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Mr. Fitzroys
H.L.
She had not on August the 9th the sume of $432,000.00?.
She had not.
Neither you now Mrs. Brewer could at any time put up that amount and yet in the Certificate Report you drew up, you declared that in respect of Mrs. Brewer's shares the Bank had received that amount in cash.
The Bank had loaned Mrs. Brewer $432,000.00 and they have received it in cash.
In the case of the Directors, they were men of substance? You consider that important?.
Yes, I think so
In the case of Mrs. Brewer you admit she was not able to pay this sum. why was this not of importance?.
Because the debt was guaranteed by the Directors The Bank could have joined with urs Brewer to sue on that guaranty.
As far as Mrs. Brewer's document which she gave, it was of small value.
Well of course she could have been arrested for it. She had signed that document, she was personally liable and could have been put in prison for it.
It seems clear that the ultimate transaction is that you have represented in this Report that the Bank held $432,000.00 against ars. Brewer's shares, when it was in fact a pheve of paper, on which they could recover nothing.
I disagree entirely. Mrs. Brewer's paper was a guaranty by people who could afford to pay so it is not just a piece of paper.
As to the calls paid in advance, the position of the other shareholders was identical with
that of rs. Brewer?.
As other shareholders who had signed the forms, it was the same.
It was on those facts that you cretified to the Registrar that $775,950.00 had been received in cash out of $876,750.00?.
On those facts, coupled with the Company's books as bearing them out.
Mr. Fitzroy will you help me in this point; what is the status of these shares when these calls are paid in advance?. fully paid shares?.
They are not
They are not fully paid shares in one sense, my Lord, They are in this position, that whenever any call is made upon the shares, no- thing can be levied upon them. They are in the position of fully paid shares. They may declare a dividend on each share, but if only 10% is paid, they would only get it on the amount paid up. (Referred to the Company's Articles of Association).
Lar. Brewer, before we adjourned yesterday, I asked you some questions. One was whether you had taken your Bank premises in order to improve the credit of the Dank, and that was BO. So far you agreed. I then asked you whether it was not important for the Bank to have its capital described in many thousands of dollars and you disagreed. Do you still disagree?.
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