GUYANA SAC
April 23, 1898.}
certain of the leaders of the late rebellion in the Philippine Islands.
On
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CHINA OVERLAND TRADE REPORT. 5680-30. The account was apparently closed by these securities they were fronted in the same the gradual payment off of shares and the final payment of the mount by Mr. Beblios. Qu
way as any other shares of the firm. There November 23rd there was a surplus credit to
16:45 1111 account opened for each separate Mr: Belilios at the Bank of $68.845.42. On
class of shares. and the Bank of China October 27th, 1894, there were two entries clos
shates were included in a new account opened. ing the account. He could not say if the amount
The Ices were carried to an account under the of $68,000 odd was remitted to London, but it treated in the same way. These share accounts heading of Ices, and the other shares were could be traced through the books. It was not appeared in the general ledger. a payment to defendant, but a loan to him. Ap-examined by Mr. Fraucis at some length with Witness was regard to certain items in the book. The firm kept a separate register showing the details of the different shares in their possession. If any of the 1.600 Bank of China shares had been sold he would expect to find them entered in the ledger account of that name. Referring to the old share register, he found 50 shares in
Hardoon. the Bank of China registered in the name of He also found from another entry that these shares were deposited with the being February, 1892. Hongkong and Shanghai Bank, the date register he found a catalogue of 1,950 shares, In the new share
including those of Hardoon, in the Bank of China, Japan, and The Straits. There was deposited anywhere. nothing in the entry to show they had been
Mr. Francis aid the application was founded the affidavit of Isabella Atachio, which affidavit he proceeded to read. Plaintiff stated in his affidavit that he was a native of the Philippine Islands and at present resided at 4. Ripon Terrace, Victoria. He was one of the principal actors and leaders in the late rebellion in the Philippine Islands which broke out in the month of August, 1896, and came to a conclu-parently shares had been sold and dividends sion in December. 1897. In or about the mouth received showing a surplus. No transactions of of March, 1897, Emilio Aquinaldo became the a gold loan account would appear in the books leader in the insurrection, and continued as such bere; they would be kept in London. The sys- to the end. During his leadership be formed a tem of book-keeping here had been changed in provisional Government consisting of a Council the Bank since 1893. If the journal were of seven persons. Aquinaldo was president of kept correctly it should show what other trans- the said Council, and plaintiff, as Minister of actions Mr. Belilios had with the Bauk. From the Interior, was one of the seven members. January 11th to January 26th 100 Hongkong In the month of December, 1897, an agreement Bank Shares were withdrawn, but he could not was effected between the Spainish Government say whether they were withdrawn or not. All and the Provisional Government the terms of shares in the custody of the bank appeared in which were incorporated in a conveyance. By the register. In February, 1892. 1,600 shares in such conveyance the Spanish Government under- witness's own company were withdrawn, and took to pay the sum of $800,000, to be distri- also some Browns and Ice Companys. Thirty- buted as to half among the leaders of the move- two Ice shares beld
as collateral security ment and as to the balance amongst those en- against the latter of credit for £110,000-were gaged in it, and to protect the lives and pro- withdrawn on February 3rd. 1892, and on the perty of the rebels, on the delivery up of the same date 0 Browns hell as collateral security arms of the rebels and the departure from the 011 the same credit were withdrawn, Laur country of the chief leaders. On the 27th f Hongkong Banks being also taken out on the December, 1897, he received a telegram in
same date. Manila from Aquinaldo, who with 35 other leaders had previously come to Hongkong, stat- ing he had received the 8400,000, and that plaintiff was to deliver to the Spanish Govern. ment the arms and ammunition, for which pur- pose he had remained behind in Manila, as agreed by the terms of the conveyance. Soon afterwards he came to Hongkong--at the begin- ning of February. 1898-and he had resided here ever since. He believed the $400,000 was deposited by Aquinaldo in his own name in the Hongkong und Shanghai Bank and | in the Chartered Bank of India, Australia, and China. Since his arrival in Hongkong he had made frequent applications to Aquinaldo for this $400,000 dollays to be shared as intended, but he had ignored all such applications. The letters in question were read. and Mr Francis added that he wanted to make a formal amend-registered in his name. He was asked by Mr. ment. The whole of the S400,000 was originally deposited with the Hongkong and Shanghai Bank, and it was Aquinaldo bimself who trans- ferred part to the Chartered Bank of India, Australia, and China,
The order asked for was granted on the usual terms as to costs.
HARDOON V. BELILIOS.
In this case E. A. Hardoon, an assistant in
the firm of E. D Sassoon and Co., is the plaintiff and the Hon. E. R. Belilios, trading as Belilios and Co., the defendant. The subject matter of the action is a claim by plaintiff against defendant to obtain an indemnity in respect of certain calls in the late Bank of China, Japan, and The Straits, Limited, which cu the date of the liquidation of that company were registered in the names of plaintiff and which on the same date were, plaintiff alleged, held and owned by defendant. The hearing of the case was commenced last
week.
Mr. Ji J. Francis, Q.C. (instructed by Mr. Brutton, of Messrs. Mounsey and Brutton) appeared for plaintiff and Mr. E. Robinson (instructed by Messrs. Deacon and Hastings
for defendant.
