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and the proceeds of the sale on shares which he
realised at a grossly inflated price. It is stated
that Mr. Dastur paid off his overdraft qui te
voluntarily to the Japanese Liquidator.
Our answer
to that, as already given by Mr. Caine, is that
Mr. Dastur did, in fact, have to release his shares. Secondly, Mr. Dastur's payments would eventually
fall under those to be revalued, and not very much
value is likely to be given to them in view of the
depreciation of the Yen.
Enclosure G, giving the decision of the Manila
Court First Instance a case brought by the
Hong Kong Bank, has also been sent to us by
Mr. Morse. It has been examined elsewhere by our
Legal Advisers, who do not consider that the
arguments provide any reason for not proceeding
with Debtor-Creditor Legislation, on the lines
under consideration.
15
Enclosure H is new, being a further memorandum by the Hong Kong Bank's Legal Adviser (Mr. J.R. Jones)
written in the light of the draft Ordinance which
was shown to Mr. Morse by the Hong Kong Government.
I have sent a copy separately to Legal Advisers.
/They
I
J
2
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