38
Mr. Stephens-The application for annullia ? the bankruptcy. The matter stands in that form atthe present momsat. I applied on the last | occasion that the bankruptoy should be sunulled, | as the bankrupt was enabled to meet all his oreditors in full. Your Lordship directed that I should bring in a onsent from all the oreditors, but there was one I was unable to bring in.
Mr. Almada-I am appearing for Watkins Li. and do not object to an adjournment.
His Lordship-I don't see why you should it you are going to get your money. The oase is adjourned for a month.
PUBLIC EXAMINATION.
Re the Shin Hong Tsearg firm. This ex. amination was conducted by Mr. J. II. Kemp, the Trustee in Binkruptor, aud Mr H. W. Loo ker (of Messrs. Deacon, Looker and Deacon, represents the majority of the creditors.
He
Tai Kwan-po said he acted as manager of the Shin Hong Taesung on the death of his father, which occurred on February 14th, 1898. was a partner in the firm, which had been oarried on for about 31 years. During the last two years they lost money in the business, bat previous to this they made a profit of from 8:00 to $200 a year. The failure was due to loss of business, and a loss of 86000 on a house, Th+ Their shop was a foreign goods shop. liabilities were $15,90, and the assets $4200, mide up of $1200 cush ; $14 ×) debts da to the firm; and stock worth $16, That stock sold for $176
ife becam A
THE HONGKONG WEEKLY PRESS AND
Mr. Looker-If the deb'or has got pro-; perty be on dispose of it. It is his duty t do that and hand over the proceeds to the trustee.
His Lordship-But supposing the Bankrupt 'y Ordinanc does not extend to property else where-where the property is beyond the power of the Colonial Government ? If it is not property that the trustee has power to take it would follow that it is not property to disclose. Mr. Looker-[ think the trustes has power to take it through the Consul at Canton. The Officis River informs me that this has been done.
[January 20, 1908.
market prica and phaiat'ffe informed them that they could not say that under the con. tract. Oi Deccembr. 7th the bill bəı ne due, and plaintiffs applied to the defendants for payment. Defendants refused to pay, so plsin. iffs pail the bill. What they were now suing for was £48.113. Defendants ought to have paid in the first instance on Angast 7th, but the ❘ time was extended to December 7th. They did not wish to be out of prok it; all they miked for under the contract" was their 24 per coat oɔmmission
His Lordship-What did you py?
Mr. Dixon-$532. That was at the rat› of
His Lordship-It you once start the criminalsrobsage raling on Dember 7th ? law in motion the point will have to be discussed. The who's question is a very biz one, Perbap, under the circumstance, this little pressure may icduse the bankrupt-
Mr. Kong Sing— Che bill was drawn on you, it' was not P
Mr. Dixon----
Mr. Looker-We hope that it my. has been known to do so before. The application was granted.
Monday, January 13th.
IN SUMMARY JURISDICTION.
BEFORE H18 HONOUR MR A. G. WISE (PUISNE JUDGR).
DISPUTED W OL CONTRACT.
-Yox.
Mr. Kong Sing-That is the point, my It Lorl.
At the time these goods were ordered there was a prie、 list of 1/4}, and that was the price given to my olients, who agreed to it. The goals arrived in April, but no notice was given to my client. He had to make drawa ca the personal application. This bill plaintiffs, and when exchange rose my olien ta off red to pay in dollars, which the plaintiff. refused to accept I har paid what we admit to be dus into Court. Plaintiffs are liable on the bill,
Ip On and Co. ought to recover from the Fu Kut Cheong firm the sum of $197.95 for Etanined by Mr. Looker, debtor said he was goods sold and delivered, and agreed interest now a partner in the firm. partner immediately his father 1904 the firm made a profit of Taels 82, and every year before that there had been a profit. Debtor's father started the firm, but when he died he was without means.
died. Ia
You maintain that he had no property when be died ?—He had no mɔɑsy.
You have some property in the country? -No.
I pat it to you that you have a family house ia Sia l'nog village ? —It's untrue,
I pat it t you that you have 48 mins of field at Kwan Ping village, a share in the Yee Chi medicine shop of Canton, a share in the Tang Tai Shop and a share in the Wo On shop of 87, Bonham Strand East P-No.
Did you not tell another creditor that you would sell your paddy filda to py the shop's debts ?-I did not.
Why have you beɔn gradually selling the ?-Boau e goods ani winding the business up there was a loss.
Mr. Looker asked leave to oill witnesses who would swear that the debtor had told them that be owned property in the country.
His Lordship-Very well, but I think you should warn him first,
tr
The witness was warned accordingly. Cheung Tong, compradore Masers. Meyerink and Co., said th debtor had told him be owned several fields in the country, and that they were valued at between 87,00) Kud 88,0 0 and that he (the debtor) had some shares in the Wo On shop.
Debtor-Did I mention paddy fields?
Witness-Yes, you said would rather go to jail than sell them.
you
Cheang Hok-lam said the debtor had told him not to be anxious about his debt as he owned some paddy fields which he would sell, if
necessary.
Was
Mr. Looker applied to his Lordship for a warrant for the debtor's arrest as there evidence that he had committed a breach of the Bankruptcy Ordinance in concealing his pro- perty or failing to disclose it,
His Lordship-Yes, there is a certain amount of evidence put before the Court.
