149
P.72
P.73
p.74.
Ex. AA
K as liable on 100 shares, and in original application he
applied for 1000 shares.
In my
Uncalled capital in balance sheet includes 90% of $1,133,000,
and for reasons already stated I do not consider this 90% was
ever an asset of Co. It never could have been in my opinion.
Item Accounts Receivable includes 10% on $1,133,000.
opinion that entry was also bad for same reason.
Collateral Security Loans $349,630. Made up on loans made
on Ex. I also included an amount of $54,700 from Chan Sze Jiu,
that $54,700 might I think at time of balance sheet be regarded
as good. It had as a fact been taken into consideration and
a compromise has been arranged with Mrs. Chan. Loans made
on Ex. I I have so far recovered nothing. I have issued a writ
against one man and I hope to get something from him. Co.
never had money to make loans; I say this from inspection of
books. Period June & July 1927 Co. had approximate $50,000 in
cash according to book and purported to make loans 7 lakhs.
There was a lien on shares if shareholders attempted to trans-
-fer shares in any way. Value of shares was dependent on
assets of Co. In my opinion from assets of Co. at that time
shares were worth nothing. Collateral security I understand
some security independent of personal security and independent
of these shares, which in my view had never even been paid for.
I found nothing so far as I remember in books showing that Co.
had tried to collect any of these loans. In my opinion
collateral security is absolutely false except as regards
$54,700.
Mortgage & Long Term Loan. I found no mortgage at all except
on some property in New Territory for $2,500. I produce
Mortgage. I found no other mortgage at all. This item in
my opinion is false. $260,000 of this item is cross entry
dealing tith bank premises.
No comments yet.
Private notes are available after approval.