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His Lordship:
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Mr. Fitzroy:
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Mr. Fitzroy &
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43
Are you prepared to say that $48,000.00 in cash, apart from this order, was paid for these shares, which were allotted to Mrs. Brewer, or don't you know?.
I don't know in the least how it was done. I presume that the Company accepted its own comprad- ore order.
You are the person allotting shares and you have to be satisfied that this money was paid in cash. Did you satisfy yourself or did you assume it was all right?.
I satisfied myself that the books showed the money had been paid in cash, because cash payments did not come through me. I was not the cashier. Surely you must know how shares were allotted to Mrs. Drewar?.
All that is brought along to me is a receipt, brought along to me the same as any other shar holder.
Do you remember any receipt for this $48,000.00. Do you remember or don't you?.
I would not like to swear that I definitely remem- ber the individual transaction, but I must have sean a receipt otherwise I would not have issued the shares. My point is that before I issued any share script I saw a receipt.
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I think there is no real dispute as to the facts of this. Firstly there is an agreement you signed to the Company, that is the whole item of value up to urs, Brewer's payment of the shares, the Company took over the agreement and agreed to pay you $68, 000.00. You agreed to accept $13,000.00 and to forego $55,000.00. As to the whole of it you received a compradore order for 68,000.00. The compradore order you assigned to your wife. I endorsed and handed it to my wife.
You endorsed it over to your wife?.
She there
I endorsed the balance over to my wif fore held it as $55,000.00 on behalf of the Company and it was the portion of this $55,000.00 appear in on this compradore order passing through the books of the bank to pay for the shares which she took up.
The only item of value was the value to be placed on the agreement you assigned to the ank. You told us that the people who took up these share were ready and willing to pay their money.
Can you possibly say "ra, rewer was ever ready at any time to hand over $432,000.00?.
Host decidedly. If the firm had required her to pay over the money on her debt, she would have at once proceeded against the people who indemnified her against it.
Can you say at any time she was in possession of $432,000.002.
Mrs. Brewer was never in possession of 4432,000.00 and she would never accept such a liability. How much could she have paid?.
A few thousand or so. $15,000.00.
She might have paid $15,000.00?.
Yes.
In your statutory Report you include this $432,000. 00 as having been received in cash by the Company. Yes.
Yet you knew perfectly well that all that monet had not been received, that at least $400,000.00
could not possibly ever be recovered?.
No comments yet.
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