1939-01-23 — Page 17

Monday,

HONGKONG TELEGRAPH

January 23, 1939.

DONALD DUCK

By Walt Disney

DON'T FORGET

OUR

WINTER SALE

is

NOW PROCEEDING

BARGAINS

IN

ALL DEPARTMENTS

LANE, CRAWFORD, LTD.

Ger By Wah Arney Enterpla

1230

BANK MEETING

Scheme Of Arrangement For Court Sanction

Meetings of creditors, "A" Preference, "B" Preference and Ordinary shareholders, of the National Commercial and Savings Bank, Ltd., were held at the Bank on Saturday, when a scheme of arrangement for the carrying on of the business was approved for submission to the Supreme Court.

Mr. Choy Iling, appointed by the Supreme Court, was Chairman at the four separate meetings which were held during the morning, on identical agenda being observed at each.

Mesars, Lo and Lo were present as solicitors for the Bank.

The Chairman said the Bank was registered in November, 1921, with a capital of $2,000,000, divided into 200,000 shares of $10 each, all of whitch

were fully paid up in two

years.

In February, 1934, the Bank in- creased its capital to $3,000,000 and 57,410 new shares of $10 each were paid up. At that time the total paid up capital of the bank was $2,574,100. During the first year deposits of the Bank amounted to $1,000,000, but later that gure.Increased to $10,000,-

000 and the Bank was enabled to Canton, Hankow and Then,

establish branches

Two Banks Closed

In 1030, the Bank received a heavy blow when two Banking houses In Hongkong were closed, the first on January 4 and the second on Septem- ber 4, creating uneasiness among the depositors of the National Commer- ctal and Savings Bank, which led to considerable withdrawals of

deposits.

The total amount withdrawn in that year was $3,400,000, In January the amount withdrawn was $1,500,000 and in twelve days in September $1,300,000 was taken out by deposi tors. It became more difficult to meet the demands of continued with- drawals.

The property of the bank was mortgaged to meet the demand for cash. The Directors were compelled to stop withdrawals, and the doors of the Bank were closed on Septem- ber 10, 1935.

In The Bank had enough properties to! November 1934, the deposits in the pay off all its commitments if they current and savings accounts were over $7,000,000. During the 13 years take the liquidators a long time, since were were cold, but this process would of the Bank's establishment, the total a rapid sale would fetch less money profit exclusive of all expenditure an the properties were worth. The was $2,500,000 enabling Interest nt Directors were against closing the 7 per cent. to be pald

Bank, being of the opinion thint if depositurs,

business was resumed they would be

to the

able to dispose of their properties more advantageously,

The Chairman then outlined the scheme of arrangement which is given below.

Scheme of Arrangement

1. That the altare capital of the Tank, nomety $3,000,000 divided into 10.742 fully paid up "A" preference shares of $10 each and 49.240 uniued like "A" preference ahares of 810 eneh, 12,044 fully paid up "13" preference shares of $10 each and 34,544 uninuued like "B" preference abares or $10 each, and 247,418 fully paid up ardinary shares of $10 each. be reduced un "A preference shares $10 each to $1,923,000 divided into 10,752 fully paldi

and 49.21 uniued like “A” shares of $10 each. 132.040 fully ce paid up ference shares of $4 each anit 30.344 unissued like "7" preference aliares of stench and 237,410 fully paid up ordinary shares of $1 each, and that such, reductions shall be effected:

(a) y cancelling the sum of $3 peri share on the Bald 152,046 Issued "3" preterence shares of $10 each n being lost or unrepresented by available agrein, and by reducing the nominal amount of the sald

tares to $3 per share, and

(5)

ny cancelling the sum of $0 per share on the sald 237,410 natied urdinary stinres of $20 each n being lost

or unrepresented by available artete, and by reducing the nominal amount of the saldi Biarea to $1 per share.

Confirmation of Court

capital being confirmed by the Court and That upon the said reduction of becoming operative:

(a) The 49,245 unissued "A" preference Altares of $10 each shall be sub- divided into 492,400 shares of $1 esch and such khares chall be regarded as turning part of the

Bank's ordinary shares.

(b) The 30.644 uniesued "3" preterence:

shares of $10 each shall be sub- tiivided into 303,440 shares of $1 cach and such $1 shares shall be regarded as torming part of the Bank's ordinary shatCE.

