*
May 1, 1909.]
The mile and a quarter brought forth the largest field of starters for the day, twelve. The shades of evening were closing in as the race was run. Passing the Grandstand for the first time Gambler was in the van, Vine being second and Sidier Dhu third. As- cending the incline Gambler was partnered by Garth, the latter pony emerging from the rock in premier position and leading into the straight. There, Astral and Seafoam, who had been lying in good positions throughout, were persuaded to make the pace. Astral promptly responded, and the colours of the Hon. Mr. May passed the winning post about a length ahead of Garth, Seafoam running a good third. Time--2 min. 44 4/5 secs. Astral paid a dividend of $14.50 in the Pari Mutuel; in the Cash Sweeps his drawer received $418.95. paid $119.70; and Seafoam *59,85.
г
THE TENNIS TOURNAMENT.
Garth
Miss Ella Rowe will ts-day to present the prizes won in the recent Racquets and Tennis Tournaments to the following:-
RACQUETS SINGLE HANDICAP.-H. Han- cook, (Scr.)
RACQUETS DOUBLE-HANDICAP-R. and H. Hancock, (Scr.)
CHAMPIONSHIP,-H. Hancock, (Scr:)
MEMO. The holder, R. Hancock, being. absent from the Colony, the runner-up in the competition, H. Hancock, becomes the cham pion for 1909.
SINGLE HANDICAP
CLASS.
Winner
C. A. Carr (owes 30/4) Capt. G.T. Brierley, R.A., (owes 15/3) Runner up
SINGLE HANDICAP
C. C. Hickling (owes 30) W. G. Worcester (owes 30).
4
DOUBLES HANDICAP
F. A. Whyte
E. B. Byrne, 105th Mahs. }
B. O. Hutchison
T. H. King
99
B CLASB.
A
CHINA OVERLAND TRADE REPORT. another good sign, because it taught the differ- ent people to understand one another. His Lord- ship then called upon his wife to proceed with her task, the call being a signal for general applause.
Mrs. Lander distributed the prizes to suc- cessful competitors, and when the last prize was presented, was accorded three ringing cheers.
HONGKONG FOOTBALL LEAGUE.
PRESENTATION OF CUP.
League held at the Y.M.C. A. Rooms on Tuesday At a meeting of the Hongkong Football the Hongkong Daily Press Cup was formally handed over to the League, and subsequently presented by Mr. B. A. Hale, the managing editor, to the Captain of the Buffs.
Mr. HALE, in handing the cup over to the League, referred to the success which had at. tended the inauguration of the League, and asked Mr. Storrie as secretary of the League to accept the temporary custody of the cup.
Mr. STORRIE, in accepting the cup, expressed the indebtedness of the League to the Press for the support it had given the League and especially the Hongkong Daily Press for having given that handsome trophy.
Mr. HALE then presented the cup to the Captain of the Buffs whom he congratulated on their good sporting record and afterwards presented the silver medals given by the League to the members of the winning team.
Votes of thanks concluded the meeting,
365
founded, for, but for the independent and deter- mined action of the prosecuting shareholder the iniquities of these directors would have been overlooked in the interest of the company's reputation and rehabilitation. They would be no longer connected with the company, but would be free men, neither socially nor legally punished, and at liberty to carry on their speculations probably to the ruin of shareholders less able to bear loss than the shareholders of the great sugar. company.
The Japanese press hails the recent deve- lopments with the greatest satisfaction, and altogether it is a healthful sign for the future of Japanese credit that the press and public are justice. Perhaps it might be objected that this taking such a determined stand on the side of is only natural in the circumstances, but it is really creditable of the press to take up a definite attitude while the authorities of the law were un-
decided. But for the initiative of a shareholder it is probable that no action would ever have been taken with the object of punishing the directors for a breach of the laws. The Government, a creditor to the company in the sum of four million yen, was and is inclined to overlook the criminal aspect of the case with the object of re-establishing the company as a going concern and thus ultimately making good all loss. Here for the natural effect of their policy would be the authorities appear to be seriously at fault,
disastrous to the morality and credit of the Japanese, while severe punishment of the guilty will have a most wholesome effect, of far greater value in the long run than anything to be saved by hushing matters up. In this connection it is interesting to note that foreign influence has apparently been at work in bringing matters to the present head. The sugar company was one
Winner THE JAPAN SUGAR COMPANY. of the gilt-edged investments, and foreigners
Runner up CLABS.
owes 30/2 Winners
rec. 3/6 Runners up
19
DOUBLES HANDICAP “B CLASS.
C. C. Hickling
E. C. Hagen
D. K. nderson (Buffs).
R. P. Webb (Buffs)
owe 15... Winners.
owe 4/6 Runners up
PROFESSIONAL PAIRS.
Capt. H.M. Beasley, R.A.
E.E. Byrne, 105th Mahs. Army... Winners.
T. E. Pearce
P. H. Klimanek
Merchants Ru'ers up
CHAMPIONSHIP.
Capt. H. M. Beasley R.A., H. Hancock..
