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FARROW'S BANK TRIAL.
Court.
the Press.
BOXING
NO 1918 PLOT.
Story of a Cancelled Deal. World's Light-Weight Cham-De Valera's Audacious Denials. pionship.
The first pronouncement mado The great public interest in the Farrow's Bank case, the hearing in a fifteen-round contest for by Mr. de Valera since his return of which was resumed in the Now the world's light-weight, cham-to land was issued recently in Court at the Guildhall, London,pionship at Madison Square Dublin an 'a Dail Eireann official, recently, was shown by the queue Gardens recently, Benny Leonard, through the Irish Bulletin, the which formed outside an hour the holder, scared a technical Sinn Fein oircular. It is in the before the time for opening the knock out over Ritchie Mitchell, form of a reply to the Irish papers Both men weighed in at 9 st. 8 lb. issued by the Government during The case was heard by Sir The fight was of the most the week-end, and is as follows:--: In the There was no such thing as Charles Wakefield in the largest spectacular character. Court in the building, accom-first round Leonard floored. Mit- this Gorman plot of 1918. Thate modation in which was mostly chell thrice, but was then sent asserted this in America time taken by solicitors, officials, and down himself by a left hook to after time. I now repeat it here. the jaw, almost taking the full From 1917 I was intimately ini The defendants, Thomas Far-count. From this point onwards touch with all the major activities row (58), chairman and managing the holder had the better of hoth of the Sinn Fein political director of Farrow's Bank matters, although many observers organieation and of the Irish William Walter Crotch (44), were of opinion that if Mitchell's Volunteers, and so I speak with Six Brown Brothers banker; and Frederick Duncan right eye had not been closed by knowledge and authority. Lord Y Abrum Hart (44), accountant, a blow in the first round he would Wimborne, not Lloyd George, were charged with issuing and have given the champion the told the truth on this matter.
"The general character of this Six Brown Brothers publishing a false balance-sheet battle of his life.
with intent to induce depositors In the sixth round, Mitchell report," its total untrustworthi- and investors to entrust and came up gamely, and tried hardness, and its obvious purpons to: Smith's Orchestra advance money and valuable to land some effective blows, but bring to play on the side of the
securities to the bank,
Leonard's perfect footwork and authors of the present military! There were specific charges as blocking prevented him. Leonard frightfulness, in Ireland all the Smith's Orchestra to a sum of nearly two and a half in this round attacked viciously, prejudices and hatreds of the past can be inferred from the millions reported as assots, viz., simply battering his opponent off war
Mitchell was sent to portions that have reference to Joana and advances to customers, his feet.
canvas three times, and me personally. and to £780,000, asid to be the the
"For example, (1) the document Ferera & Franchini value of land in Cambridgeshire Leonard was ready to give him
the knock out blow when the on Army Organisation,' attribut- belonging to the bank.
od to me, and, according to the Mr. Farrow was brought into referee stopped the contest.
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Blue & White Marimba Band Court by police officers, having There was a very large attend-summary in the Press, said to be
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Farrow,
the
808
reason for this. This lotter was handad to me when prosiding at a meeting a few hours before my arrest. It might have come from Lloyd George himself or from the
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failed to find bail. Each de-ance, and numbers of fashionable in my handwriting, is not in my fendant was separately re-women witnessed the fight. Dur handwriting, as they could easily Further, it Was ing the evening young ladies sold have seen." presented.
programmes in aid of funds for neither composed by menor com- posed at my suggestion, nor was Bir Richard Muir, opening the the benefit of war-torn France.
it of my person. I suggest that case for the prosecution, said
representativa American or Con. defendants were, respectively,}
izontal Pro-smen ask Lloyd Mr.
the anding business attracted the atten- George to let them chairman managing director; Mr. "Crotch. tion of a firm of American original document or the photo- director: and Mr. Hart, head of financiers, Messrs Norton, Read, graphic copy of it. It will not. the audit department, who, as & Co., of New York and London, need an expert to decide that the the prosecution alleged, took the who desired to acquire such a writing is not mine. When that ost prominent part in the businosa, He gave details of the is done I will give a full history manipulation of the accounts for negotiations between the Ameri- of the document, supported by: the purpose of the fraudulent can partners with Ferrow and proofs that will be conclusive.
