May 30, 1904.]
au-
Tsoi Wing Nam, Kan Sing Kia, Sun Shin Ping, and Chan Kam Kee, directors of the Company, in receiving any payments out of the balance of the proceeds of the sale of the Company's 8.8. Chukong. Mr. M. W. Blade, barrister-at-law (instructed by Mr. C. E. Beavis, of Messrs. Wilkinson and Grist, solicitors), appeared for the plaintiffs; and Hon. H. E. Pollock, K.C., barrister-at-law (instructed by Mr. R. Harding, of Messrs. Ewens and Harston, solicitors), appeared for the defendants. Plaintiffs in their statement of claim stated that on 13th January, 1903, defendants and the plaintiff Leung Wing Hing entered into an agreement whereby the defendant Chan Ip Tong and one Luk King Nam were to sell the 8.8. Chukung, belonging to the Company, for $77,220; and it was agreed that each director should transfer and hand over to the defendant Chan Ip Tong all shares thorised for or taken or agreed to be taken in the Company through or by such director, and that such director should there upon be paid a proportionate amount for the shares after deducting from the price received by the Company for the steamship Chukong the debts of the Company. The defendant Chan Ip Tong and Luk King Nam received the sum stated, and after deducting the debts of the Company had a large balance in their hands, The defendant Chan Ip Tong had appropriated part of the balance to his own use and had distributed large sums out of the balance to the other defendants of them and to Luk King Nam. The plaintiffs claimed an injunction to restrain the defendants or any of them from receiving any payments out of the funds of the Company under the agreement, and from paying any funds of the Company to any persons other than bona fide creditors of the Company, and an account of all moneys received or held by defendants on behalf of the Company and of all payments made out of the funds of the Company by the defendants or any of them since 13th January, 1903.
or some
many years
Defendants in their defence stated that the defendant Lee Kwan Ting was a merchant re- siding and carrying on business in Macao, and Tsoi Wing Nam had for been in the diplomatic service of the Chinese Government and is Consul at Kobe. Authority had not been obtained by the plaintiffs for the issue of a writ for service out of the jurisdiction of the Court, and defendants submitted that this Court had no jurisdiction against them. All the directors, including Leung Wing Hing, acting in the name of Leung Ngan Pau, were parties to the agreement mentioned in the claim, and the majority of the shareholders had approved thereof. Its terms has been completely and duly performed, except that certain shareholders. including the plaintiffs, and altogether repre- senting about three per cent. of the capital of the Company, had refused their proportions of the balance of the $72,220 which was left after payment of the debts of the Company. Every shareholder who was not a director acquired his shares through one of the directors. Defen- dants stated that they had rendered to Leung Wing Hing on behalf of himself and the other plaintiffs a full account of the proceeds of sale, the debts and the balance. Defendants were and had always been ready and willing to furnish the plaintiffs with any further particu- lars which they might desire of the said account, and to distribute to the plaintiffs their snid proportions. Defendants had repeatedly offered the proportions to the plaintiffs, but plaintiffs had refused them. The sum reserved by the defendants for the payment of the plaintiff's proportions was the only money remaining in their hands as directors of the Company, and they were obliged to draw upon this sum to meet the costs of this case.
After a long conference between the parties. Mr. Slade intimated to his Lordship that the case had been settled satisfactorily; each party to pay their own costs.
The Court adjourned.
CHINA OVERLAND TRADE REPORT. Thursday, 26th May.
IN BANKRUPTCY.
BEFORE HIS HONOUR SIR WILLIAM M.
GOODMAN (CHIEF JUSTICE).
ABSCONDING DEBTOR.
407
fact he was applying formally for leave to withdraw the petition. All the European banks. who were the principal creditors, would, he believed, give their consent in writing. Ho would also have to apply for a discharge of the interim receiving order which his Lordship had already made.
His Lordship-Do you consent, Mr. Gold-
Hall Brutton's office, appeared on behalf of Mr.
Mr. F. Paget Hett, solicitor, of Mr G. Kring? Bruce Shepherd, the Official Receiver, in sup- port of an application on the estate of René Kahn.
His Lordship-Is there any estate to be trustee of ?
The Official Receiver-Between $500 and 8600.
His Lordship-Has any account been made out by him?
Mr. Hett-No; this was money deducted from his salary by Mr. Girault.
The Official Receiver-And then he ran away and stopped payment. An order is necessary
to enable me to divide the funds.
cation and appointed Mr. Bruce Shepherd Re- His Lordship granted an order of adjudi-
ceiver on the estate.
A VICTIM OF PIRATES.
Chan Shi-fai applied for a receiving order and to be declared bankrupt.
Mr. O. D. Thomson, solicitor, who appeared for the debtor, said that the liabilities amounted to $17,620. and the assets were stated by the debtor to be $15,709, most of which were good debts. Of this sum there were $7,359 of book debts, of which only $400 was recoverable. The remainder consisted of the value of certain cattle stolen by pirates from the debtor in China, which the Chinese Government was taking steps to pay.
The U.S. battleship Kentucky. flagship of Rear-Admiral Robley Evans, on which he has just returned from Oriental waters, has, it is aid, broken the world's record on her voyages from Hongkong to New York.
His Lordship-Do you
think the steps will ever arrive at their destination? there the slightest chance?
