1939-01-23 — Page 29

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.

Oer Joy Whol Denny terceptive

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.

Ar Choy liu Dointed by the Supreme Court, was Chairman at the four separate meetings which were bold during the morning, on identical agenda being observed at cach.

Messrs. Lo and Io were present as solicitors for the Bank,

The Chalman said the Bank was registered in November, 1921, with capital of $2,000,000, "divided into 200,000 shares of $10 each, all of which were fully paid up in two Yours.

fr February, 1934, the Bank in- creased its capital to $5,000,000 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 Its of the Bank umounted to $1,000,000, but later that figure increased to $10,000,- 000 unit the Bank was enabled to

brunches catubish

Shanghal, in Canton, Hankow and Tientsin." November 1934, the deposits in the current and savings accounts were over $7,000,000. During the 13 years

Two Banks Closed

In 1935, the Bank received a heavy blow when two Banking houses in Hongkong were, closed, the first on January 4 and the second on Septem- į ber 4, creating uneasiness among the depositors of the National Commer- cial and Savings Bank, which led to considerable withdrawals of deposits.

The total amount withdrawn that year was $3,400,000. In January town in the amount withdrawn was $1,500,000 and in twelve days in September $1,300,000 was taken out by depost tors. 1 became more dificult to meet the demands of continued with- dewals.

The

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

AHOR ber 16, 1835.

The Bank had enough properties to! pay off all its commitments if they were sold, but this process would take the liquidators a long time, since of the Bank's establishment, the total a rapid sale would fetch less money profit exclusive of all expendituretan the properties were worth. The was $2,500,000 enabling interest nt Tilrectors were against closing the 7 per cent. to be paid to the Bank, being of the opinion that if depositors.

business was resumed they would be

i

able to dispose of their properties

more advantageously,

The Chairman then outlined the scheme of

arrangement which

given below.

Ja

Sebemy of Arrangement 1. That the share capital of the Bank. namely £5,000,000 divided into 30.752 fully paid up "A" preference shares of $10 each and 42,247 uniesurd like "A" preference shares of $10 each, 152.045 fully pakd up "11" preference preference inser of $ID enclt and 644 ned ko

$10 each, and 257.410 fully paid up ↑ rdinary shares of $10 each, be reduced to $13,000 divided into 10,732 fully pald un preference shores of $50 each and 49,248 unlisted the "A", preference shares of $10 eneh, 152,015 fully paid up "I preference shares of $5 ench mil 0.544 uninsued like "B" preference shares f $10 each and 237.430 fully paid up dinary shares of $1 each, and that much induction shall be effected:

<)

By cancelling the sin of $3 per aliare on the said 132,048 issuett "E": preference shares of $10 each as being lost ne unrepresented by available nasets, and by reducing the nomini nmount of the said shares to $3 per share, and

(b) By cancelling the sum of $0 per aliare on the said 257,410 Issued ordinary shares of $10 each or being lost or unrepresented by avaliable anneta, and by reducing the nominal amount of the sald shares to $1 per share.

Confirmation of Court

capital being confirmed by the Court and 2. That upon the Bakt reduction of becotning operative:

(a) The 49.244 unissued "A" preference ;

shares of $10 each shall be sub- divided into 402,480 shares of $1 each and such 31 shares khall be regarded as forming part of the

Bank's ordinary shorea.

(b) The 30,344 unissued "B" preference

shares of $10 each shall be sub-) divided into 303,440 staren of 51 each and such I shares shall be regarded as forming part of the Bank's ordinary shares.

(c) The 10.732 "A" preference of $10 each shall be subdivided Into 107,320 A preference shares of $1 rach, and at the 152,040 "2" pre- ferenca shares of $5 each shall be aub-divided into 760,230 "K" pro» ference shares of 31 encl}.

