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Payment was made for the Shekki property by the bank as regards $70,000.00 by two deposit receipt ? Jan See Chin refused to have any dealings with this property unless we paid him cash, but having received cash, he agreed to put $70,000.00 of it on deposit. He insisted on that because of the legal inference.
Was $60,000.00 of this money satisfied by the issue of two deposit notes ? Subject to what I have just said, yes.
He was not anxious to have cash but would sooner have a deposit note on account of the legal consequences? He said "I have got to have immediate cash for my building although I am willing
to myself put some of that money on deposit". I can show you the abortive agreement.
The additional $10,000.00 was satisfied by the issue of 100 fully paid up shares ? He used $10,000 to purchase 100 fully paid up
shares.
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And the actual payment which you gave him in cash was about $3000 ? The point is this that this transaction proves that your use of the word cash has no sense in the ordinary language.
Judge:- Reprimands Mr.Brewer and asks the same question of him? No, there was no money whatever received in notes, because all he did was to put the balance on current account which he drew out from time to time Ho money passed over at the transfer.
Judge:- So really what happened was this:- He had the premises at a certain value and you took them over (Discussion between Judge and witness - could not hear ).
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The only point I want to make is. No cash passed in respect of
this transaction ?
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Judge:- What Mr.Brewer says is there was the transaction they have something definite of significant value and that value was
divided between the figures on the deposit note and the amount which was placed to his credit on current account with the bank.
And the issue of 100 shares ?
Customers' deposits on the Liability side of the Account $466,400.25 You never had that amount on deposit, or anything like it ? I don't know why you should think so does not my balance sheet agree ?
it
I don't know about your balance sheet. As far as I remember, agrees. Customers' deposits $466,400.25. This is where you got the branch transfer ? You never had that amount on deposit ? Did that include $260,000 which you admit was an inter-branch entry which should not have appeared ? It was not supplied by
me.
KA
The effect of this entry on an ordinary per son's mind would be to make him think that customers' deposits were $466,400.25 if
the bank has on deposit nearly half a million, they must be doing a substantial business ? Well we were, I saw no reason to disbelieve those figures seeing them on the books.
You say you were doing a substantial business on current account, at the end of April, 1928 the amount on deposit was $14,011.71 ? Most of it was mine.
So your current account business was not substantial refused current accounts.
?
We
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