June 6, 1895.|
421 CHINA OVERLAND TRADE REPORT. the question of the validity of compradore's shares to B, which B again sells to C; C coolies will very soon discover that a Chinese orders were ever carried to the Full Court applies to A for the dividend, which A pays ten cent piece is no longer worth ten cents we think it would be held that such a to him; in the event of the Company and will refuse to accept it in payment of their document was an instrument sui generis and subsequently going into liquidation and fare, and the holder will find himself reduced neither a promissory note nor bill of ex-making calls on the shareholders to to putting the troublesome coins in the col- change. It would be well, however, in discharge its liabilities, A being stilllection bag. Except for the temporary in- order to remove all doubts, to specifically on the register would be liable to the Com-convenience, however, the driving out of the include compradores' orders in the list of pany, with right of recourse against some Chinese coins is not to be regretted, provided exemptions under the Stamp Ordinance, for one, but having acknowledged C as the the Government meets the requirements of their convenience is too great for their use actual owner by paying him the dividends the colony by an ample supply of Hongkong to be dispensed with and as they cannot in his right as against B would be prejudiced, coins. For the idiotic caution shown in the practice be treated either as promissory notes while C might be able to raise various past in this matter the home authorities, not or bills of exchange the effect of the defences to any claim made upon him, de- the local Government, are to be held respon- judgment of the Acting Puisne Judge, if it fences that could not raised by the immediate sible. When the colony was being flooded is neither met by legislation nor overruled purchaser, as for instance that the shares with Chinese coins a change of policy was by the decision of a superior court, will be were only hypothecated to him or held under adopted and applications to the Treasury for to introduce an undesirable element of conditions. It is therefore to the interest Hongkong coins were not so generally met with But uncertainty into transactions where these of every one selling shares with a liability a reply that there were none in stock. documents are employed.
attaching to them that the transfer will this continue now that the Chinese coins should be completed and registered, and are likely to fall to a discount and therefore a defect in the law that there to disappear from general circulation? The is no convenient means of compelling the Treasury authorities at home scomed former- purchaser to do his part in this. Withinly to be inspired in this matter with a spirit Considering the number of shares that the last few years a good many people of what our American friends call "pure cus- change hands in Hongkong on blank trans-in Hongkong have been compelled to pay sedness" and when we are again in straits the
SHARE DEALINGS ON BLANK TRANSFERS.
fers it is rather surprising that there, has not been more litigation in regard to the payment of calls and collection of dividends, The case of HILL v. GOMES, decided on ap- peal by the Supreme Court the other day. clearly lays down the law, so far as the pay- ment of calls is concerned. The facts of the
tions
it seems
calls on shares which they had sold, for though they had a right of recourse against unknown, or, if known, unable to meet his the purchaser the latter has been possibly obligations.
THE SUBSIDIARY COINAGE.
same spirit, it is to be feared, will once more show itself. The Chinese coins, objection- view, have been a great practical convenience, able as they are from a sentimental point of
and if they are to be dispensed with it is to be hoped the local Government will do all in its power to combat the stupidity of the home Authorities and to see that the colony is amply supplied with coins bearing the Queen's head."
THE MEDICAL COMMITTEE, AND THE MEDICAL OFFICER OF HEALTH.
