1929-12-13 — Page 4

Correct Hat Styles

SCOTT'S

HEATH'S

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The HOMBURG "a conservative soft felt hat with set bound brim, the binding toning with or in contrast to the hat. In many new shades of grey, fawn' and brown.

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ALL PRICES SUBJECT TO 10

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60

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25th

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1st February

105

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CHRISTMAS

TIES

GIFTS

FOR A MAN.

SCARVES

GLOVES

Now is the time to consider this

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SOCKS

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SHIRTS,

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We have just received a large consignment of Krementz Stud and Button Sets and these make ideal Christmas Gifts for men.

Mens Catfitting Department

WHITEAWAYS

THE HONG KONG DAILY PRESS, FRIDAY, DECEMBER 13, 1929.

INSTONE BANKING CORPORATION "

AFFAIRS.

THE AUDITOR CROSS-EXAMINED.

CRITICISMS BY BRITISH CHARTERED ACCOUNTANT.

The examination of Li Tung, the auditor of the Instone Bank. ing Corporation, was continued at Central Magistrney yesterday in the case, in which Mr. Noel Instone Brewer is charged with offences under the Perjury and Larceny Ordinances.

Mr. H. Somerset Fitzroy, Assistant Attorney-General, appear- ed for the prosecution and Mr. E. Davidson for the defence.

At an earlier hearing, Mr. Li Tung had said that he himself did not make out the balance sheet or statement of accounts of the various branches. These, be alleged, were handed him by Mr. Brewer.

4

י

"

Indiferent English.

MILITARY WEDDING.

"A NEW RECRUIT" FOR K.O.S.B.

LIEUT. SHILLINGTON WEDS MISS MAHONY,

The wedding of Lieut. Joha Graham Shillington, K.O.S.B., 'to Miss Holly Mahony was celebrated yesterday at St. Joseph's Church. A large number of friends in- cluding many brother officers of the bridegroom were present at the ceremony and afterwards at the reception, which was in the Officers' Mess, Murray Barracks,

The bride, who was given away by Major R. A. Wolfe Murray, and attended by little Miss Pauline Wolte Murray, looked,charming in her medieval gown of pale pink satin. She wore a long veil of talle If the same colour, secured by 1 pink satin bandeau sewn with pearla of Colonel Comyn. and orange blossom. She is a nices

Mr. Fitzroy (re-examining): think you have a certificate to audit Chinese accounts only Yes, that is

EO.

Would you describe your English as good or indifferent -Common or indifferent.

A Misunderstanding? Mr. Davidson (cross-examining): I think you told the Officer Receiver in July that you told Mr. Brewer how the balance sheet ought to be prepared-Porhaps there was mitunderstanding. What I meant to say was I only asked. Mr. Brewer | how he had prepared the balance sheet.

Then

the Official Receiver is untruet-The Ocial Receiver might have mis-standing. understood me.

your

statement to

You also said that the balanca sheet was signed and given to you: to qudit -The balance sheet was prepared, but I did not notice whe- ther it was signed.

Was the balance sheet given to

Did you give your evidence in

·༔ English before the Officin! Receiver

Yea,

You are supposed to have said:" I told Mr. Brewer how to make out the balance sheet from the three documents do you say that was a mistake 7-It was a misunder

You are quite certain you never saw Mrs. Brewer in the office Sare.

The best man was Lieut. W. A. H. Maxwell and Mrs. Wolle Marny was Matron of Honour.

The bridegroom is well-known in racing circles as a successful rider and he is also one of the best polo. players in the Regiment,

2nd Major Crake, C.D., the Battalion, K.O.S.B.. proposed the health of the bride and bridegroom. In a charming and witty speech, he spoke of the bride as a new re- cruit" to the regiment, and a very "sonsy recruit" "to bonny and whom he felt sure they would give a warm, welcome. He asked all present to help to make her feel at home, as she was on this import- ant occasion in her life without the support of her parents. I had almost forgotten the husband," he Mr. S. H. Ross, Chartered Acconcluded among much laughter, "but as far as I remember it does not much matter whether the hua- not on these band is present or occasions, certainly no one.netices him." (Laughter and applause.)

Do you remember where you signed the balance sheet -In Mr. Brewer's room in his presence.

Independent Investigations.

DA

you at the beginning of your audit!countant, was next called. He said that he had investigated the books Three statements were given to

of the Instone Banking Corpora me first and then the foal balance tion behalf of the Oficial Receiver and he had consequently sheet,

examined a number of books in- cluding the minute books of the

11

Bank. He had also been asked to investigate the balance sheet and

From what you say now it seems that you audited the three balance sheets or statements 7-Yes,

You came to the conclusion that had done so. they were correct 1-Yea.

And when did the balance sheet which you signed, make its ap- pearance 1-One or two days after the appearance of the other balance sheets.

