1930-01-22 — Page 9

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THE HONGKONG TELEGRAPH

BREWER REBUKED IN COURT.

MR. JUSTICE WOOD STERN WITH DEFENDANT:

WEDNESDAY, JANUARY 22, 1930,

Speaking of Hongkong, Mr. Brewer went on to say that before the Shekk! branch was closed. down the Trading Company was | asked “by› Mésére. Lane Crawford Limited, through the secretary, Mr. Jordain, to arrange to take the agency for Dodge, chra, so that even in Hongkong they wore, not unknown. "To say at this junc

THE INSTONE BANK.ture that the shares of the Instone

A feature of the trial of Mr. Noel Instone, Brewor, on a charge of perjury, which was continued before Mr. Justice Wood and jury | yesterday, was a stern rebuke which His Lordship delivered to Mr. Brewer. His Lordship was questioning Mr. Brewer regarding a report on the company's affairs and of which Mr. Brewer denied knowledge, and he found it neces sary to order Mr. Brower to be quiet. Mr. Brewer replied that His Lordship was unfair and was prejudicing the jury.

Trading are valueless, is certainly to be wise after the event, because no one would have admitted them so at the date when these transac« tioné took place.” (%

Applications For 28 Mtions. M. Fitzroy asked Mr. Brewer if he really meant that people came forward and wanted to give him a lot of money which he re- fused to take--that people came with money to him ready to pay five per cent, or tan per cent.

Mr. Brewer replied be had not said that people wanted to pay him a lot of money. He had said that applications were received for 28 millions and he had every ex- ectation he would get it if he

wanted it.

3:

Referring to loans mentioned before the adjournment, Mr. Brewer said that the majority of them were effected on June 10, 1927, irrespective of when the

·Have you suggested any of these Initial five per cent, was paid, people were really willing and Five per cent, was payable ou ap-ready to pay you this money?-In plication, and by a resolution of the Directors, another five per cent. was made payable on June 10, 1927.

Postponed. Loans.

His Lordship asked why sonie loans were postponed, and Mr. Brewer replied it was because the people concerned were not present on. June 10 at a meeting when the matter was fixed. In the case of Mrs. Brewer it was postponed | because it had not been decided on June 10 that she should take the shares up.

Continuing his evidence, Mr. Brewer said he had explained how Mrs. Brewer got her shares, why the Instone Trading and the Bank wished to change shares and he would proceed to explain how it was done. Mrs. Brower held $450,000 worth of shares and the Inatone Trading purchased those shares from her for cash at par

value.

Hin Lordship:-The shares in the Instone Trading are held in Mrs. Brewer's name at the present time? As to $45,000 worth

of the shares they are held by Mrs. Brewer. As to $415,000 they are held by the bank.

every case they did actually come forward and say they wished to pay the whale amount and it was after the first few hnd done this, that I objected.

His Lordship:-Dld they offer or actually pay?-I don't think wo ever accepted payments from any- body.

some

Mr. Brewer added that people came "with the cash in their Arts,” but he refused to ae- capt the money unless they took it back as a loan.

"

Shares Held In Reserve.

Mr. Fitzroy pointed out that there was a meeting of Directora on May 12 the minutes of which were signed by Mr. Brewer. One of the matters dealt with at that meeting was the question of 4,800 shares. The minute stated "Shares No. 1 to 4,800 remain unallotted for the present, being held in reserve for Mr. Instone Brewer or his nominee, and shall be hereafter allotted to him if and when he makes application for same." Mr. Fitzroy naked if, "on May 32, those shares were held at Mr. Brewer's disposal?

Mr. Brewer answered, that on "May 12 there had been no refund of the consideration money. He Was still in possession of the $48,000 and he was obligated to

in the Tnstone Trading. At that date he did not know whether he was returning the consideration or not and hence the shares were reserved for him or his nominee because they wished to find out whether he was retaining that money or returning it to the firm.

