33.
35-
23 2
A.
323 23
A.
2.
A.
£8 23
A.
* FPE?
A..
A.
A.
234 3 ¿ILI
A.
(Statutory Report read).
The case of course was
this was not cash and you knew quite well it was not cash and that is the only thing you have to answer with regard to these things. You have put down $876,750, 00 as cash received wherefore the whole of these investments, $775000. 00 odd of this so called Investment, Loans and Deposits, consists merely of these papers. (Alluding to Applications for Loans.)
Except for the words "go called", I agree with
you.
what you had received was 10% at the most and some- times only 5% on actual hard cash.
No, in actual hard cash we actually received two dollars, the rest was in promissory notes, ato. Promissory notes on the Hong Kong and Shanghai Bank.
when I say hard sash, I mean banknotes or coin. Banknotes are not hard cash.
5 or 10% had been received in the Borm of bank- notes?.
Mostly.
The remainder was due to these forms, from the transactions with which we have already been deal-
ing.
Yer, largely from these transactions,
You received 7 lakhs in this manner and you might have received ten million in that way.
Quite, and I would have considered the Bank in a very strong position if we had.
The documente speak for themselves what has happen- ed. You still say that these people were actually ready to pay the money?
Yes, and in no case had 1 reason to believe they would not pay.
How many casɛs came before you protested?.
Well about three and I put it before the Directors. Is there a ny record of the Directors authorising you to do this?,
The authorisation for doing this was in accordance with the Articles of Association, Section 68. This particular taking account of money was of such importance that it should be referred to the Directors' meeting?.
Yeg.
Do you remember when it occurred?.
No, but i know the matter was discussed with the Directora and myself on many occasions.
Don't you think it a very important step to receive it?.
I exercised my power.
Who settled those do cuments?
I settled these.
First of all the application for the loan, secondig the loan is granted. This he says he will apply in a certain way. No money pastas. Then having done that you apply the money which he has asked to have advanced to him - you enter so much on one side and ---
The point ie n he was not und obligation to pay the advance but he was under obligation to pay the 10an.
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