sent in has
If
case were briefly as follows: Certain shares THE Chinese subsidiary coinage, which has in a Company which afterwards went into hitherto proved such a convenience to the liquidation were sold by the plaintiff to de-colony, is likely to become an equal nuisance. fendant, who resold them. No transfer was To some extent the nuisance has already registered in the Company's books, and been experienced, for the coins have not been when calls were made the plaintiff bad accepted by the Post Office, and a person to pay them. He sought to recover the with a pocket full of them has been unable amount from the defendant and the Supreme to purchase a stamp. Visitors have probably The fact that the report of the Medical Court in its Summary Jurisdiction gave a been more inconvenienced by this than Committee was printed in the form in decision in his favour. Against this deci- residents, for the latter usually keep which it was signed and sion the defendant appealed, but the Full a stock of stamps on hand, or they are been satisfactorily established. There atill Court dismissed the appeal and upheld the at all events acquainted with the rule and remains the mystery why the members of judgment of the Court below. To the lay can make provision accordingly. Not so the Committee incorporated in their report mind it may appear singular that such a
with the globe-trotter, who, having pro-such an extraordinary expression of opinion clear case should have been contested. The vided himself with small change to meet his as that the Medical Officer of Health moral of the case is that people who
a subordinate sell shares with a liability attaching to then temporary requirements, goes to the Post need not necessarily be
Office to buy stamps for his correspon- officer of the Sanitary Board, put- had better keep a record of their transac-dence and finds, perlips just as the post is ting the sentence in parenthesis and Mr. GOMES has the same recousce as about to close, that hi ten and twenty cent throwing it in in a seemingly casual way. Mr. HILL had; he can claim from his par- pieces are useless fat particular pur-The Committee dealt in a very able way chaser, who in turn can claim from his, pose. Residents, however, although they with the various questions submitted to if he can find him. It appears, however, might feel it an indignity that the colony them, giving sensible reasons for their con- that the thread has been lost and that the should be to so large an extent dependent clusions, except in this one instance. ultimate purchaser is unknown. That on the Canton mint for its subsidiary there were reasons why the Medical Officer makes it a hard case for the person who coinage, have fully appreciated the ad- of Health should not be an officer of the may have to bear the loss, but on no prin- vantage of being able to obtain without Board why were the reasons not set out? ciple of justice could the loss be thrown difficulty as much small change as they The matter was surely of sufficient import- on the original holder of the shares, when wanted. The Chinese ten and twenty cent ance to justify the giving of reasons, he was in a position to prove who was the
pieces were as good as the Hongkong as the course of events has shown. But no purchaser from himself. In delivering the coins for all ordinary purposes and in reasons are given, an opinion is just thrown shares with a transfer duly executed by matters of business sentiment does in parenthetically, and there the matter is himself he had done all that was not count for nuch. Now, how-left, no one outside the Committee knowing necessary to place the purchaser in posses ever, the Banks have followed the lead whether the point was ever discussed at all sion and to enable him to have them re of the Government departments and refuse or whether the gentleman responsible for gistered in his own name; and in parting to accept Chinese coins, tradesmen will be making the first draft of the report put it with his property in the shares he also trans- compelled to follow suit, and in a short time there of his own motion and his fellow-com- ferred to the purchaser the liability. If the coins will be at a substantial discount. mitteemen passed it without consideration. instead of calls being made dividends had The movement is only just commencing, but The members of the Committee must be con- been paid the shares would either have been
we notice that the Ice Company now puts a sidered to endorse what they have appended duly transferred in the Company's books or printed notice on its bills to the effect that their signatures to, unless they disavow it, the person in whose name they stood would Chinese subsidiary coins will not be accepted but this expression in reference to the Medical have been applied to for the dividend, which is in payment, on account of the Banks refus- Officer of Health and his relation to the a very common thing in our local share market. ing to receive them, and no doubt the exam-Sanitary Board does not on the surface In cases where the registered owner is not ple of that Company will be generally fol. bear the appearance of having been arrived the actual owner of the shares it is not usuallowed. With the coins at a discount they at after mature deliberation. In the to make any difficulty about paying over will naturally disappear from general course of the evidence one witness, Mr. the dividend, though sometimes completion circulation, as the Japanese subsidiary coins MCCALLUM, was asked whether it would be of the transfer is insisted upon. It would did some years ago, but while the process is possible to have a Health Department the be well if this were done in all cases, especially going on it must necessarily cause a good same as the other departments in the in those where there is a liability attaching deal of petty annoyance. Whenever a person colony, with a medical man at the head of to the shares. There is no legal obligation has to receive change he will find that" and this officer directly responsible to the resting on any one to collect dividends after there is a larger or smaller sprinkling Government and not to the Sanitary Board. be has parted with his shares, and by doing of the depreciated currency amongst His reply was-" Then you would have two so he might possibly find his legal position it, and if he carelessly accepts it he will have authorities, the Health Officer and the somewhat changed. For instance, A sells trouble in getting rid of it again. The chair it Sanitary Board." The matter does not
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