they were ready to pay before the emergency, and they were not ready to pay when the emergency arrived.
(Court adjourned to 2.15 p.m. Tuesday 6th August, 1929).
210
2.15 p.m. Tuesday, 6th August, 1929.
Do you agree, taking a fairly approximate figure, that the total amount of the actual cash received by the company in respect of subscriptions for shares never exceeded $200,000.00 ? I do not agree.
What do you say the amount received in actual cash was ? If you refer to cash as actual money I should say $3.00, if
you say cash in the commercial sense, the sum of $900,000.00
Apart from loans made to shareholders which were applied in payment of allotment and calls on shares and in making shares fully paid up, and apart from the amounts in respect of these loans, the actual Cash received by the company I think the answer to your never exceeded $200,000.00 ? question is that it is impossible for me to differentiate
the between specific loans from the cash received
allocation of our money is quite independent of the money we receive. Whether it is received for loan to one per son or another, I cannot see how the cash total is altered.
Do you agree that apart from loans made to shareholders by the Company on Promissory Notes and on these receipt
forms, which I will produce later - apart from these amounts which were applied in payment for the company's shares, either first call or making them fully paid up, apart from these amounts advanced by the company on loan, the actual Cash received by the Company in respect of the shares never exceeded $200,000 ? Apart from the loans made to share- holders! They are not cash received they are cash paid out.
They were applied the so called proceeds of those loans You have the wrong order. The cash coming were applied ? in you don't call loans going out cash coming in.
No I don't, but the cash had to come in before you could make the loan. The point is that the cash never came in ?
The loans could not have been made if the cash had not come in.
You had no cash in the Company's premises ? direct legal significance.
It had a
Legal significance ? Yes, and a very important one.
In the month of June, 1927, the company purported to grant loans to the extent of $619,000.00. Do you suggest you had that amount of cash in hand ? What I say is that so much money came in and went out.
Define actual
I know
You say that you had the actual cash ? cash, and I will know ahat you are talking about. what cash is, but you are not talking the same language - may I define cash?
If you wish to do so ?
19.
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