The balance sheet, said Mr. Ross, showed 2,613,260 as the issued and subscribed capital but he found that according to the books this, figure should have been $1,474,000 being the value of 15,740 shares at 100 each less 1,000 shares which were forfeited. Mr. Ross said that apparently 11.330 shares which had You compared that one with the not been issued or alloted were in- other three-Yes..

eluded in the share capital.

Continuing. Mr. Ross said that

Lieut. Shillington, in reply, said

know what to say on these occa- that he always felt as if he did d sions (laughter), but he wished to thank Major Crnke for his kind speech, and above all to thank him and the officers for allowing the If reception to be held in the meas. it could not be at home there was nowhere that either he or his bride would rather receive their friends on that day than in the mess, which was the nearest thing to home.

The bride then cut the enake with her husband'a sword and part of it was taken to the marquee in the ground which had been erected for wives.

And you signed it, as it is now according to the ledger there was the men of the regiment and their

on June 61-Yes.

Secretary Not Present. While you were at the bank you met Mr. Leo, the Secretary During my audit, I only met Mr. Brewer. I worked in his room.

Did you see anybody else during the ten days you were auditing at

The band of the 2nd Battalion,

an neccunt called Allotment and Suspense account" with a footnote K.O.S.B., was in attendance and showing how it was made up. Witness made a thorough search played a programme of music dur- and found that none of the sharesing the reception. "

The catering was carried out by in the Allotment and Suspense ac

Lane, Crawford's. count had been allotted.

The allotment, it would appear. was based on a form, the applicant. of which undertook to take up a certain number of shares and con-

the Instone Banking Corporation1-sented at the same time to act as No.

The only person who was present while you were auditing the books was the President of the Corpora tion While I was doing the audit, Mr. Brewer was the only person whe attended to me.

Was there no one else on the premises No, except the gate keeper.

I put it to you that you did your audit during office hours and that you were in Mr. Leo's room?→→→ Absolutely no.

Can you tell me if Mr. Leo knew anything about book-keeping 1-No. Do you know who inserted the Chinese in the balance sheet 1-No.. I put it to you that the Chinese was inserted by you and Mr. Leo!

No, that is not true.

Do you know the date on which" you signed and approved the balance

sheet 7-I can't demember the date. I put it to you that you signed that at Mrs. Brewer's request -I | don't remember doing so.

I put it to you that you were responsible for the alteration of the statement of the capital-No.

Did you see Mr. Rodrigues dur- ing your audit --Only once.

At what time I can't remem- ber, but it must have been after 5 p.m.

Occupied Elsewhere.

Why did you do your audit, after p.m. 7

ten

director. Only a payment per cent. was promised on the form and the balance was to be owing to the bank, but in the forms pro- duced by Mr. Ross yesterday, in many instances even the rate of interest on these loans had not been flied in.

Mr. Fitzroy: Is the liability correctly stated?-I don't think so myself. As far as the amount of paid up capital is concerned this should be $087,510" in respect of 14,740 shares. It seems to me that the bank is only liable to its share- holders for this amount.

So that instead of the Capital being $1,013,200 it should be $987,510 7-Yes, in my opinion...

Referring to Capital Uncalled, Mr. Rons said that the amount of on the balance $1,420,050 shown sheet consisted of $410,250 which was the amount uncalled on the

shares. The balance of 14,740 $1,019,700

00 per cent. of $1.133,000, the nominal value of the shares which apparently had not been allotted.

Was

capital an asset 1--It may or may Ia 00 per cent. of unallotted

not be an asset. It all depends on a question of fact, ne to whether this is an asset or not. because it may be a good asset or bad asset,

Is it an asset at all. I am asking you whether 90 per cent. of unsall ed capital on unallotted shares can ever be called an asset 7-I don't think so. If you are able to allot the shares you might possibly call it an asset but as regards a balance sheet. it is incorrect to show "un- called capital" as an asset.

-After Mr. Ross, giving a few more instances of where he thought" ar-, counts had been shown under wrong, headings the Court adjourned. The hearing will be continued on Mon-

(Witness asked the Magistrate if he must answer the question. Mr.day and Tuesday next.. Grantham indicated that he had to do so.)

Witness: I have other employ- trent during the day.

Mr. Davidson gave witness three Accounts and asked him a number of questions dealing with these ac- counts and the final balance sheet. Witness stated that he had never aren the three accounts before, us they were not the three balance. sheets he had been referring to all the while. He added that he could not answer Mr. Davidson without those documents According to him there was liothing wrong dider the heading of Customers' Deposit and Long Term Loans at the time of the audit.

ADVICE FOR - INVESTORS.

reminded

EADERS

ard

Bthat inquiries relating to

the share market are answer ed on page 10 every Tuesday by ""Kufan." Letters, should be sent to this office, and mast bo accompanied by writer's name and address, not for. publication Leffers sho addressed to the Editar.

Kufan," care of

(Continued on next Column.)

KAIPING

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1

1:

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Lady Clementi was among the many guests at the wedding.

Lieut. and Mrs. Shillington sailed

later by the a.a. Empress of Asia for Manila where they are to spend their honeymoon.

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