Mr. Looker s id the creditors desired to prosecute, and he was told that there was farther evidence that could be brought forward at the proper time. He asked for a warrant for the arrest,
His Lordship-I think there should be a warrant say, within a month. There is this point: you will be bound in the bankruptcy by the finding of the jury in the criminal case.
Mr. Looker-Yes. If they acquit him thea there is no property.
His Lordship-You will have to accept that. The jury must be mtisfied there was no intent to defraud.
|
and commission thereou, Mr. P. Sydenham Dixon (of Mr. R. A. Harding's office) appeared for the plaintiffs, and Mr. Otto Kong Sing for the defendants.
On
Mr. Dixon stated that the plaintiffs' claim was for Berlin wool, and the defendants bad sum of $187.71, 80 paid into Court the there was about 8100 difference between the partics. He supposed the parties were agreed ti a great extent upon the faola November 17th, 1906, the plaintiffs entered into a contract with the defendants by which they agreed to buy five cases of Berlin wool at the invoice prics plus 21 per cent ommission, and the terms of payment were ninety days from delivery of the goods. As soon as both parties had signed the contract plaintiff wrote to their agents in Hamburg to procura the goods for them, staling in the letter that they enclosed a trial order for five cases of Barlin wool which was to be taken in hand at the lowest price possible in order to give them a start in that line. On April 4'h they received a letter from their agents in Hamburg stating that they had shipped the goods, and enclosing an involo. The mode of payment was by bank draft. On the same day as they reosid the invoice the Hongkong and Shanghai Bink presented a draft for £18.11.3. On April 20th a foki from the plaintiffs' shop was sent to the d-fendants' shop, told them when the goods were expect d to arrive, and gare them a copy of the invoice
A boat which the defendante accepted. week after this the goods arrived and On May 10th placed iu godown. defend lots went to p'sintiff' shop and asked for delivery of the gods. Plaintiffs said the goods were in godowo, and gave the defendants a delivery order; they also told them that ander the bank draft they would have to pay The defend for the goods on August 10'h. ants said "All right." At the end of July, and on
August 1st plaintiffs went to defendants at their shop, and reminded them that the bill had to bɩ mat on August. Oth. On the scond visit the defendants said they did, not think they would be able to meet the dent'. Bi Lordship-Had they bought the goods?
Yes Mr. Dixoo
were
His Lordship- And taken delivery? Mr. Dixon-Yes.
Proceeding, Mr. Dix ›n stated that on Augnet 2nd the defendan's asked for an extension of th time of payment. Plaintiffs said they could not grant this thems Ives, bat would have to cable o 'amburg. Thy did, and on August 7th were informed by the bank that they were perfectly willing to extend the time of payment to December 7th. On October 10 h plaintiff | again sent to defardants to know if h‐y onal i meet the draft. Then defendants, for the first time, raised the point that the price was too high. As a matter of fact it was a fair
|
|
Mr. Dizon-We extended it expressly for your beg-fit
After bevring the evidence bis Lordship gavo judgment for the plaintiffs for the amount paid in, and judgment for the defendants for the differeno bitweea tns amɔuat paid in and the a uuuu! claimed.
Tuesday, January 14th.
IN SUMMARY JURISDICTION,
BEFORE HI HONOUR MR. J. Wise (PUISNE JU50%)
MONEY LOAN ASSOCIATION CASE. Aotion was brought by Mr. C. F. Dizon (of Mes rs. Hastings and Hastings) si trustee of the bankrupt extite of Kwok Pai-chi, to reonver from the Ï'ai On Chan firm the sum of $600, alleged to be due by them to the bankrapt's estate in respot of a monany Ioan association. Mr. Davidson (of Messrs. Hatiugs and Hist inga) appeared for the plaintiff, and M. P, W, Goldring (f Messrs Goldring and Bielow) for the defen laute,
His Lordship (to Mr. Davidson)—I would like to know what locus s'and your client bas? This money is not due to the estite?
Mr. Davidson —I submit it is His Lordabip- An outside creditor cannot claim this loan association mɔney. nothing to do with the general creditors.
It has
Mr. Davidson--I submit sach member of the Association made a separate contenot with the promoter, and I submit this money is part of the bankrupt's estate.
His Lordship-You mean to say an outside ored tor for goods sold and delivered is eati·led
to share in it ?
Mr. Davidson-Ys, my L`rl.
His Lordship-Well, you curialuly cannot deliver it to them. It is in his hɩule to die. tribute among members. They pay subscrip- tions each month, and be takes the discount as profit It is not part of the general estate; in foot, it is not the prop rty of the biok upt at all.
Mr Davidson-I submit the general areditors are entitled to share.
Hs Lordship-The object of an association Whea of this sort is to beneft the promɔter.
1
man or
woman gets into difcalties, he or she starts a loan association. The trustee is «oting for the general creditors, but the
who
this la share 018 only people
to the assodi a- money are the subscrib ·rs tion. I think it has nothing to do with the trustee in bankruptcy.
Mr. Davidson—I submit the trastes is on- titled to me unless the defondsat shows that he is a trustee. I submit the onus is on him to
do that.
His Lordship-I am not g ing to decide that point just now. I will adjourn the oume until Friday.
Page 10Page 11
No comments yet.
Private notes are available after approval.