Winner
Runner up Owing to the absence of Capt. Beasley the match with the 1908 Champion falls through and the Chater Challenge Cup will there- fore be returned to Mr. C. A. Carr to hold again until the 1910 Tournament.
HONGKONG SCHOOLS ATHLETIC SPORTS
On Monday was a gala day with the school children of the Colony, the annual athletic sports meeting of the combined schools being held on the race course, kindly lent by the committee of the Jockey Club for the occasion. The weather was a trifle on the warm side, but it was no doubt
the inviting day which accounted for the very large attendance. There was a big programme to be carried through, and as there were numerous entrants in all events, the committee were kept busy throughout the day. Music was supplied by the band of the 13th Rajputs under the baton of Bandmaster Coke. The gold medal presented for the champion athlete of the meet- ing was won by H.E. Markar.
At the conclusion of the sport spectators and competitors assembled in the grandstand, where Mr. Brawn asked Mrs. Lander to present the prizes.
FROM OUR CORRESPONDENT.]
Tokyo, April 15th.
The papers are daily giving full particulars of the arrests made in connection with the failure of the Dai Nippon Seito Kaisha, and there is now every indication that those re- sponsible for the suspension of this prominent company will be brought to justice and punished as they deserve.
The revelations of the methods by which the directors of this company declared the usual 15 per cent per annum dividend, when in reality the company was in a disastrous condition, formed one of the New Year greetings for the Japanese investor, and since then a series of exposures have taken place. No proceedings, however, were taken by the public prosecutors and it was beginning to be feared that the criminals would be allowed to escape when action day, April 11, the houses of several of the was suddenly instituted, and at 9 a.m. on Sun-
directors were searched and arrests made. The legal machinery, it appears, has been set in motion against the will of the authorities by a shareholder charging certain of the directors with the misappropriation of 850, 00 yen. On this complaint the public pro- curators were compelled to take action, while it is generally believed the Government desired in view of the prominence of the company to effect an adjustment, if possible, without resort to the courts. One or two directors are now in prison awaiting trial, others are closely watched by the police and practically prisoners, while many other persons, former officials of the company and members of the Diet, supposed to have been bribed; are in the position of suspects liable to be sent to prison at any moment. These proceedings are taken on the evidence of docu- ments seized at the offices of the company and at the private residences of those concerned in Tokyo and Osaka.
The charges against the accused are the most flagrant that can be conceived-falsifying entries in the books, bribing candidates for the Diet during the elections last year, borrowing the HIS LORDSHIP THE BISHOP, before his wife company's money with the company's shares as proceeded with her task, congratulated the com- security, declaring dividends when some four mittee on the success of the meeting. On look- million yen was due to the Customs for sugar ing through the programme he found that there duty; they are of such a nature that ultimate were over one thousand entries, one event bring-exposure becomes certain and can only ing forward as many as 8 competitors. He be possible where corruption is widespread thought this was a very good sign. another and the fear of the law reduced to a glance at the programme showed him that as
minimum. And the confidence in this respect many as nine nationalities competed. This was of the fraudulent directors appears to be well
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were largely interested. Among the heavy shareholders, according to the press reports, is the British mbassador at Tokyo and members of the Embassy, and it is alleged that Sir Claude MacDonald urged on the Premier the necessity of taking action against the directors for the good of Japan's credit. The Embassy has denied this report, but it is probably more than half true, if ir Claude is a shareholder, for a man in a position of influence could hardly refrain from using his influence in the right direction in such extraordinary circumstances, although, technically, it might be a very undiplomatic thing to do.
All the facts reported up to date regarding the Dai Nippon Seito Kaisha go to show the in- security of the shareholder in Japan under the present administration of the law, which in commercial matters is lax in the extreme. This is due to the nation's inexperience and also to the national temperament, but the remedy for the defects will be Lastened by such that of the sugar company, providing the examples of commercial mismanagement as
law is vindicated to the full in this case.
Never before has the attention of the Japanese public been so concentrated on commercial
matters, the result of a series of company frauds occurring at a time of acute trade de- pression. Hitherto the attitude of the share- holder has been one of blind obedience, but he is now beginning to realise that he also is partly responsible for the situation, that he has in the past appointed the autocratic director and the useless auditor and adviser; and with his awaken- ing we may anticipate an end to the corruption and mismanagement in public companies such as are revealed in the case of the Dai Nippon Seito Kaisha.
GERMANY AND KIAOCHAU.
In the Budget Committee of the Reichstag on the 26th ult. Admiral von Tirpitz defended the estimates for Kiaochau, and as in previous years condemned the idea of an evacuation of what a Centre Party Deputy described as the Potsdam of East Asia. He felt sure that passi- mists would soon be silenced.
Notwithstanding the economic depression, the revenue of Tsing-tau had risen by $40,000 (about £3,500), while the revenue of Hongkong had fallen by $200,000 (about £17,500). Shipping and railway figures were advancing, coal exports were being multiplied. and industry was expand- ing. Admiral von Tirpitz refused to compare Kiaochau with Wei-hai-wei; Hongkong afforded the only parallel.
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