Customers' acceptance

Capital Issued

Reserve

Liabilities

Noler in circulation

branches

Deposits

Unpaid dividends

Unpaid bonuses

Branches and Ageneles

Drafts payable

Bills payable

Accounts payable

Customers' acceptance. Profit & Loss Account.

business established

Investments

32,919.01 Property

Other assela 619,371.49 Loss 270,830.01

$13,080,023.61 Capital

Reserve Deposits $2,574,100.00 Loans payable

300,000.00 Other inbilities

14,285.41 7,103,917.34

་

1,411.98

branches

-of-$3,102,457,59,-----------------

The gross liabilities of the Bank

The Approximate Deflekt

ALHAMBRA

PERFECT SOUND & VISION HATIJAN ROAD KOWLOON MOST POPULAR. PRKE) TO-DAY at 2.30, 5.20, 7:20 & 9.30 P.M.

An unusual mystory on a passenger air-liner packed with breathless suspenso, „ko.

NEXT. CHANGE

DEATH flies EAST

with

CONRAD NAGEL FLORENCE RICE

Raymond Walburn Irene Franklin

Screen play by Alber) Demond

sand flud Hibla, Jr.

fused on story by Philip Wylie Directed by Phil Rosen SASCOLUMBIA PICTURE”

"THE GIRL FRIEND" with Ann Sothern & Jack Haley.

A Columbia Picture

SHOWING TO-DAY

at 2.30, 5.20, 7.20 & 9.20 p.m.

SEE THIS ROMANTIC, THRILLING, DELICIOUSLY DIVERTING COMEDY !

She fled from drab

reality, straight into

the arms of romance!

10

COUNTESS

OF MONTE CRISTO

with FAY WRAY, PAUL LUCAS, REGINALD OWEN, A Universal Picturo. NEXT CHANGE

EDMUND LOWE in "MR. DYNAMITE"

KILLED BY ROCK

LUXURY YACHT

IOLANDA ARRIVES IN H.K. ON A WORLD TOUR

Hnokow and posal of such assets must be made winding-up, which would not be Public Works Department, deposed eced boyond Shanghal but will turn

creditors,

BELIEVED TO HAVE COME FROM HILLSIDE BLASTING

The first private yacht which has The hearing of an inquiry into the With an expected realisation of circumstances attending the death of visited the Colony for a considerable $8,271,227.22 the assets ut the sum of $4,805, a woman, Cheng Pathar, who was timo arrived in Hongkong yesterday $2,074,100.00 516.35 as above stated And after killed on September 3 last, apparent afternoon from Singapore,

$10,000.00 deducting therefrom the ຮາກ: of

It is owned by Bira. Moses E. Tay- 3,578,108.91 31,282,148.22 for secured debts, the ly by a piece of reck, from blasting 1,277.774.77 estimated amount available to meet operations on the hillside in King's

339,213.54 the unsecured creditors of the Bank, Road, flying into No. 100 Electric for, of New York, who, accompanied

of $3,050,- amounting to the sum $8,271,227.22 630.13 is only $2,723,368.13 or thur Road, was concluded before Mr. Q. A. by seven friends, is touring the world

abouts showing a

rough deficit of A. Macfadyen at the Central Magis-in her 728-ton vessel, the Iolanda, Mrs. Taylor is the owner of a large 24,816.25 The Bank has substantial пянен

made in this figure for the cost of and is in a position to pay all the 8933,271.05. No provision has been tracy yesterday afternoon.

The jury, comprising Messrs. A. G.estato in Rhode Island and her 2,628,710.81 creditors in full but time must be liquidation.

£8,836.91

given to the Liquidators of the Bank

A calculation made on the above Suffnd (Foreman), U. 31. Omar and vensci fies the burgee of the New 1.722.63

to liquidate its assets before a 100

basis would mean, therefore, that on l'un Tat-ming, returned a verdict of York Yacht Club. The present tour They were also is not the first which the ship has 51,079.14

per cent. could be paid. Any rea- a forced liquidation, the unsecured "accidental death." 270,839.911

sonably expeditious liquidation of creditors of the Bank instead of get of the opinion that the fracture of made to the Far East, the first being 80,204.23 the Bank means the immediate

mtting 100 per cent, on their claims the woman's skull was caused by a in 1930. Airs. Taylor is very fond of stone found in the flat and they con- travel. On this occasion the cruise realisation of the assets. By dump: would be in a position to receive a $13,086,023.61

ing all the properties and invest

Accordingly, a large number of in the vicinity, Lut this was due to calls being made at all the interesting

ports between there and Hongkong. an accident. The Bank in the course of it ments into the market during the dividend of 75 per cent. and no more, aldered the stone came from blasting began at Southampton on October 21,

present depressed and uncertain con- the creditors and shareholders of the aditions, it will mean that the dis-

The lolanda probably will not pro- Bank are anxious that instead of a Shanghal, Tientain,

Mr. A. H. McBride, engineer of the Canton.

