Committee Organised by Board to Examine Accounts Debt Liquidation Committee on. Dec. 6, its members, elected by the new board of directors of the China Merchants Steam Navigation Company, have started examining the Old debts. of the shipping firm. edded by Mr. Churtong Yin, merchant and banker, the Committee consists of seven other members, Messrs. Chien Hsing-tse, Li Ming, Zee Yung-tso, Chang Shu-yung, Wang Tse-chien, Wang Ping-tsang and Chen Lien-kuan.
Despite the opposition of certain shareholders, approximately 2,030 sets of the' shipping firm's. shares have been returned at Tls. 50 each at the Central Bank during the last Several days. The total number of shares is 40,000, 'Shareholders "of the will' "appeal to. the fortheoming. third plenary session and the Yuan for a reversal of
Li Cheng-woo, on behalf of the declared 'Merchants' Shareholders Legal Interests Protection Associa tion, at a reception to the foreign and' Chinese press on Dee, 12.
Reiterating that they were not opposed to the transfer of the China Merchants to State ownership, but insisting that they were entitled. tunder the laws and regulations promulgated by the Government, to adequate compensation for the'loss of their property, Mx. Li declared in hhis speech that the price offered by the Government for the China Merchants ras much lower than the actual value of the In support of his contention, Mr. Li told the press representatives that the total value of the China 'Merchants' properties was estimated at Tis, 70,000,000, or $10,000,000, but that the Government was ready to buy over the company's shares, which represented the total value of the company's of only approximately Tls. 2,000,000, Many of the shareholders had mort gaged their shaves to the banks at the price of Tls. 100 each set the sum offered by the Govern for their purchase was insulfi even for the payment of interest on such mortgages, Mr, Li stated.
Continuing, Mr. Li said that, on December 21, 1929, the Central Government promulgated a series of regulations governing the supervision of privately owned public utilities, according to which the Government, intending to place such public utilities under State ownership, must notify the owners a year before carrying out its decision and the right to assess the value of the property of such public utilities would belong to experts. Tu the ease of the China Merchants. S. €o., the Government ha comply with the regulations which had been promulgated by itself, hence the opposition of the Chins Merchants' sh to transfer of their property to the Government.
We hope that the Government has not promulgated the above regulations, but we don't hope that the government will not comply with the regulations enacted by itself," the speaker declared in conclusion.
Order for Arrest of Chen Fu-mo Nanking, Dee. 8. tot the Central st of "Chen Fu-mo, forme supervisor of the China Merchants S.N. Ca., has been issued the Shanghai District Court in ao._ Chen, it may be, noted:
Text read from the printed page and cleaned; old type leaves the occasional error.