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$3
No directions of the Court were sought with regard to the arrangements to be made for finding funds or supplies for the ship, or for the arrangements to be made for safeguarding her, or for the sale of her perishable stores.
Both Mr. Nisbet and Mr. Melbourne express the opinion that on the failure of the judgment creditors to find the requisite funds it would be proper to apply to the Court for directions.
The First Bailiff on the other hand maintains that his action in respect of the "Ling Nam" was entirely in accordance with the previous practice of the Court.
It is necessary to carry the position with regard to the S.S. "Ling Nam" a stage further.
On the 1st November, 1926, the ship was again put up for auction on a reduced appraisement of $150,000.
There was a single bid of $150,000 which was accepted, and this sum should have been paid by the 8th November.
A deposit of $30,000 should have been paid but at the conclusion of the sale the purchasers stated that the money had not arrived and they deposited only $2,000, promising to pay th balance next day. They failed to keep their promise and
deposited only a further $1,000.
They were given until the 22nd November to complete their purchase but have failed to make any further payment, and it now appears highly probable that the sale will fall through.
Since the 27th August, 1926, the Auctioneering and Brokering Co. Ltd. have made no further advances for wages of the crew and have supplied no provisions.
From that date until the 1st November the Asiatic
Petroleum Co. and the Dock Co. provided the necessary funds and
since the 1st November the Registrar has made payments out of the deposit paid by the purchasers.
It
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