Public Examination:
Composition with Creditors: Mr. Moller's Statement of His Shipping Experience, the Business He"
Built up and Losses on Ships Commandeered in War In the Supreme Court on Monday, Mr. Evie Moller came up for public examination in bankruptey before his Honour Judge Sir Skinner Turner. The statement of affairs showed net liabilities amounting to} Tis, 255,607 and assets Tls. 1,616.
Mx, H. Lipson Ward appeared on behalf of the petitioning creditors, the Yangtsze Insurance Association and the Shanghai Dock & Engineer~ ing Ca., and Mr. Reader Harris for the Kailan Mining Administration.
In answer to the Oficial Receiver: (it, RB. F, lo Mesurier), debtor stated that'he had been engaged in the shipping business for 33. years, and his father was in the business before him, The Official Receiver informed his Lordship that at the first meeting of creditors a composition was proposed by Mr. Moller and was accepted by the creditors then present, He had since written to two creditors who were not present and one had replied saying that they also agreed. The other creditor, in Chefoo, had not yet replied, but he anticipated there would be no disapproval, In the circumstances, he did not propose to ask I many questions, debtor ha 4 very full statement at the first meeting, a statement with which he thought the creditors were more or less satisfied.
His Lordship—You have reason to believe the proposed composition will be accepted by creditors,, sub-Ject to approval by the Court!
The Official Receiver—It has already been accepted by special resolution, His Lordship—Very well. I shall not disapprove of the course you propose to take. Have you any objection, Mr, Ward Mr, Ward—None.
His Lordship—The public _examination must of course be com-began by saying that he had been! brought to this humiliating position after having had an enormous fortune pass through his hands, and he wanted to make his position lear, for the sake of his family, his friends, the Yangtsze Insurance Association, who had trusted him for many years, and all the agencies at the coast ports whose confidence he had Jong enjoyed. It was 33 years ago this month since he left School and joined his father _in business, sailing ships being at that time operated. He took over the business in 1902, on the death of his father, and two years Jater he found opportunity for using his shipping experience to a very great extent, The Russo-Japanese war came 0 and it was then that he first came in touch with the Yangtsze Insurance Association. In that year, he looked after the interests of a Norwegian steamer running the blockade! between Shanghai and Vladivostok, and this was successfully done. Meanwhile, he was approached by partisans in the war and was offered a bonus of 20 per cent, on the ship and her cargo if he would divulge information as to her movements. He turned this offer down, and when the late Bir. W. S. Jackson heard what he had done he said he would never forget it and that if the opportunity arose he would assist debtor in shipping.
In 1918 he went to Bir, Jackson and told him that in the preceding 11 years he had amassed a sufficient amount of money to start on the ambition of his life, viz, the owing of steamships. He had already had one steamer for about six years, and he bought the Gemini" and after race ponies that won the Champions—1916 he had accumulated nine steamers, pleted before the composition can be put forward, and there would be no difficulty in re-opening it if Mr, Ward—In view of the facts, we all hope that the composition will be approved by the Court, and I do not think any good purpose] an be served by questioning debtor this morning, If I went into all matters relevant to the bankruptey it would take a long time, and I do not propose to question debtor on bebait of the two creditors I represent, Mr, Moller Asks to Explain, After Mr, Reader Harris had questioned debtor with reference to his client's claim for coal supplied to the strs, Ralph Moller and Henli, Mr. Moller asked to be allow ed to' make a statement. "I would your Lordship to' be patient: with me," he said, "because this is great moment in my life. I want to put my position before you and before my friends here in justice to myself and my wife, and to explain how I have been' brought. to this deplorable and humiliating position, I want to take this opportunity of cleaving myself and of showing how I have been unable to prevent an enormous fortune passing, through my hands, so that I can leave this court with my head up."
The Official Receiver pointed out that if in his statement Int, Moller said anything which was likely to raise a controversy, a: great deal of harm might be done, and that what they wanted to avoid, since everybody was agreed that Mr. Moller had been unfortunate.
Mr. Moller said he would be careful in what he told the Court, but. he did wish to show how he' had come to his present position, Lordship—I quite see your position, and I do not want to stop you, but you must remember a com Position is proposed and you have not been asked anything at all about. your bankruptey. If you want to make a full statement, possibly you may force people to withdraw from that composition, Mr. Moller—There will be nothing personal against any of the creditors in what T say.
His Lordship—Very well. I cannot prevent you making a statement, Previous Shipping Experience.
Mr. Moller then gave a lengthy account of his business career. He.
Text read from the printed page and cleaned; old type leaves the occasional error.