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You say that you were satisfied with the amount of working capital that you were receiving at all times previous to that date ? I go further we could have had more working capital but I refused.
You had enough working capital at all times up to the time Mrs. Jan Bee Chin failed to pay ? Yes, and I say I could have had more working capital if I cared to receive more, but I refused.
You were perfectly satisfied with the way your money was coming in up to the time Mrs. Jan See Chin failed to pay her debt on the 1st June ? Do you mean me – or others ?
You? Yes, I was perfectly satisfied.
I am dealing now with the directors meeting held 10th March, 1928. The minute signed by you this is the resolution passed by you at the time when you say you personally were Batisfied with the way capital was coming in- "Thet to
enlarge business directors must be required to make full payment for shares; that those not so paying shall forfeit their shares and position; that those paying may automatically apply for and collect annual bonus.
**
Passed
un an imou sly. You still say you were satisfied with the way
capital was coming in? Yes.
Why was it necessary to pass such a resolution about directors forfeiting their shares ? In order to enlarge the business. The business as it stood was in a perfectly capitalised position. They wanted to open two new branches that was a different matter. Because they were doing it against my wish I was stringent.
G
There was another resolution passed at that meeting that Kr.Cho Sing Chỏ be offered the position of general manager and be required to pay the balance of share, monies. He had not paid the balance of his share monies? He had paid 35%
As a matter of fact, when Mr.Chau Sing Cho was applied to pay the balance of his share monies he refused ?
Yes, you will also notice he did not hurt us in any way. We did not want his money, we wanted him to pay his money because he was offered the position as general manager. We did not want a general manager who had not paid his money. You have jumped to conclusions.
He was of good standing ? Yes, but he was not proposing to act himself; he was proposing a nominee.
At a meeting held on 25th September, 1928, I agree that this was after your limit, 1st June, 1928 the question of going into voluntary liquidation was discussed ?
I was extremely keen on it as soon as I found the Canton Shekki situation could not be leared up.
Is it a fact less than three months after the publication of the balance sheet the directors of the company were discussing the question of voluntary liquidation ? I agree.
And voluntary liquidation was the most frequently discussed subject at your directors meetings from September 1928, until you went into liquidation in May of this year? Perfectly true.
5.