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1927, by Mr Leo Ping Chuen, Manager of the Instone Bank "as advances towards the bank's contribution for preparations to form a branch of the bank at Singapore." This sum will be returned to Head Office by Singapore Branch. "Received Payment - Yong Si Lie" This is the receipt (Ex.NIB 13) in respect of the money that was given for the branch at Singapore. I recognise that.
The branch at Singapore was never opened ? In fact, never opened- not our fault.
Certain steps were taken I believe, with a view to opening a branch at Singapore ? I was down there twice.
Certain expenses were incurred ?
Yes.
He was
Which had been paid out of this $10,000.00 ? entitled to use this $10,000.00 for expenses, and they were to be refunded by the Singapore branch.
The branch was never opened ? No.
And a portion of this $10,000.00 had in fact been spent by Yong Si Kie before the date of this balance sheet ? I cannot say no accounts having been rendered he was liable.
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Had any of this money been spent ? To my knowledge not one cent but to my information, yes.
Had you been informed before the date of that balance sheet that some of the money had been spent ? Before the date of that balance sheet I received no information.
This copy was found in the Copy Correspondence - (letter dated March 8th, 1928 NIB 14 Read). (Mr. Brewer says the date
is wrong it should be 1929).
N.B. In confirmation of my statement re date please check address on letter. If addressed to Cross Street, Singapore, date 1928 were prima facie correct if address "Hongkong" "Present" or "Local" my statement of date 1929 powerfully confirmed.
Yong
What you did know was that the money had been paid to
Si Kie for the purpose of opening a branch at Singapore, and the branch was not opened, and you had information that certain money was spent for preliminary work? entirely disbelieve the expenses were $4,000.00 I believe it amounted to a few hundreds.
I
Did you know that any work had been done in connection with the opening of the branch at Singapore ? I did this work I did not know of anybody else doing it.
The branch would have been opened but for the fact that you
could not get a licence from the Singapore Government ? Precisely.
Why did you give $10,000 to Yong Si Kie if he was to do nothing? Because we believed that we were going to open then I went down there. He got that money - then I went
down about the licence. When we did not get it- there is other correspondence which you have not put in where we kept writing to ask him to send the whole $10,000.00.
I have not seen it. That was not a proper statement
$10,000.00 Cash at Singapore"? This was cash in the proper dictionary and commercial sense and the only heading you
could put to that is "Cash" I have taken the trouble to
15.