CO129-535-5 N.I. Brewer- transcript of trial and evidence 1-1-1929 - 31-12-1931 — Page 215

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you? By ne.

Filed on April 17th, 1928 ? Yes.

Certificate of Incorporation dated seme day 17th April,1928. That is just 13 days before the expiration of the period covered by your balance sheet ? Yes, this company had no secretary.

Any staff at all? did any business

No, it never started business. It never it intended to.

It had no assets with the exception of some shares in the Instone Banking Corporation ? It had shares in the Instone Banking Corporation.

For which it paid nothing? For which it gave shares.

Its own shares ? Yes.

$415,000.00 which

No cash was ever paid in respect of this formed the larger part of this asset - under Stocks, Shares, and Investments ? We paid our shares.

You gave the Instone Trading, Ltd., your shares and they gave you some shares ?

That is true.

And I suggest that their shares as assets are worth nothing ? No, you cannot say $87.00 a share is nothing I paid that much for our shares myself. Brokers were sent out to buy shares up to 97.

And I suggest that their shares as assets are worth nothing? No, you cannot say $97.00 a share is nothing - I was ready to pay that much for our shares myself. Brokers were sent out to buy shares up to 97.

I submit to you that asset was worth nothing? The value of those shares was $97 a share.

Why was the Instone Trading Ltd. formed? For the purpose of running an Import and Export Co. in conjunction with our bank. We had two branches in Shekki and Canter.

Why did it not function ? Because the branches were closed. Shortly after the branches were closed one month after.

Where did the Instone Bank get their shares from ? There is an agreement between the Instone Bank, Mrs.Brewer and the Instone Trading which fully covers the whole transaction.

I have a copy of it here (Ex.NIB 20)? The original is with Messrs Hastings.

Judge:- These shares which Mrs. Brewer had in the Instone Banking Corporation were fully paid up shares ? They were fully paid up shares.

For the purpose of making these shares of Mrs.Brewer fully paid up she was granted a loan of $432,000.00 ? quite correct.

Had it the effect of raking these shares fully paid up? Yes.

Is that a copy of the agreement with the Instone Trading Co. ? To the best of my knowledge this is a true copy.

Agreement between the Instone Banking Corporation, Ltd. of the

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