367
562
Court resules at 12.15.
Appearances as before.
344.
LAU CLENG CHEUR on former affirmation, states:
rosc-examined by ir. Hampton:
During this period 1/1/71 to 31/12/72 did your branch have a large volume of sterling drafts or a small volume of sterling drafts? It is difficult to say. It happened so many years ago. I cannot tell how many drafts were issued a day.
You have checked all the drafts for that period?
A.
Yes.
563
A.
A.
You must know how many you checked?
A little over 10 issued per day on average.
It would be correct to say that some of these documents you produced contained 5 or 6 drafts in this case accounted for a proximately 50%
of the drafts of your branch?
Difficult to say.
Cross-examined by hr. Gunston:
A.
&
A.
2.
A.
hat is position
- MODEL. KORRUSE FACI
if the exchange rate of in, and & changes between
time draft is purchased in Long Aong and between time draft is
produced for payment in bank?
We would calculate rate on the current rate daily according to
information forwarded to us.
womebody might have given you $1,000 to buy sterling. By the time
that sterling was presented & might have dropped to only 9007 That would not be true because payee would receive & sterling in England and not Hong Kong currency.
But the sterling & received from your correspondent?
Yes.
sterling received might be considerably lecs or possibly more?
In the United Kingdom payor would receive & sterling and not Hong
Kong currency.
rate
What/would you be debited by your correspondent bank - the rate
at which draft was bought or when it was debited?
e open an account in correspondent bank being & sterling and payment
would be in sterling . It would not se calculated back in Hong
Kong currency.