316
SWEEPSTAKES.
Mr. H. L. Dalrymple *
95
10
Dr. J. A. Lowson
89 sor.
85 89
Mr. J. Hastings..
108
15 93
Mr. Clement Palmer.
105
11
94
Mr. W. A. Duff.
111
17
94
*Wins the Sweep.
POOL.
Lieut. W. M. Thompson, R.E. *
93
14
Mr. Clement Palmer t...
94
11
Captain R. M. Rumseyt. Captain W. V. Ecoles, R.B. ‡
100
8
Mr. J. Hastings
* 1st prize. † 2nd prize.
BOGEY.
Commodore Boyes, R.N. (11 strokes) Lieut. W. M. Thompson, R.E. (11 strokes) Captain R. M. Rumsey (6 strokes)
101
12 111 14 96 I 3rd prize.
28288
down.
+
Mr. Clement Palmer (8 strokes)
Mr. J. Hastings (11 strokes)
Mr. W. A Duff (13 strokes)
N.B. Bogeys round was fixed at 78 down.
* Wins prize.
31
THE HONGKONG WEEKLY PRESS and
the directors had in turning the Company into a Bank, "acted upon their best judgment, and were prepared to take the consequences." "I wonder if the Board had properly considered what those consequences might be.
When the Trust and Loan Company was founded in 1889 the shares were subscribed for in the Far East because such an institution was really required. Facilities in the way of advances on shares, real property, &o, &c., were needed, because the local Banks could Lot meet this demand sufficiently.he Trust and Loan | Company was formed, it was believed, for this special purpose, and under that impression shares were freely taken up here. The Company was, it was expressly stated, to work hand in hand with the great local Bank to facilitate the trans- action of business, aud in no sense to enter into rivalry with it. So long as it remained a Loan Company it had a stanuch friend in the Hong
| April 25, 1895.
The final tie in the competition for the Cham-kong and Shanghai Bank, which made large ad-smoothly and without friction, because the depo-
Bank will therefore be gradually reduced. and I fail to see how a banking business is to be conducted under such circumstances. A. Bank must have constituents; where are the consti- tuents of the Bank of China and Japan? I maintain that the Board have alienated the shareholders by prosecuting some, persecuting others over these calls, and I do not believe they can gather a constituency outside those supposed to be pecuniarily interested in it. How, then, is the Bank to make money? The Chairman told the shareholders in London that up to the end of June, 1894, the Bank made about £66,000; but its losses amounted to £60,500, so that little remained for distribution. It may be argued that the fall in silver is the sole cause of the collapse of the Bank of China, but auch is not really the fact. Take the case of the Mercantile Bank of India. It suffered severely from the fall in silver, yet its reconstruction was effected vances on its shares; but upon the Company sitors were not alarmed. They stuck to the being turned into a Bank, the Hongkong and Bank, whose credit has not suffered. Old deposi- Shanghai Bank naturally assumed a less friendly tors encouraged new ones to come forward to tone, and commenced to call up such advances help the popular old Bank. The reverse has The consequence was that there was a panic in been the fate of the Bank of China. The fall iu the stock of the Trust and Loan Company, the the value of their shares caused by the Hong- shares commenced to decline, the public lost kong and Shanghai Bank throwing upon the confidence, and depositors in the United King-market the shares held by them under advance dom took alarm and began to call in their depo- created a panic among the depositors in the sits. This brought about something like a col- United Kingdom. lapse. Those shareholders of the Trust and Loan Company who were also shareholders in the Hongkong and Shanghai Bank at the same time tud against it as a Company inimical to their interests.