(c) The 10.732 "A" preference of $10 each shall be subdivided into 107,320 "A" preference shares of $1 rach, and that the 132,048 "B"

ference shares of 45 each shall c be sub-diviffet into 200,230 " pre- ference shares of si cach,

(1) The existing righin and privileges attacked to the sald 107,329 "A" preference shares of $1 each, the

Former Model FILMO

a

and now:

for 1939

WALT DISNEY

ereding $10,000 in oaon year so far

5.

as the profits extent to be applied first scheme of arrangement be deleted That Clause 11 (a) and (b) of the

provisions be sub-

in redeeming the certificates for the and the following time being outstanding.

The capital of the Bank shail be increased to its former amount of $3,000.000 by the creation of an additional 3,076,920 ordinary shares. - ut şi cach,

Sanction of Court

stituted:

(a) The qualification of a director shall be the holding of 3,000 shares in the Bank,

(b) Unters otherwise determined by 'n general meeting the number of the members of the Board shall not exceed fleen or be less than nine. That the holders at the satd "A"

700,330 "" preference linces of st eacts and to the 237,410 ordinery shares of $1 each resulting from the rald reuction shall be varied by the amalgarnation (os from nud) after July 1, 1938) of the sald "A" preference shares, "D" preference; shares and the ordinary ten to ow class of ordinary whares and by the extinguishment of all special rights or privileges, attached to the alinres of those respective classes so that the sail "A" preference scheme of arrangement duly sanelloned 3. That Clause 6 (b) and (e) of the shares. "" preference aliares and by the Court on January 11, 1936 therein- preference slinres, the holders of the salt ordinary shares shall an

frem after referred to as "the first schicine of "13" preference shares and the holders of July 10 became and be and arrangement") relating to the payment of the and ordinary shares shall accept the be regarded na forming one clasa the Instalments to the creditors of the proviskins herein contained in satisfaction of ordinary Mares raniting part tank be altered by substituting the word of their existing rights with respect of pass for purpose of dividend and "twelve instead of the word "wix" when their preference and ordinary shares. retum of capital and entitling the ever appearing and the sald Claise (b) holders thereof an a poll to one and (c) all henceforth be read and vete for every st in nominal value of such shares, heit by the construed as if the words "twelve months" respectively and that

bad been originally inserted therein Andres be henceforth termed erdm.

such instead of the words alx months." ary states,

Offer to folders

(c) The holder of the safd "A", pro- ference shares and the holders of the said "1" preference shoren shall respectively to given and accept in sailsfacilon and dischain of their respective rigtin Lo all arrears of the eutuintivo pre- ferential dividend whellter declared or not, on such "A" prefereneo shares and "1" praterence shares In respect of the yeary ending December 31, 1936, and December: 31. 1937 and in respect of the BİKİ inonths ending June 3, 1930, and- rd certificates equal in amount to the amount of the preferential dividend due en the said “A” pre- ference altares and the said "13" preference Khares calculated to June 30, 1938, held by them respec- Lively, such certificates not to úvar)

any Interest as against the Bank,

payable aut of the surplus prots Finnining in the year 1039, and in every subsequent year, after pro- viding for the interent on the ordinary shares of the Bank not excredling the rate of six per cent. per antim, the Bank to be at liberty at any time to redeem such certificates or any of them out of

the profits: and in case the whole

4. That Clause 3 (a) of the first sefteme of arrangement be deleted and the fallow- ing provisiona be substituted;

tenns of clauzer

7. That the special resolutions in the and 2 hereof altall bo conditional on this scheme of arrange- ment between the Bank and its members holding "A" preference shares, between the Bank and its members holding "B" preference shares and between the Bank and a members holding ordinary shares being adopted under Section 152 of the 1032 for giving

(a) Before recommending any dividend, Companies Ordinance

the net profits of the Bank in every effect in the provisions of the said special year, after deduction of all losack, resolution.

expenses and disbursements shall D. That the Bank's articles of associa be appiled in the first instance in tion shall be regarded as modified accord-) or towards the payment of interestingly.

upon the capital of the Bank at 9. That the Bank may sent to any le rate of six per cent, per annum modification in this scheme of arrange- or at such rate as the loan shaliinent which the Court may link At to think it.

inpprove or impose.

