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"share capital subscribed by Chow Jung Ya♦. He entrusted
"it to Peng Wa Chun (otherwise named Feng Hui Hsiang)
"to act as manager for him. According to the evidence
of Pang Chi Wu, accountant to Chow, the latter had Taels
"100,000 worth of shares in the coalyard, which he subsequently increased by a further Taels 50,000; while
"Peng Ya Chun carried on most of his ordinary business
"with capital derived from Chou.
"Chou having embezzled over Taels 2,000,000 of
"public money when he was clerk of the Hoppo's Treasury,
"an Edict was issued commanding him he should be cashiered
"and arrested, and that his estate should be confiscated.
This coal-yard was accordingly taken as a set-off
"against his liabilities, but the British Consul suddenly
"intervened, stating that the coal stored at this yard
had been used by Peng Wa-Chun as a set-off against a
debt of $80,000 which was subsequently altered to "$200,000. It was stated that part of this sum had been
"repaid but that $160,000 still remained outstanding.
"Two figures were thus given on separate occasions as
"representing the amount of money for which the coal
"was alleged to be pledged. Moreover the coal in that
"yard was the property of Chou, so Peng could not under
any circumstances pledge Chou's goods to the Bank. Even
supposing that such a transaction really took place,
"Peng was either guilty of fraudulently mortgaging the
"property of another, or of conspiring with Chou with
"the object of preventing its confiscation. If it is the
case that Peng did in fact obtain a loan from the bank,
"then the Bank should proceed against him for the
"recovery of the debt, but the property of Chou, already
"confiscated cannot be taken as a set-off. I have the honour