Za Kufer
You never got $240,000 for the premises ? premises valued at $250,000.00
But we had
Somebody made you an offer for $250,000.00 of which the Company did not take advantage which profit was not realized ? But the point is that anybody who refuses a cash offer for anything does in fact buy at that price.
It is a question of book-keeping which I am not going into. All I am putting to you is that in fact this profit which you depose to was never realised. You never got it ?
My pp point is that although the offer was refused the value of premises was properly put at the price offered.
If you refuse a cash offer for shares that stand at 60 to night and are 20 tomorrow morning are you justified at
putting them at 60 ? Not after, but as long as those shares remain at 60.
This profit was not written down ? It was written down later after the crash.
Where was it written down ? In the books of the company.
It stood in the balance sheet ? At the time that balance sheet was made the building was worth $250,000.00, when the building value decreased the decrease was also posted to Profit and Loss.
In a different year ? That cannot be helped
diminished.
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the price
In the meantime you used the profit which you did not realize, to a pay a dividend ? You don't have to realize a profit
to pay a dividend, you have to earn a profit to pay a dividend.
The
it had to be in
The Shekki property was never in the bank's name ? company could not hold property in China the name of one of my directors.
It was put in the name of a director ? It was put in the name of a director.
Who is in possession of the Shekki property now? I have no idea.
Who has been in possession of it since your branch closed ? Li Yuk Tin has been in possession of it for a considerable portion of the time.
The Company's title to that Shekki property was not a good
title ? It was intended to be.
In fact it was bad ? I don't know that is a question of law not of fact.
Is it a fact you have not had possession of the shekki premises since your Shekki branch was closed and the bank has been unable to deal in any way with the shekki property ? Quite true. It would be more accurate to say we have not since the death of Jan See Chin.
That
The price of the Shekki property was $83,000.00 ? would be right. It was actually $107,000.00 Chinese money which worked out in Hongkong exchange to $83,000.00
33.