34.
36
JEF
Thoma on. (Foremau of
the jury).
A.
i
A.
ི་
Ao
JI
He was under obligation to pay more than the 10%. He was under the obligation of paying the loan. You did not receive sufḥ at all.
This $55,000.00 that Mrs. Brever had, where was it obtained?.
I would like to mention that it was explained in my Puolie Femination. (Explanation given as par the Public lisamination, also the letter to the Directors read).
wo have heard nextain mention as regards a compet- ant manager which was to be appointed. There was & x. Chow Sing Chor, he was a director of ours and held $100,000.00 worth of shares in the Company. He was the manager of several banks in Canton and they were very keen on getting him and he fkom tirm to time promised that he would do so but kept putting it off. I pestered the Directors to provide me with this manager. There was another generid Lunager who was being considered, so that in March 22 7c gave Mr. Chow Sing Chor a last chance to accept this position of manager ship or refuse. he wrote a latter refusing, whereupon we invited the second man on the list that his application would be accepted. The man who was invited was compelled to put it off until after the audit of the books. He was the auditor of our firm.
Since the audit we had the Canton and Shekki trouble and so the matter lapsed.
There was never any intention of advertising in the open market, so to speak”,
No, because the Directors wanted Chow Sing Chor and nobody a246. They preferred to keep one interested in the bank.
I de nos understand how the business was carried on, but when there is practically no margin of interest between the loam and money paid in advance, it seeme xìraorð: nary that a Fresident and ten Directors were working for love. How did they consider that a good working arrangement?.
There in ma attempt to make any profit out of this system of zeɔoiring and lending money. The whole object was adaply to transfer a debt which could be called upon. We made our profit working as a bank, de luade $95,000.00 net profit for the first years working. The clerical work was very minute.
I should have thought it would have been a consider ahko amolub of work.
You must r encaber that the people who benefited by theje trɛndactions was the bank and not the share- holders. Beceuse the shareholder is obligated to pay 10% not more, whereas they voluntarily offered to pay the full 100.
They gained nothing for it?.
The only (gument which I could induce them to do this was for the good of the firm. The directors when we started really considered the idea of building my the firm,
Lis Lordship:
The advantage to prospective shareholder s
was they expected to share all the profits of the firm.
Mr. Thomson: You say you had application for 2,800.000.00
a lot of which people were willing to pay up more than 5 or 10%.