-RADIO-

TO-DAY'S

*

BROADCAST | Fox-Trol-Beside A Moonlit Stream

Studio "Spelling Bee:" Oxford v. Cambridge

....Horace Heldt and His Alemite; Brigadiers with vocal chorus; Selec- tion-Alexander's Ragtime Band.... New Mayfair Dance Orchestra; Tan- gos-Arroyito; Chagrin D'Amour....

Radio. Programnic Broadcast by A. J. Pesenti and His Tengo Orches- ZBW on a Frequency of 845 kc's. and The Meanest Thing You Ever Did tra with Vocal Refrain: Fox-Trois- of such certificates are not redeem- on Short Wave from 1-2.15 p.r. and ed by 3013, the Bank shall set aside 11-11 p.m. on 0.52 m.e'a. per second. Was Kiss Me: I Let A Song Go Out out of the surpius pratts remaining

H.K.T. after payment of the Interest on

Of My Heart....Harry Roy and His Orchestra, the ordinary shares of the Bank in the year 1943 and in every sub-į sequent year, nit amount not ex-

DEPOT

3RD. FLOOR MARINA HOUSE TELEPHONE 32153

HON

G

AGENTS FOR:

K о

.0

G

BELL& HOWELL COMPANY-

CHICAGO NEW YORK HOLLYWOOD LONDON

10

7

6

54

The new improved

FILMO 141-B

Filmo 141

Magazine Loading 16Mm.Camera

12,0-12.20 p.m. Service of Interces- sion from St. John's Cathedral.

12.30 The Street Singer and Jack Jackson's Orchestra.

Street with

7.15 Variety with The Mille Bro- thers, Dorothy Lamour, Max Milller and others,

Vocal--Time On My Hands (Gor-) Sailing Homo With The Tide don and Youmans) Thru The Waltz; In A Little English Inn-Fox- Courtesy of Love (film 'Voice pt Trot. Jack Jackson and His Or- Scandal')....Denny Dennis with Or- chestra with Vocal Refrain: Old chestra; Orch. Poor Sallor

Butterfly Kennedy) The (Golden and Hubbell); Sweet Sue, Instrumental Ac- Just You (Harris and

Young.... companiment; Just As Long As The The Dixie Devils with Vocal Chorus; World Goes 'Round And Around-Two Planos--Spanish Quick Step Fox-Trat; He Kissed Maggie, Moggle Medley: Military Fox-Trot Medley Kissed Him Back-Fox-Trot....Jack ....The Keyboarders with Drums; Jackson and Ilis Orchestra with Vocal-On A Trople Night (alm Vocal Refrain: Lovely To Look At Tropic Holiday); Panamania (Film (Alm Roberta'); Love Me Forever Swing High, Swing Low'). (From 'On Wings of Song)....The Dorothy Lamour

with Street Singer (Vocal), with Violin, Comedian-Confessions Of A Cheeley Orchestra: Accordion and Celeste Accompant- Chappy (Miller)......Max Miller; ment;. Valpariaso Rumba (Alm Banjo-La Vivandiere (Kirby) 'Dance Band'); Love's Just A Melody Dance (Kirby)....Ernest Jones with -Fox-Trot.. Jack Jackson and His Leslie Bartlett at the Plano; Vocal- Orchestra with Vocal Refrain,

My Headache....The Mills Brothers These Days (Brooks); Tiger Rag (La (Four Boys and a Guitar); Some Of Rocen)....The Mills Brothers.

1.0 Local Time Signal and Weather Report.

1.03 A Schubert Song by Elisabeth Schumana (Soprano).

A Dream Of Spring ("Winterreise" --Schubert, Op. 89. No. 11)....with Plans accomp. by Gerald Moore.

1.07 Schubert-Symphony No. & Io B. Minor (The, "Unanished" Sym- phony).

Philadelphia Symphony Orchestra conducted by Leopold Siokawsíti.

Rugby 1.30 Reuter and Weather Forecast and Announce

ments.

Press

1.40 Variety and Dance Music. Dance Orch-Ride, Tenderfool,

Joy

6.0 Local Time Signal, Weather Report and Announcements.

8.03 Light Opera Selections. "Monsieur Beaucaire-Vocal Gems (Messager)....Light Opera Company with Orchestra; "The Cousin From Nowhere"-Operetta in Brief (Kun- neko-Marszałek),..

