Without encumbrances he valued the Vancouver property at about G.$9,000, but it was subject to a mortgage to a Mr. Share of $4,000. He believed that the term of repayment had been extended, There was fa letter offering to extend it on 8 per cent, interest for two years, but he had not replied to the offer.
Mr. Wing suggested that_there was a second mortgage of $10,000 to the judgment creditor, witness said that that mortgage referred to Mrs, Quelch.
Asked by Mr. Wing whether the! mortgage was in favour of the Indy whom witness had allowed to be described on her passport as Mrs. Quelch, witness said that this was fo, he' having allowed the use of the name because of the particular position in which the lady was.
Counsel asked whether defendant would be prepared to surrender the equity of "redemption in the Vancouver property, and witness replied in the ne not prepared to assign his interest it in satisfaction of the judgment debt. "He added that owing to the mortgage he could do nothing with the property. Regarding his orange farm in South Africa, he did not own it, and there was' no prospect of his" owing it until the balance was paid up.
Defendant's Firm in Liquidation Counsel—Are you prepared to do anything?
Witness—I am prepared that this matter should come up again. At present my firm is in liquidation, and how T shall be situated in the future I do not know.
Do you look thus on your Vane couver property, that it. is mortgaged for more than it is worth?—T consider there is only one mortgage on it, the first mortgage.
Do you consider that the second mortgage is not a good mortgage:
have a feeling about it, but nol having taken legal advice on the matter Tam not prepared to argue the matter.
Mr. Wing asked if defendant could! suggest any reason why-he should remain in possession of the property rather than dispose of it to satisfy his judgment creditor:
In answer to the Registrar defendant said that he thought it would be extremely difficult to sell it owing to the mortgage. He was snot willing to dispose of it' to satisfy the judgment debt.
Text read from the printed page and cleaned; old type leaves the occasional error.