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45
order to carry out intelligently and to the best interests of
ell concerned the Crder of the Crown.
Further, that during your absence on Hoc lerve,
I have at all times consulted the Deputy Registrar, in our
absence acting Registrar, who has been in full agreement as
to the necessity for and the advisability of every step taken
in reference to the upkeep of the ship and has given his
consent thereto.
The unfortunate fact that the ship did not sell
months ago is obviously due to unforeseen ani abnormal
conditions which have prevɛiled during the past twelve months
or more.
Auctioneering & Brokerins Camcot's failure to v into
Court proceeds of Sales and lucutions.
About the beginning of August, 1926, the Chinese Campradore of the above caspary, ong Fung Siek, who, I an
coupENY,
informed, is by the company's articles of agrement Treasurer as well as a Director of the Company, Learned through Chines circles that you had stated that monies exp.nied by the Auctioneering & Brokering voy. on the "Lin lau" were not a first charge on the proceeds of the sale of the ship but would require to be scuit by mit fra ti.e estate.
It can only be surmised that upon learning this, and fearing that the sale price would not realize sufficient funds to pay all debts in full, he set to work to withhold monies from the proceeds of selus to cover his expenditure. Owing to the fact that several large les occurred in quick succession and partly to the fact that during the preceding twelve months of business depression it has been found necessary to allow a Largin of 'grace' dys in which
to settle Court accounts, he contrived to accomplish this
undetected.