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in the Custodian of Enemy Property, being under enemy control and were sold by him in December, 1919, realising 210,296.54.
3.
On perusal of the documents filed in the Supreme Court Probate Jurisdiction, it appears that the City of Ghent is entitled to the shares, I therefore propose to refund the proceeds of the sale together with $2,150 divi- dends collected, less $21.50 Custodian's fee at 1%, and should be glad, in the event of Your Lordship's approving of the refund, if suitable arrangements could be made for pay- ment to the proper representatives of the City of Chent. A First of Exchange for £1,925. 48. 8d. being the equivalent of 812,425.04 at 3s.ltd., the rate of the day on which the draft was brought, is enclosed.
4.
From the fact that a claim is made for the return of 450 shares only it would appear that Mr. Melchers has already accounted for his disposal of 350, but there is nothing to show what he did with these or with the remaining 400. The matter appears to have been a personal one, and not in any way connected with the firm of Wendt & Co. I should add that no property belonging to Mr. Melchers is known to exist within the Colony, and that the firm proved insolvent, the assets being only sufficient to pay a dividend to their creditors of 201%.
Ex
I have the honour to be,
My Lord,
Your Lordship's most obedient,
humble servant,
7.E. Stubbs
Governor,&c.
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