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Mr. Baxter, who was formerly in the employ of the Bank of China, Japan, and The Straits, again entered the box, and was cross- examined at considerable length by Mr. Robin- son as to the transactions with the Bank in con- nection with the letters of credit granted to defendant. He produced the books of the Bank, showing from the letter books what was done in the matter of the reduction of the loan of £110,000 to £72,369 on January 2nd. Certain books which he hrd sent for were not, however, forthcoming. The general ledger and the book containing the let ters of credit issued were produced. He could not say if the £36,339 was carried as a gold loan in London. There was an entry in the books showing that on October 27th, 1894, the balance of interest on the closing of the account was
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Alexander Coutts, Acting Chief Accountant of the Hongkong and Shanghai Bank, produced from the Bank the letter of Feb. 3rd, 1892, sigued by Mr. Belilios, forwarding script, &c.. for four Hongkong and Shanghai Bank shares. 1,600 shares in the Bank of China, Japan, and The Straits (800 old issue and 800 new issue), and other shares.
Michael Hai Michael. of the firm of J. R.. Michael, said he was at one time in the employ of Belilios and Co as bookkeeper, whose employ he left in April, 1894. He was with them four years. While in their employ he had some shares of the firm registered in bis uame-dif- ferent sets of shares at different times. It was of frequent occurrence. At the time he left he had some 300 shares in the Bank of China, shares of which he was not himself the holder,
aud
Belilios aui
He did not know
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The further bearing was adjourned.
20th April.
Mr. Michael, formerly bookkeeper in the employ of Belilios and Co., again entered the witness box and was examined by Mr. Francis as to various items in the books.
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In answer to Mr. Robinson, witness said he
and learned to speak English there. He com. was 37 years of age. He was born in Bagdad, menced his business career in Bombay when years of age. He generally acted as & clerk, He commenced bookkeeping when be tween 18 and 20. His lust situation in
Company there. Bombay was in the office of the P. and O. cashier's department. He left Bombay in 1882 He kept books in the
for Shanghai, where he acted as bookkeeper Hongkong, remaining with the same firm as at principally. He left Shanghai in 1888 for
service of Bellios and Co., and remained in Shanghai until 1890, when he entered the
he had acted as share broker, assisting his uncle. their employ until March, 1894. Since then Counsel proceeded to cross-examine witness with regard to the books, with the object of showing that he had done his work carelessly,
Re-examined by Mr. Francis--When he monial from him which said that during the left Mr. Belilios's employment he got a testi- period he had been with them he had given them the most complete satisfaction.
The Chief Justice asked Mr. Robinson if he
Belilios to consent to have the shares in his name. He signed the ordinary transfer paper in connection with these shares. When be left he received the letter produced from Belilios ando. saying tuat in consideration of your allowing the 300 shares standing iu your name but owned by us and apou which shares the sum of £2 per share has been already paid to remain untransferred we undertake to pay such calls as may be lawfully required to be This concluded the case for the plaintiff. paid in respect of such shares immediately on instructions from you."
Mr. Robinson said that with regard to the whether those shares were new or old issnes.
case before his Lordship he thought one fact He had no interest in them whatever.
was admitted and that a very important one, shares were transferred out of his name sither
The the fact, namely, that Mr. Belilios was not in last year or the rear before. At the time the
any sense the immediate transferee or assignee
still standing in his name. During the year Bank went into liquidatiou the shares were
from Mr. Hardoon of the shares still standing registered in Mr. Hardeon's name, and the 1894 he was called upon
issue put in the briefest way before the court to pay u call
was whether Mr. Hardoon had any right of liquidation he had been called upon to pay Co. paid it, Since the
action against Mr. Belilios. calls in respect of these shares and these calls had been net by Mr. Belilios. He did not shares in the new Bank. These shares new ul- himself sign or make any application to get timately transferred to Mr. Moses, a clerk in bookkeeper to Belilios and Co. in 1892. The the employ of Belilios and Ca 3. Witness was
books were kept in English. He remembered about 2,000 Hongkong Bank shares being placed in an account opened unig the headbag of " a.count in the syndicate account. remembered some members of the syndicate. There were the Coxous, Mr. Dick, and Mr. Melbye. He remembered a further account being opened called the syndicate marginal account.. He remembered closing the margi- nal account himself.
The marginal securities were taken over by Mr. Belilios at the market rate ruling at that date, and the balance was placed to the credit of each individual member of the syndicate in proportion to the number of Bank shares (Hongkong and Shangbai Bank shares) held by them.
C
He did not remember
any other account being opened while he was connected with the firm as to the marginal securities as a whole. When the firm took over
proposed to raise some point of law as to the validity of plaintiff's case against defendant, better raise it then. adding that if that was his intention he had
After a little discussion on this point, Mr. adjourn for the day, and in the meantino be Robinson suggested that the Court should
would consider what course he would take. ·
the Manila Comercio of the 6th April says
Under the beading of the Uling Mines
The manager of the Company, Mr. Macleod, accompanied by the engineer who has been surveying the Company's property, has been at Cobu to make arrangements for the immediate commencement of work, the capital having been subscribed. We hear that the route of the pro- has been surveyed, and should the project be posed railway from the mines to the town of Cebu carried out, as we believe it will, it will prove of great importance. We augur a good result for this enterprise and congratulate the town of Cebu, for with the working of the mines an era of industrial and commercial activity will set in for that place.
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