Is
Mr. Thomson-The Viceroy has admitted to the Consul that the District Magistrate has seized the property belonging to the robber and he is going to sell it for the benefit of this man. At present they are only waiting for the pro- geeds of this sale.
His Lordship-There are many cases like this, but my experience is that they amount to nothing. Why is he made bankrupt?
Mr. Thomson-He has been for 40 years.
a trader here His Lordship-There is nothing on affidavit to show he is not a man from China.
He says that cattle belonging to him were seized in Kwangtung Province by pirates. I suppose he wants Mr. Bruce Shepherd to wind up his estate just to oblige him.
The debtor, called and examined, deposed that he had been over 40 years in Hongkong. He was born in Hoifung destrict, and was 61 years of age. He had dealt in ducks and fowls eggs all along. A few years ago he commenced dealing in miscellaneous things. He first got into difficulties six or seven years ago. Each year he borrowed to pay his debts, but last year he could not borrow any more money as he lost his cattle-boat and people were unwilling to lend him any more. He was not there when the pirates took the boat, but his foki was there and so also were his customers and his captain. The pirates kept the cattle and sent back the empty Boat. Since then the pirates had been captured in the Kweising district. He had put in a claim for $8,350 for the loss of the cattle. If he got that sum he would not have lost anything. He had no available money now.
His Lordship said he supposed that the debtor had taken out these bankruptcy proceedings simply to avoid being put into gaol for debt. However, he would grant a receiving order subject to the debtor depositing $250 with the Official Receiver.
A COMPOSITION.
In the matter of the Tung Chan firm ex parte the Sui Kat Bank, Mr. J. Scott Harston, of Messrs. Ewens & Harston, solicitors, appeared on behalf of the creditors in support of a petition for a receiving order. Mr. P. W. Goldring, solicitor, of
Mr. John Hastings's office, represented the debtors.
Mr. Scott Harston said he desired an adjournment of the hearing on the ground that an arrangement had been come to be- tween all the creditors and the debtors whereby
■ composition would be effected. As a matter of
Mr. Goldring-Yes, your Lordship. desired.
His Lordship granted an adjournment as
REVIEWS.
The Buck Blocks of China. By R. LOGAN
JACK. London: Edward Arnold. THIS is a narrative of experiences among the Chinese and other peoples between Shanghai and the Irrawadi. Dr. Jack was the head of a party who travelled in the South-west of China in order to examine the mining wealth of the country. The Boxer rising put an end to these investiga tions, and the explorers had to retreat not letterpress were all dull, which is by no means without honour through Burma. Even if the
the case. the maps and photographic plates would be worth the price of the book.
3
Buddhism. An Illustrated Quarterly Review. No. 3. Rangoon : International Buddhist Tue third
Society.
number of this new Buddhist
quarterly magazine fairly keeps up the promise of the earlier numbers. Letterpress and illus- trations alike are of much interest to all to whom this great religion makes an appeal, and indeed to the general reader as well, in a lesser degree. Professor Rhys Davids again has an article, this time on "Seeing things as they really are
-the expression is Matthew Arnold's but it is not so much with Arnold as with the Buddhist attempt to "see things as they are besides that Professor Rhys Davids deals. The Editor, his editorial contributions proper, continues his story or sketch of Bur- mese life Under the Shadow of Shwe Dagon." Dr. Ernest. of Rangoon, writes on
an
Alcohol and the Mind"-an article which might be called "a warning to drinkers." Mr. Maung Tsain. under the title of moderate
Lokamarajin and the Fifth Great Council,” tells of that striking personality, King Min- don Min of Burma. Education in Burma" is anoymous article, well worth reading. Other short articles, a couple of reviews, and the quarterly notes oomplete the number. We is doing much for the furtherance of the study see that the Pali Text Society, 8 body which
mendation. of the Pali language, comes in for deserved com- that our
In a note on Ceylon, also, we see mentioned, the writer stating that Buddhists in late Governor in Hongkong is Ceylon feel satisfaction over the appointment already to look for the redress of their long- of Sir Henry Blake, "to whom they seem
remark, which Sir West Ridgeway recognised standing grievances-grievances, We
cessions before he left Ceylon. also, for he granted a certain number of con-
POLO.
INTERNATIONAL MATCH IN HONGKONG,
may
Members of the Hongkong Polo Club turned out on Saturday afternoon to watch the game Ireland v. Scotland, the final of the Interna- tional Polo Cup. Shortly before the appointed hour a heavy shower of rain came down, and the state of the weather appeared so threatening that it was feared the game would have to be postponed. Things, however, cleared up short- ly afterwards, and although the sun was unable to show
himself through the blanket of overcast the afternoon was cool and pleasant.
The band of the 93rd Burmas struck up a lively air as the eight horsemen trotted into the field. The Irish team, distinguishable by their green jackets, was comprised of Mr. Knox. R.N., Capt. Carleton, H.E. Mr. F. H. May, and Mr. J. Hastings. Scotland, on the other hand, was represented by Major Hamilton, Mr. J. Johnstone, Mr. Cruickshank, and Mr. Lyon, R.N. Capt. Nugent was referee.
Almost immediately after the throw-in John- stone scored a sub for Scotland, in spite of strenuous efforts by Hastings to prevent him.
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