(1) The existing rights and privileges attached to the sild 107,520 “A” preference shares of 31 each, the

Former Model FILMO

and now:

for 1939

(c)

760,330 "B" preference shares of $1 cach and to tho 7,410 ordinary shares of $1 each resulting from, the sald zeditetion shall be varied by the anaigamation (on from anc after July 1, 19038) of the sold "A" preference shared. "3" preference alares and the ordinary shaven Valo one class of ordinary shares and} by the extinguishment of ali speciali rights or privBeges attached in the shares of thure respective clasIES

WALT DISNEY

ceeding $10,000 th each year so far

5. That Clause 11 (a) and (b) of the

As the profits extend to be applied Crni schieme at arrangement be deleted be nub.

In redeeming the certificaten for the at the following provalenk Home being mistatandhra. (1) The capital of the Bank shall be

increased to the former amount of $3,000,000 by the creation of nu additional 3,070,820 ordinary shares of steach,

Nanction of Court

Kituled:

[]

The qualification of a director shall be the holding of 3,000 alaren in the flunk.

(b) Unirea otherwbe determined by a general meeting the number of the members of the Board shall not. exceed Mflegu or in Iran Ihan nine. 8. That the holders of the kald "A"

preference shares and the haldern of

the

preference shares, the holders of the said

3. That Clause (b) and (c) of the so that the saki "A" preference reliemo of arrangement duly sanctioned shares" preference, slites and by the Court on January 1, 1936 therein Brinary hates hail as from after referred to as "the first scheme of July 1, 1838 become and be nnd arrangement") reinting to the payment of the aid ordinary shares minii nece be regarded as forming one clasa e instalments to the creditors of the provistons herein contained in satisfaction af ordinary lines, ranking par Bank be altered by substituting the word of their existing rights with respect of pasnu for purpose at dividend and twelve instead of the word "Alx" when thele preference and ordinary shares. return of capital and entitling the ever appearing and the said Clause 6 (b) holder threat on a poll to one and ef shai lienceforth be read and terms of clauses 1 and 2 hereof pluli be 7. That the spectat resolutions in the vate for every 1 in nominal value construed as if the words "twelve months" conditional on this scheme of arrange of such shares held by the hart been respectively and that all

originally inserted therein ment between the lank and its members instead of the words "six month.** shaigt be neneetorik termed ordin

holding "A" preference shares, between Dry shares.

Offer to Holders

such

The holders of the said "A" pie- ference shares and the holders of Die said "B" preference Khares shall respectively be given and accept in uilafaction and dischals of their respective litt to l acteurs of the cumulative pro ferential dividend whether declarad

or not, on such “A” preferencej shares and "" reference alates to respect of the yems ending) December 31, 1930, and December 31, 1977 and in respect of the six; ivonths ending June 30, 1938, funct- ed rertificates equnt in andunt to. the amount of the preferential dividend due on the Enid "A" pre ference sluires and the sald " preference shares calculated 10 June 30. 33, held by them respec- tively, such certlägates nut to beari

4. That Claure (a) of the first reheime the Bank of its members holding "EF": of arrangement be deleted and the follow-preference shares and between the Dank

e provisions be substituted:

and its members holding ordinary shares being nopted under Section 151 of the Companies Ordinance 1032 for giving

ta) Before recommending any dividend, the net profits of the Bank in every year, after deduction of all losses, expenses and disbursements alalt, be applied in the first instance in on shall be regarded as modified accord- or towards the payment of interext; tagly.

effect to the provisions of the mahl opeetal | resolution.

B. That the Bank's articles of associa-

upon the capital of the Bank at! That the Bank any assent to any the rate of six per cent. per annum nuleation in this scheme of arrange or at much tale as the Board alinilment which the Court may think it to think it,

i approve or impose.

