Questioned as to the origin of the China Realty Company, witness said that Mr. Raven started a small real estate business of his own, and witness and Mr. Parker were similarly operating in a small way. The two concerns were amal-gameted to form the China Realty Ca., organized under the Hongkong crJinances. It was independent of the Shanghai Life. There was no rea] connexion, except that the two companies worked together in regard to the mortgage of policies and property and the collection of interest. The China Realty company had very little capital. Its business was to invest the capital of others and negotiate the sale and purchase of estates, taking commission on sales, collection of rents, arranging leases, and valuing property. They did a general business and were not solely dependent on the Shanghai Life. Mr. King must have seen the annual report of the Shanghai Life every year. He was frequently in the office, and there were hundreds of copies lying about. From 1908, Mr. King was a salaried member of the staff. He was a very privileged member, and frequently went into the private office of witness'and Mr. Parker to smoke a cigar and have a chat.
Mr. McNeill—Did he ever speak to you about this agreement?
Witness—No.
Mr. MeNeill—Did he ever speak to Mr. Parker about it in your presence Witness—No.
Mr. McNeill—Did Mr.
Parker ever mention it to you?
Witness—Not during the lifetime of Mr. King; not until we received a letter from Messrs. Godfrey and Teesdale in 1917. Prior to that, I had never heard anybody mention it.
Tse First [stimarion.
Mr. McNeill—When did you first hear of it?
Witness—About February 1917, when we received the letter from Messrs. Godfrey and Teesdale.
Text read from the printed page and cleaned; old type leaves the occasional error.