Crotch with deception to the public,
regard to
"The way the British Cabinet and Further charges would have to proposed transfer, said has impressed this document înto be added to those already formul-that at one meeting between its service might be taken as a ated. One of these charges would Crotch and Mr. Raad at the standard illustration of how such be of conspiracy to defrand such Carlton Hotel, Crotch proposed plots are manufactured to meet ombers of the public as should that Mr. Read's firm should pro- the British Government's needs.
"The Press has already com- (OC*DO***************be induced by a statement to vide half a million four hundred
entrust Farrow's Bank with thousand pounds as a reserve mented on the fact that although money or buy shares in that against any possible depreciation, aines are given without reserve Institution.
and one hundred thousand for throughout the report, a letter Whon registered as a public compensating the directors of found in my possession is referred company in May 1907, the bank Farrow's Bank, Mr. Crotch said to as from a known member of had a nominal capital of £100,- the auditors insisted each year on the Irish Republican Army. It 100, which was increased from writing down the assets, and were will be interesting to know the time to time until in October last very conservative, and required a It was raised to £1,000,000. The big margin for depreciation. head office during that period Those were important stato was 1 Cheapside. There were ments, said counsel, and, of course, branches in the country ingrossed calculated to impress Mr. Read
72 by 1920. The bank advertis- with thesolvency of the institution original discoverer of the German I d largely in various forms. One in which he was about to embark plot, Sir Edward Carson. was a pamphles, which gave in-his capital and reputation.
glanced through its contents and formation upon which the public Farrow and Crotch both said later, though the document seem- wir expressly invited to open on several occasions there was aed of no particular consequence,
resource. deposit or current accounts and hidden
Everybody being (if genuine) nothing more AMERICAN DIPLOMATIC APPOINTMENT. hidden resource than the writer's own vie's on
London, Feb. 24. PATTIESBUTTÜÜGIS##0#2099449******** | encouraged to buy shares in knew that
Farrow's Bank.
meant there were assets in the the situation as regards con-
The "Times" Washington correspondent states that special The pamphlet gave the names books stated there at less than scription and the steps that wero of directors and officers in Eng-full value.
taken to meet it, as a safo-guard significance is attached to the appointment of Mr. H. P. Fletcher as land, Scotland and Ireland, with There were other meetings and to the writer from the, attentions Under Secretary of State. He has had a long diplomatic experience letails of 72 branches, and gave lotters, and in July the agreement of the British, should they get the and firsthand knowledge of the Far East, where President-elect in account of the Bank's progress, was finally accepted. In Sep- letter, I pinched off the signature. Harding beneves that America must play a part of steadily increasing which was reported as one of tember Mr. Read saw Mr. Far- This can be seen if the original importance. The choice of Mr. Fletcher means the carrying out of a continuous and unbroken pro-row at Hastings and wanted to be examined.
vigorous policy to be entrusted to a man with the necessary special sperity.
take up his post as managing "As for the document on com-raining. director. Farrow refused until munications, it was given me a Mr. Read had taken up a first a basis from which I might start! It told of dividends of 6 and 7 batch of 300,000 shares he had to work up a system of com- per cent. paid to shareholders, undertaken to purchase.
munications which was needed There were further financial by the Mansion-House Conference 2nd. and gave assets for each year
connection with their since 1908, which showed that negotiations and delays, and
in view of the from £226,000 in that year they eventually after having paid work had by continuously progressive Farrow £5,000 cash as part com threatened spforcement of con- figures reached in 1920 £4,657,000. pensation for loss of office, Mr.scription. In all probability I At the end there was a balance- Rend
elected managing would have altered it so much
The report of M. Pate, head of the Chamber Committee dealing shoot to June 30, 1920, which director on October 18. and im that the system when actually reported that the net profit for mediately started to investigate set up would have but slight with Army estimates, proposes a reduction of nearly 60 million sterling
in earnest the Bank's books. he year was £53,450.
relation to the scheme outlined on a total of 260 millions put down by the Government. The Bank also set out what "HOPELESSLY INSOLVENT." in this proposal. was one of its most distinguish- He soon discovered the finan- "In so far as this whole report ing features-that they allowed cial position of the Bank was has reference to incidents sub- interest on approved current ac-entirely different from the reporte sequant to the 17th July, I know counts, and, said counsel, that made by Farrow, and after an that it is simply of a piece with was one of the chief attractiove outside incorporated accountant the same sheer audacity in lying to persons having small banking had examined the books and which the present British Minis
declared the Bank irretrievably tare bave given evidence of in
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DIVIDENDS OF 6 AND 6
PER CENT,
accounts.
was
was
EARLIER TELEGRAMS.