-RADIO-

my interest as against the Bank, TO-DAY'S BROADCAST

payable out of the surplus profils remaming in the year 1939, and in every subsequent year, after pro- viding for the interest on the ordinary shares of the Bank hot exceeding the rate of six per cent. per annum, the Bank fo be nt iberty at any time to redeem such certificates or any of them out of

Studio "Spelling Bee:" Oxford v. Cambridge

| Fox-Trot--Beside A Moonlit Strean

....Horace Heidt and His Alemite;; Brigadiers with vocal chorus: Selec tion-Alexander's Ragtime Band.... New Mayfair Dance Orchestra; Tan- Kos-Arroyito; Chagrin D'Amour. Radio Programme Broadcast by ira with Vocal Refrain; Fox-Trots

A. J. Pesent and His Tengo Orches-

the profits: and in case the whole ZBW on a Frequency of 845 k.c's, and of such certificates are not redeem-on Short Wave from 1-2.15 p.m. and ed by 1013, the Bank shall set aside 8-11 pm, on 9.52 m.c's. per second out of the surplus prullia remaining) after payment of the interest un the ordinary shares of the Bank: In the year 1943 and in every sub- sequent year, an amount mut ex.

DEPOT

3RD. FLOOR MARINA HOUSE TELEPHONE 32153

H

AGENTS FOR:

K

BELL & HOWELL COMPANY

CHICAGO NEW YORK -HOLLYWOOD ́LONDON

40

5

∞

765

~

3

4

The new improved

FILKO 141-8

Filmo 141

Magazine Loading 16Mm.Camera.

H.K.T.

was Kiss Me; I Let A Song Go Out The Meanest Thing You Ever Did Of My Heart....Harry Roy and His! Orchestra.

7.15 Variety with The Mills Bro- | thers, Dorothy Lamour, Max Miller)

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

12.30 The Street Singer and Jack) and others. Jackson's Orchestra.

Vocal-Time On My Hunda (Gor- Sailing Home With The Tide don and Youmans); Thru The Waltz; In A Little English Inn-Fox- Courtesy Of Love (film 'Voice of Trot....Jack Jackson and His Or- Scandal').... Denny Dennis with Or- chestru with Vocal Refrain: Old chestra; Orch, Peor Butterfly: Sailor (Godfrey, Kennedy)....The (Golden and Hubbell): Sweet Suc, Street Singer with 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-Trot; He Kissed Margie, Maggie Medley; Military Fox

Fox-Trot Medley Kissed Him Back-Fox-Trot....Jack The Keyboarders with Drums: Jackson and His Orchestru with Vocal-On A Tropic Night (Alm Vocal Refrain: Lovely To Look High, Swing Low').

Panamaula (Film Roberta'); Love Me Forever (From "On Wings of Song). The Dorothy Lamour with Orchestra: Street Singer (Vocal) with Violin, Chappy (Miller)

Comedian-Contersions Of A Cheeky Accordion and Celeste Accompani

...Max Miller;

ment:

Holiday'):

Valparinso Rumba (Mm Banjo-In Vivandiere (Kirby) Joy 'Dance Band'); Love's Just A Melody Dance (Kirby)....Ernest Jones with -Fox-Trot....Jack Jackson and Iils Leslie Bartlett at the Plano; Vocal- Orchestra with Vocal Refrain.

My Headache....The Mills Brothers (Four Boys and Guitar); Some Of These Days (Brooks); Tiger Nag La Rocca)...The Mill Brothers.

1.0 Local Time Signal and Weather Report.

1.03 A Schubert Song by Elisabeth Schumann (Soprano).

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

B.D Local Time Signal, Weather Report and Announcements.

8.03 Light Opera Setections. "Monsieur Benuentre"-Vocal Gems (Messager)...Light Opera Company

1.07 Schubert Symphony No. A In with Orchestra; "The Cousin From B. Minor (The "Unfinished" Sym-Nowhere"-Operetta in Brict (Kun- phony),

pete-Marszalek)...Margarete Slezak (Soprano) and Herbert E. Groh (Tenor) with Chorus and Orchestra from the Berlin State

(Sung In German); "The MiracleSelection

Opera (Humperdinck)...London Symphony Orchestra with Organ and Chorus: "The Three Musketeers"Vocal

Philadelphia Symphony Orchestra conducted by Leupold Stokowski,

1.30 Reuter and Rugby. Pres Weather Forecast and. Announce- ments,

1.40 Varlely and Dance Music. Dance Orch.-Ride, Tenderfoot, Ride Fox-Trot (from Romance and Gems....Victor Light Opera Com- Rhythm'); Change Partners Fox-pany.