pionship of the Club took place in the Happy Valley on the 17th inst. Last year, it will be remembered, the issue was fought out between Captain H. N. Dumbleton, Royal Engineers, and Dr. James Lowson, and a finer match has seldom been seen, resulting in a victory for Cap- tsin Dumbleton Unfortunately this year there was no one to take the latter gentleman's place and Dr. Lowson had matters more or less his own way. In one match only was he really ex- tended, his opponent, Mr. Gershom Stewart, suc- ceeding in leading him by two holes on the first day's play. On the second day Dr. Lowson reduced this lead and finally won by 3 up and 1 to play, The final was contested between Dr. Lowson and Mr. J. W. Mathews, Royal Artillery, 54 holes being played. In the first stage Dr. Lowson ended 4 up and this he increased the following day, finally winning by 7 up and 6 to play. Three players now have the right to challenge Mr. Mathews for second place, viz., Captain Murray, A D... Commodore Boyes, R.N., and Mr. Gershom Stewart.
The complete draw was as follows:+:
FIRST ROUND.
Dr. J. A. Lowson beat Captain Murray, A.D.C. Mr. A. J. Leach beat Mr. H. L. Dalrymple.. Mr. Gershom Stewart beat Mr. C. H. Grace. Mr. J. W. Mathews, R.A., beat Mr. Clement Palmer. Captain R. M. Rumsey, K.N., beat Mr. J. Thorburn. Commodore Boyes, R.N.. w.o., Mr. E. A. Ram
Boratched.
Mr.J. Hastings, w.o., Mr. W. M. Thompson scratched
SECOND ROUND.
Dr. J. A. Lowson beat Commodore Boyes, R.N. Mr. J. W. Mathews R.A., w.o., Mr. Hastings
scratched.
R.N.
Mr. Gershom Stewart boat Captain R. M. Rumsey
Mr. A. J. Leach, a bye.
SEMI-FINAL.
Mr. J. H. Mathews, R.A. beat Mr. A. J. Leach Dr. J. A. Lowson beat Mr. Gershom Stewart.
FINAL. Dr. J. A. Lowson beat Mr. J. W. Mathews, R.A.
HONGKONG RIFLE ASSOCIATION.
Sixteen members were present op Saturday to compete for the Martini-Henry cup. The spoons were won by Mr. Webber, E., Sergt.- Major Morrish, R.B.. Sapper Pritchard. R.E., and Mr. Watson. The following were the best
scores:-
200 500 600 H'cap Total. yards. yards. yards points.
Mr. Webber, R.E.. St.-Mjr. Morrish, R.B. Sap. Pritchard, R.E... Mr. Watson
22 23 23
21
21
20
.68 4......66
23
21
17
4......65
22
20
19
3......64
C.-Sgt. Horsman, R.B.
22
21 15
Corporal Clarke, R.B. 21 Corl. Woolridge, R.B. 24
23 17 17 16
CORRESPONDENCE.
4......62 ....61 4......61
[We do not hold ourselves responsible for the opiniors
expressed by our Correspondents.}
THE BANK OF CHINA AND JAPAN, LIMITED.
TO THE EDITOR OF THE "DAILY PRESS.”
mo.
branches of the Bank merely to do nothing but sell shares and perhaps do a little exchange business.