At grent sacrifices which will be

the interest of all, would be that blasting had been going on in round there and follow the same route business concerns was affected by the

better served by the general depression hence the reduc-

the September 3 ou business, they being of

big granite boulder Nothing is definitely zed, however, tion of profits in the year. 1934. The, business of the Bank was fur-

opinion that by continuing to carry was apparently being split. The pre- Mrs Taylor and her friends going on its business, the Bank stands a cautions taken during blasting were wherever their whin takes them. ther seriously affected in 1935 by

that he Witness stated better chance to liquidate its assets, adequate,

The Iolanda is a motor yacht paint- the sudden closing down of two

A scheme of arrangement between considered it would be extraordinary ed white and is considered one of the banke in Hongkong, the first being

unsecured creditors and the the Ka Wah Savings Bank, Limit- The Liquidators of the Bank have the

showing the shareholders of the Bank on the one for a piece of rock, much as that ex- finest vessels of hor class afloat. Sho hibited in Court, to have flown a is commanded by Captain C. W. ed, on the 4th day of January, 1935 prepared a statement

even Fisher, an Englishman, and manned and the second being, the Bank of approximate value of the assets on hand and the Bank on the other has distance of nearly 170 yards

been prepared and an without blankosing the blast. The by an all-British crew numbering Co. has been made to the boulder that was blasted was of Among her equipment are oll-driven PRICE: MATINEES, 2Jets, 30cts., EVENINGS, 20cts., 30cts, 60ets, 76cts. Canton, Limited, on the 4th day of realisation in relation to the liabi- necordingly

September, 1935.

lities of the Bank if there were to application bo u forced liquidation, and the un- Count to coured creditors and share lighter colour and coarser grain than engines giving a cruising speed of 12 warrantable sacrifices of assets, of the unsecured the plece exhibited In Court.

holders of the Bank to approve the which statement in an follows:

Witness explained that with boul. The gross book value of the assets

The scheme of arrangement purders the surface may be decomposed 14,466.47 suant to such order has been duly but the heart did not very much. comes to $7,307,973.94, being as to: Cash in bank

70.683.87 forwarded to each and everyone of Cash in hand

30,438.93 the unsecured creditors of the Bank 451,281.64 at their last known addresses in the or 3 there had been 20,000 blasts an American millionaire for Princess 4,420,650.51 books of the Bank and as the same and only a few cases of minor dam-Iolanda of Italy, though the Princces

in the hands of age, such 2,131,855.40 has already been

a broken windows, Ho never sailed in it. 203,767.18 the unsecured creditors for the pres also explained that with deep blasts

cribed Lime,

it is proposed to take there were fewer fragments, and with $7,307,978.94 the same as read.

dynamite blasts the rocks were cut and each was two feet deep. The blasts were covered with four gunny The present meeting is now ask. ed to approve of the same and the very clean.

bags and two steel wire frames. Wit- The estimated value of the assets

Acting Sub-Inspector C. S. Madg-ness had had twenty years experience on forced realisation will come to unsecured creditors havo, the fullest

power to accept the scheme as pro-wick and Lance-Sergeant Choung in this type of work and had been about 34.005,516.35 as follows:

74.456.47 Aented or subject to modifications or Wong gave formal evidence, after connected with Sang Lee for the past Cash in bank

to have the same rejected entirely- which Cheung Kwal, aged 45, foro-seven years, and had never before

man employed by the Bang Lee con- had an accident, Scheme Approved

tractors, tentifled that on the-day in question ho put one stick of dynamite

The Bank in common with other greatly detrimental to the interest beneficial to the ring King's Rond since February last. On back to England as on her way out.

#LYDA ROBERTİ

I CLIFF EDWARDS

GEORGE WHITE,

TO-DAY

ONLY

Foo

Over Frisco

When the Ka Wah Savings Bank cloned its doors, a heavy run was made on the Bank and its branches Ar

and m totul sum

paid out during January, 1936, amounted to $1,222, 7.20 & 9.30 p.m. 000 made up as follows:

MAJESTIC 2.30, 5.00,

THEATRE

BY SPECIAL REQUEST

FRED ASTAIRE GINGER ROGERS

The GAY DIVORCEE

ALICE GRADY KEO SĄDIO. #STREE

Hongkong Canton Shanghal

Total

of creditots and shareholders alike and by this method of realisation, the creditors might not even get a 75 per cent. of their claims.

Liquidators' Statement

.$

686,000

428,000

Fixture and furniture

108,000

Investmenta

$1,922,000

*Loans and mortgages

Properties

Bill of exchange, &c.

Previous Storm Weathered

The Bank managed to weather the storm on that occasion due to the foresight of the Directors in keep ing such large sums of liquid cash in hund. Hardly had the confidence Cask in hand

of the public been restored, the Bank Fixtures and furniture

70,083.87 10,000,00 .249,000.00 2,072,000.00

same.

The creditors were then asked to

of Canton, Limited, suddenly had its Investments doors closed on the 4th September, Loans and mortgages 1936. Another heavy run was made Properties ....... 1,402,500.00 vote, and those in favour of the on the Bank and its branches and Bills of exchange &c. the total sum paid out during the 10 days of its run amounted to $1,318,- 006 made up as follows:

Hongkong

Shanghai

.$ 701,000 078,000

120,870.01

#4,008,516.36

proposed scheme represented claims of about $1,452,000; while those against represented about $33,000,

The scheme was, in the afternoon,! unwarrantable placed before the Bank's sharehold. sacrifice of the assets to the extenters, and was confirmed by thent.

This

means

an

Witness added that up to Septem-

knots, three fast motor boats to serve her passengers while in port, a high powered wireless sot, and finely ap- pointed accommodation.

The yacht was built, it is said, by

Inspector Stewart Logan was pre-

In each hole. There were 26 holor ment for the polics,

Printed and Published for the Proprietors by FREDERICK PEROT FRANKLIN, at 1 and 8, Wyndham Street in the City of Victoria, Hongkong.