You have just stated that the Societe Francaise de Gerance will act as an independent company. Do you mean to say that it will not be held responsible for the former liabilities of the Banque Industrielle?—The Societe Fran-caisse de Gérance is a new judicial entity and it will be bound by no other engagements then its own. On the other hand new business that may be transacted by the Societe Francaise de Gérance wil! under no circumstances' bind the Banque Industrielle de Chine. Thus the advantages to the creditors of the Banque Industrielle are seen. If profits are made they will go to the Banque Industrielle and its creditors, while if losses should occur on new business they will be borne by the Societe Francaise alone.
Would it not have been better for the Banque Industrielle to reopen its own doors after having obtained from its own creditors some sort of moratorium'—No. That would not have been possible as the bank is faced with many. lawsuits in France, which will take a long time to settle.
From your statements I gather the Societe Francaise is not going to act as a liquidator but as a kind of guardian?'—Yes. You may consider the Societe Francaise de Gérance as a kind of trustee in charge of the business of the Banque Industrielle.
All this sounds very well as far as new business is concerned, but what shout the creditors of the Banque'—We have to follow the French legal procedure in that we have to ask our creditors to vote for or against the prenasals for the settlement we soon shall submit to them.
Text read from the printed page and cleaned; old type leaves the occasional error.