SUMMERTIME IN ENGLAND.
London, Feb. 24. Summertime in England begins on April 2nd, and ends on Oct.
PROPOSED REDUCTION IN FRENCH ARMY ESTIMATES.
Paris, Feb. 24.
EARLIER SPECIAL TELEGRAMS.
(From Our Own Correspondent.) RICE FOR MALAYA.
Singapore, February 24. The Kedah Government has sanctioned the export to Malaya of
KRUPP'S DOUBLING ITS breated a sensation and has in-
CAPITAL
spired excited speculation about what new great enterprise is planned.
Reported Plan to Acquire Coal Mines.
It is generally believed. the in- ention is to use the new capital
It was also stated that of a and hopelessly insolvent he with respect to Ireland in their public million £1 shares, £700,000 had Mr. Risbe and Mr. Morton, re-statements day by day, state- boon subscribed, 26.486 being signed their positions as directors. ments which are designed to fifteen million gantangs of local rice.. fully paid, while the remainder Farrow and Crotch were present deceive their own people nu less of foreign were partly paid shares, 10s. at the meeting, and the resight than the peoples only being payable on them, the tions were accepted.
nations. We who know the truth remaining 10s. boing payable Mr. Road repudiated his con- and see how deliberately these! only in case of liquidation. The tract on the ground that the gentlemen distort it do not forget false and this fact when estimating the dividend paid last financial year balance-sheat was 6le per cent.
fraudulent. Farrow and Crotch probable honesty of Bo-called Counsel read some quotatione agreed Mr. Road was entitled to offers and proposals emanating
Farrow's Bank Gazette. take that action.
from them. from
Is Krupp's about to participate for the acquisition of coal mines. which, he said, was published for This agreement, said counsel, "The case of Cotter Brothers in the movement which is fas for some time past there have the Sovialistic Saen rumours in the Rubr area propaganda, which concluded: implied a clear compromise that is another instance of how eager-transforining
Indeed, we age speaking they had been personally guilty ly, in the absence of evidence of Republic" of Germany into one hat Krupp's were the prospective guardedly when we declare that of publishing fales and fraudulent any real plot, the British Govern- great industrial trus. ? asked the urchaser of two well-known in the year ahead of us there is balance-abeets in the circum-ment press into their service Day Chronicle correspondent a properties called respectively Amaltte and Heleno" and "Con- every reason to believe that our stantes already known.
every chance occurrence and Berlin. A few drops of this wonderful Essence sprinkled on the stock will have the soundost Apparently Farrow and Crotch document that comes their way, The question is prompted by tantine the Great." This latest Handkerchief and inhaled, Cures Colds, Banishes Headaches, justification for standing at a thought that when they enmeshed if it can at all be made suitable the fact that the world-famous money-raising project has lent Hay Fever, etc.
considerable premium.
Read be would produce the for their purpose.-Eamon de arm is arranging to float a new gnfirmation to these stories. So it appeared clear that Far- necessary funds to save exposure, Valera.” row's Bank were issuing a ate. DIRECTORS' HUGE DEBITS.
There were huge debit balancas mente in the form of an advertise-
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492
St. George's Building.
loan of 250 million, marke, effect this means arsbily doubling the existing capital.
At present Keppp's is practi
InPresent market values of the shares of these concerns howaver, nuch exceeds the amount of the ment encouraging people to invest against some directors, Cratch MORE WORK FOR MR. LAKONT.
proposed new capital, so it is being money with them as bankers, appeared to owe £180,000 to £200,- The Mexiosa Government has cally a family affair, the whol nade in conjunction with other and to buy their shares on the 000. The bank had done nothing invited Mr. Thomas Lamont, of of its shares being in the hands of Germany's masters of "big but lose money sincs 1908. the Morgan Byndicate to visit of half a dozen people. The pros usinesr," who by forming vast NEGOTIATIONS FOR SALE. Evidence was called, a Somer- Mexion and begin on the pre- pest of 15e coming, for the fire ombinations with unparalleled Continuing, counsel said this set House official producing the liminary work of refunding time, Into the open capital marke spital funds, are challenging the
Mexico's foreign debt.
on this unprecedented sale hairy for" spotal sation,” apparently successful and grow-balance sheete.
market.