...Margarete Slezak Groh (Soprano) and Herbert E. (Tenor) with Chorus and Orchestra from the Berlin State Opera (Sung in German); "The Miracle"Selection (Humperdinck)...London Symphony Orchestra with Organ and Chorus; The Three Musketeers"--Vocal

Ride Fox-Trot (from Romance and Gems....Victor Light Opera Com- Rhythm'); Change Partners--Fox-| pony.

Trot (from 'Carefree')....Billy Cot- A.25 Tschaikowsky~~Tho ton and His Band with Vocal Lake-Ballet Music.

Chorus: Vocai-Chanson De Haloge

(Lensir and Claude); La Guinguette

London Philharmonic

8.55 Stadlo "Spelling Oxford v. Cambridge.

A Ferme Ses Volets (Zwingel).......... conducted by Antal Dorati, Damia with Orchestra; Dance Orch.

Toi

Scule - Tango; Laisse-Moi T'Aimer-Tango....Mario Melf and His Argentin Orchestra with vocal refrain: Comedy Sketch-Sandy, The

If

I had done

as

was told-

I wouldn't have

this nasty cold!

Give me

(BAYER]

ASPIRIN

59

»Baycr«

VIVE LA FUNI VIVE LA FEMMESI VIVE LA BENNYI

Swan

Orchestra

Bee"-3:

Adelph Zakar presente JACK

9.30 London Relay-The News. 0.50 Bongs by Richard Tauber

All-In Wrestier (Powell, Thompson) (Tenor).

O Mia Bella Napoli (from 'Venus .Sandy Powell (Comedian): Vocal The Sunny Side Of Things Venus In Silk')....with Orchestra in Silk'; Sweet Compliments (from (flm Breaking The Ice'); Happy As

A Lark....Bobby Breen with Victor (Sung in German); Calming Of The Young and His Orchestra; Dance Tempest (Durner-Falk)....with OrchSmoke Gets In Your Eyes- Chorus and Orchestra (Sung in Ger- Fox-Trot; Night And Day-Fox- man). Trot....Tommy Dorsey and H 10.0 London Relay-In Town To-

Orchestra.

2.15 Close down.

0.0 For The Chilidren.

night","

Introducing personalities from every walk of life in interviews with New Nursery Tunes For Old Nur. Lionel Gamlin, flashes from the news sery Rhymes (Saunders, arr. Kester); of the week, and Standing on the Cor- Intro: Deedle, deedio dumpling; Little ter (Michael Standing Interviews the Miss Muffet; There was an owl; I had man in the Street); Edited and pro- a little nut tree; Mulberry Bush; etc.

duced by C. F. Mechan. Vuent with Orchestra: Uncle Peter's Children's PartyPeter

Dawson (Vocal) with Orch.; Studio Serial Story; Songs Of The Sand-

man.

10.30 Dance Musio. Fox-Trots-I'm An Old Cowhand

Rhythm on the Range');} Saddles (from 'Rhythm on the

..Wirid Thomas (Bariton Ambrose and His Orches

with Plano accomp.

6.30 Closing locni Stock Quotations.) 0.32 A Programme of Latest Dance) Music,

tra with Vocal Choru

Chorus; Paso-Doble-

Broke Docted by Henry ...The B.B.C.

Wet:

Fox-Trot The Merry~|

Orchestra

Fox-Trots-Lullaby In Rhythm; Hall with Vocal Chorus: Fox-Trots Out Of Nowhere.... Harry James and Wah-Hoo; I'Se A-Muggin'... Roy

Orchestra; Quick-Steps- I'm Fox and H

His Orchestra with Vocal Gonna Lock My Heart; There Goes Refrain; Waltz Alice Blue down; My Affection....Maxwell Stewart's Rumba-Flower, of my dreams... Ballroom Melody; Fox-Trots Ten Henry Jacques and His Orchestra; Easy Lessons; Small Fry (Film 'Sing Musa Campera....Orquesta Tipica Tangos-Madrecita De Dompeys; Mi You Sinners')......Adrian Rollini Francisco Canaro. Quintet (Featuring The rung

Twisters'); Whilz-Tu-Id-Tulip Time; 11.0 Clore down,,

--Bick and bis

Beckwrefies show gay Parza what

| wisoper really is!

JOAN

BENNY: BENNETT

ARTISTS

AND

MODELS ABROAD

MARY BOLAND

CHARLEY GRAPEWIN

JOYCE COMPTON

FRITZ FELD and the

YACHT CLUB BOYS

A Paramount Picture.

THURSDAY

QUEEN'S

ALHAMBRA