As a result of a creditors' meeting in the US, Court for China on Tuesday, Oct. 29, Mr. Frank L. Hough, llquidator of the A.-O. Banking Corp. AO. Finance Corp, and the Raven Trust Ca.,, was appointed trustee of the assets and affairs of Mr. Frank Jay Raven, who filed a petition in voluntary Bankruptcy. Dr, George Sellet appeared on bebait of the Jiquidator of the Raven companies, Mr. Jack 'Yuen on behalf of the Underwriters Savings Bank and the Asia Life Insurance Ca, and Mr. R. T. Evans on behalf of the bankrupt. After an examination of Mr. Raven by Dr. Sellett, the creditors' meeting was adjourned sine die, 'A feature of this meeting was a short address to the court by Mr. Evans, In which he said "wish to say that i is impossible for the debtor to be ignorant of the fact that there is a lot of talk and gossip to the effect that he has secreted his assets, and put them in his wife's' name," or in someone else's name, and that some day they will turn up and he will get out of the matter very nicely and easily. take this opportunity of emphatically denying these reports. far as it is possible to be, the schedules in these proceedings are complete, and one of the objects in filing them has been to subject the debtor to the fullest possible examination as to his affairs and assets, in order to settle the various rumours and put them at rest Mr. Raven, on being put into the witness-box, testified as to tne accuracy of documents fled by his counsel, being then cross-examined by Dr. Sellett:
Dr, Sellett: with reference to the our insurance policies. In connection, with "these, have you caused any change to be made in the beneficiary recently in any. policy which may [have been taken out on your life Mr. Raven: In the Asia Life p-hey, 1 changed the beneficiary some months ago to my wite.
What was the amount of the policy?—There were two, one for about $10,- (000 in local currency, and the other {for about U.S. $5,000.
Who was named as the beneficiary before the change was made?—The Raven Trust Ca.
For what purpose was the Raven Trust Ca, named as the beneficiary?—They were handling the policies in a {trust fund for my wife.
Was the change in the beneficiary made before or after May 23, 1995?—After May 23.
You were insolvent then?—Yes.
You set out as assets various tracts fof land and various parcels of real estate. In connection with land outside the Settlement, in whose name is that land? In other words, who is the owner of the land as re-Jgistered in the new Chinese Title [Certifieates?—The Asia Realty Cc.
After examining Mr. Raven 93 to the procedure whereby foreign companies purchase land outside of the Settlements, Dr. Sellett asked:—Does [Mrs. Raven own land in China?—No.
Do you own Jand in the United 'Do you own land elsewhere, apart, that is, from those mentioned' in the [petition?—None whatsoever.
Does any immediate member of your family own land in China?—
Are you aware of the financial condition of Mrs. Ravent—Yes, she has very" little personal property or money.
What would you estimate to be the value of property and money owned by Mrs. Raven?—Oh, G.$2,000 roughly.
And by your three daughters tosgether?—G.$1,000 would cover It easily.
And your son?—G.$500.
There being no further examination by creditors. Mr. Evans asked his client: "With reference to the two insurance policies, you borrowed money against them some time ago?"
res," replied Mr. Raven, "The present cash value of these policies is US, $58, and Shanghai $37 Mr. Hough was then, by common consent appointed trustee to Mr. Raven, Dr. Sellett pointing out that Mr. Hough represented almost 90 per [cent. of the creditors.
An interesting legal question was involved when Mr. Evans on Friday afternoon moved that proceedings against Mr, Raven be stayed in view of the fact that he is now a bankrupt. The motion was opposed by Dr. George -Sellett. Giving his decision, Judge Helmick said that proceedings in the three equity cases—involving the Felurn of the Tls. 405,000 accepted by Mr. Raven as honoraria from the American-Oriental Banking Corp. the American-Oriental Finance Corp., and the Asia Realty Co—would not be stayed, as it was q the obligation of stage, and consequently the Court declined to halt the proceedings for the moment.
"With regard to the two other cases, brought by the A.-O. B.C. and the A-O.FC, with regard fo loans and overdrafts, the court stayed proceedings, as under the law these proceedings were provable and dischargeable. They will now doubtless appear in the bankruptey proceedings los proved claims.
The academic question involved in the first three cases was whether, in view of a decree by the court that Mr. Raven return the honoraria, ther could be treated as simple law<suits, and referred to the receiver, whether they were personal obligations on the part of Mr, Raven when, as in the case of alimony and certain other cases, they are not stayed as a matter of course when bankruptey proceed-Ings are instituted.
Text read from the printed page and cleaned; old type leaves the occasional error.