Trot (from 'Carefree')........Billy Cot- 8.25 Trebalkowsky--The ton and His Band

Vocal Lake-Ballet Music.

with

Chorus: Vocal-Chanson De Haloge

(Lenoir and Claude); La Guinguette London Philharmonic

If

I had dona

as

was told-

I wouldn't have

this nasty cold!

Give me

BAYER

ASPIRIN

50

»Bayer«

VIVE LA FUN! VIVE LA FEMMESI VIVE LA BENNY!

Suran

Orchestra

Adolph Žuker presod JACK

9.30 Landon Kelay-Tho News. 9.50 Songs by Richard Tauber (Tenor),

A Ferme Ses Volets (Zwingel).... conducted by Antal Dorati. Damin with Orchestra; Dance Orch, 8.55 Studio-"Spelling Bee'-3: -Tol Seule-Tango Laisse-Mol Oxford v. Cambridge. T'Aliner-Tongo....Marlo Melfi and Hia Argentin Orchestra with vocal refrain: Comedy Sketch--Sondy, The All-In Wrestler (Powell, Thompson)

Sandy Powell (Comedian); in Silk'); Sweet Compliments (from O Mia Bella Napoll! (from Venus Vocal-The Sunny Side Of Things Venus in Silk').with Orchestra (lm 'Breaking The lev'); Happy As

A Lark....Bobby Breen with Victor (Sung In German); Calming Of The Young and His Orchestra; Dance Tempest

(Durrner-Falk)....with

Orch-Smoke Gets In Your Eyes Chorus and Oreliestra (Sung in Ger- Fox-Trot: Night And Day--Fox-man).

Orchestra.

ot....Tommy Dorsey

and I

2.15 Close down.

0.0 For The Children,

10.0 London Relay--'In Town To- night,

Introducing

personalities from every walle of life in Interviews with New Nursery Tunes For Old Nur-lonet Gamlin, flashes from the news sery Rhymes (Saunders, arr, Kester); of the week, and Standing on the Cor- Intro: Decdie, deedle dumpling; Little ner (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

Orchestra;

Banco 10.30 Uncle Vocal with

Muxio, Fox-Trois-I'm An Old Cowhand Peter's Children's Party... ,Peter

on the Range): Dawson (Vocal) with Orch.; Studio (from 'Rhythm -Serint Story; Songs Of The Sand-Empty Saddles (from 'Rhythm on the man....Wilfrid Thomas (Baritone) Range). Ambrose and His Orches ten with Vocal Chorun; Paso-Doble- 0.30 Closing local Stock Quotations. Le Touquet: Fox-Trot-The Merry- 0.32 A Programme of Latest Dance Go-Round Broke Down....The B.B.C

Dance Orchestra directed by Henry Fox-Trois-Lullaby In

with Vecal Chorus: Fex-Trots Rhythm; Hall Out Of Nowhere....Harry James and Wah-Hoo; 1'5c A-Muggin.... Roy His Orchestra;

Quick-Steps I'm Fax and His Orchestra with Vocal Gonna Lock My Heart; There Goes Refrain; Waltz-Allee Blue Gown; 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, angos-Madrecita Do Dompaya; MI

with Piano accomp.

Mualo.

.. Buck and kis Beckwretter skow Loy Park whit wbangun really isl

JDAN

BENNY: BENNETT

IN

"ARTISTS

AND

MODELS ABROAD

with MARY BOLAND CHARLEY GRAPEWIN JOYCE COMPTON FRITZ FELD and (he' YACHT CLUB BOYS

A Paramount Picture

THURSDAY.

QUEEN'S

&

You Sinners').....Adrian Rollini Muse Compera....Orquesta pe ALHAMBRA

The

Quintet Twisters'); Waltz-Tu-LJ-Tulip Time;!

Francisco Canaro,

11.0 Close down,