CO129-535-5 N.I. Brewer- transcript of trial and evidence 1-1-1929 - 31-12-1931 — Page 184

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Coys.W. Up 1/29

N. I. B. 22

May 29, 1927.

The Board of Directors

Instone Bank ing Corporation Ltd.

Dear Sirs,

re Agreement Instone Brewer/ I.B.C.Ltd:Sale of Contract

I hereby confirm my verbal statements to the effect that it is apparent to me that these contracts will not under the circumstances be worth the consideration paid by the firm for them. Whether Mr. Lee Yuk Teen's plan of campaign would render them so is a separate matter, though I am prepared to go on record as favouring same. In any the cost of remuneration of Lee

should be bourne from the consideration money of the original agreement.

After due consideration, I have transferred to Mrs. Brewer the sum of $55,000 to be held by her to your order according to whichever course you may consider the more advantageous to the firm. In effect this $55,000 is a voluntary refund to the firm, although no legal claim for it exists. We should be the more careful in dealing with it to search our motives and satisfy

ourselves that the firm's best interests are in fact being cared for.

Yours truly,