As the Bank of China has neither the prospect of an influential constituency in the East, nor a large capital wherewith to carry on exchange business. why not close it up before more money is lost? The chances of even I contend. sir, that the directors of the Trust and derate seccess are of the vaguest. Even if the Loan (ompany, in turning that institution into a Hongkong Bank shares (largely held by the Bank, broke faith with the shareholders in the Far Bank of China) were to go up further, or the East. They knew when so converting it that prices of silver and sterling exchange were to had it been proposed at the outset that it should rise considerably, the effect would not weigh be made a Bank not a single dollar would have materially against the large losses already in- been subscribed in Hongkong, China, or Japan. carred by sacrificing shares in other companies Another local Bank was not required, and share at the ruinous rates prevailing in 1893-94. Con- holders in the great local Banking Corporation siderable losses were also, I am told, made last would not have dreamed of finding capital to year in converting their silver into sterling. found a rival to that institution. It was of Why then, choose a lingering death? It will be course different in the United Kingdom, where far less expensive and infinitely better policy to money was cheap and the public were eagerly apply the axe to the root of the tree. It would seeking an investment; probably it mattered cost far less to appoint the Hongkong and little to the home shareholders whether the con- Shanghai Bank to realize the share securities cern was a Trust and Loan or a Banking Com-held by the Bank of China than to continue the pany. But, sir, whatever they may have thought or wished it was the business o. the Board of Directors to see that faith was kept with all the shareholders, and not, to suit
For the above reasons I think the Eastern share- their whim, suddenly resolve first on conversion holders should, as your correspondent suggests, into a Bank and, later, on reconstruction, with- | unite to resist the reconstruction of this Bank ont consulting that large section of the share-and refuse to pay calls. They ought to have holders residing in the Far East. The change had some voice in the decision, whereas they was effected by a majority of a section of the have been treated as mere nonentities.—I am, home shareholders collected at a meeting, and dear sir, yours truly, I unhesitatingly assert that neither in equity nor in justice can the old shareholders in the Trust and Loan Company be made liable for a new venture on wholly different lines. The thing is on the face of it so flagrantly unjust that I cannot doubt there is a remedy. Let the shareholders here call a meeting, communicate with those in the Treaty Ports of China and Japan and in the Straits Settlements, and re- solve on some joint course of action to defend their interests. They should resolutely decline to pay calls, defend the case in a court of law, and, if need be, carry it to the Privy Council. Surely there is some way in which shareholders can find protection by law against such bigh handed measures on the part of the London directors. Yours faithfully,
A SHAREHOLDER, Hongkong, 1th April, 1895.
}
TO THE EDITOR OF THE "DAILY PRESS, DEAR SIR-ID reference to the letter of "A Shareholder" of the above Bank evolved out of the Trust and Loan Company of China, Japan, and the Straits, Limited, 1 quite agree that the shareholders in this part of the world ought not to quietly submit to be shorn for the benefit of SIE-A copy of the agreement made on the home depositors. This proposed reconstruction 21st February last between the Bank of China, of the Bauk I regard as a ruse to get the share. Japan and the Straits, Limited, and the Bank holders of the Trust and Loan Company to
pay of China and Japan, Limited, for the recon-up quietly. Money from the East is required struction of the Company, having come into my hands, I crave a small space in your columns to enter, my protest as a shareholder against such reconstruction. The Chairman, in his speech at the meeting, reported in the London and China Express of the 14th December, 1894, said
to pay off the English depositors, who are friends or constituents of the directors. These depositors are to be paid 25 per cent. of their deposits right off and the remaining 75 per cent.in four years in half-yearly in 'stalments. The money in the hands of the
ANOTHER SHAREHOLDER. Hongkong. 19th April, 1895.
#
DAILY PRESS,
TO THE EDITOR OF THE SIR, I have read with much interest the letters from Shareholders" in the above Bank, or the old Trust and Loan Co., as it ought still to be called, had the wishes of the subscribers in Eastern Asia been consulted, I am quite at one with your correspondents in saying that before either conversion or reconstruction was thought of the Eastern shareholders should have been consulted. Indeed, I go further, for I hold that unless the shareholders of a company are prac tically unanimous no scheme of reconstruction should ever be put through. I consider the directors of this Company have sinned grievously against the shareholders out here, and that their aotion cannot, in equity, be sustained by any Court. If they had called up the remaining £7 10s. or £8 per share, no one would have paid; the shareholders would have gone into bank- ruptcy. The directors, however, were too wily to adopt such a policy; instead of pronouncing sentence of financial death on the shareholders, they have determined to execute them by the lingering process, and hence make calls of 10%. This will draw out the agony or 15s. at a time.
and deepen the discontent.
If there was any reasonable chance of the Trust and Loan Company succeeding as a Bank, even then the hardship would be great on share- bolders, but as its prospects of success are so vague, every one believing that its dissolution is inevitable, I think it is absolutely cruel to en deavour to extract fresh funds from the long suffering shareholders. The shareholders no
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