Shures Exchanged. Continuing, Mr. Brewer stated the effect of this was that Mrs. Brewer received $460,000. Tenure that $68,000 to purchase shares per cent, being $45,000, she used to buy Instone Trading shares and sho bought Instone Trading shares. The remaining 90 per "cent. $415,000, she utilised to pay off the loan contracted on the *shares in order to make those shares fully paid. The Instone Trading, having purchased Mrs. Mr. Fitzroy:-Am I right in say- Brewer's shares in that way, the ing that no actual cash had been bank purchased $415,000 worth of given you, but merely the right to Instone Trading shares, making command, which is equal to cash? total of $460,000 including those —Yes, but all the cash of the com- held in trust. The result of those pany was in my hands so I hud transactions was at no money only to give the company a receipi passed. The Instone Trading had for it. pajd Mrs. Brewer $450,000, Mrs. Hnd you $68,000 on your hands Brewer had paid to the Instone on, May 127-1 doubt it, but I Trading $15,000 mid, the bank had certainly had it on a later date paid to the Instone Trading as I had to purchase a building. |$415,000. Although 90 money Concerning a comment by Mr. passed the result bad been Brewer that all the men who wero achieved that the "onerous trustee- | granted loans were men of standing. ship "had been renioved, the debl|counsel, said “I think attempts to had been paid off and the primary recover money up to the present repson for the whole transaction | have all produced nothing at all.”- had heen effected as the bank wan Mr. Brewer replied, "It fa not in possession of a controlling in my business to say whether those terest in the Instone Trading. attempts have or have not been

Continuing, Mr. Brewer said the|effective." Instone Trading shares were of

Money On Mortgage. : real value to the bank aa wan

Regarding the Instone building, 'evidenced by the fact that there Mr. Brewer said that $150,000 had

was in existence, at the time of heen allowed to remain their first trouble in Shekki, a mortgage and that payment of the book in which applications for balance was made in cash. Later shares in the Instone Trading $90,000 was paid from time to were kept. In Sheltki applications time.

}

on

for shares exceeded $60,000. That Mr. Fitzroy.--Was" not the would have been considerably building the property of one of higher had he (Mr. Brewer) not, your directors?

with the concurrence of the Mr. Brewer--Not as far as I Directors, insisted on publishing remember. It was sold to us by a in the local Shekki papers, a state broker.

Demand For Banknotes,

扑

*

ment that no shares would be Mr. Brewer denied, in answer to granted to an individual in ex-questions, that anyone made money cess of 2,000.

out of the bank to his knowledge. He admitted that the quickest way The prospects of the Instone to raise the money necessary for Trading, so far as Sheldki was con- the building was by mortgages, cerned, and the importance of the whereupon Mr. Fitzroy stated that company in that district, could Mr. Brewer's evidence that his hardly be exaggerated. It was shareholders were so well off was difficult, looking back from the pre-not borne out by the facts. sent standpoint, to realise the posi- j Continuing, Mr. Brewer sali tion of the bank and trading com- that the minutes showed that the pany at Shekki as at April, 1928, business was on a sound financial the date of the balance sheet. At baals. Mr. Fitzroy suggested that' that date the bank was issuing the money received by Brewer banknotes in Shekk and could not was only 10 per cent, of the money issue them fast enough to meet owing on the shares, to which the demand so far as the small witness replied that the actual Inventora

a few. wore concerned. The cash received was only market was taking up $20,000 dollars, the rest being in promis- worth of the banknotes every sory notes, including Hongkong week with no prospect of a de-and Shanghai banknotes.

Mr. Fitzroy said that Mr. Brewer crease in demand. Merchants in Shekki were almost united in the should not try to mystify the Jury, intention to support the trading to which Mr. Brewer replied that company, which was the only that certainly was not his inter- foreign company of any size tion: Mr. Fitzroy replied that Shekki. The company had the witness was certainly mystifying | biggest building in Shelki and the hini,

name was a family word there,

Ready To Pay..

- although the company had been Mr. Brewer continued that all of established for only a few months. | the debtors were ready to pay on Prospects in Shekk were er- demand. · In no case had he reason cellent.

(Continued on Page 10.) --

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