Dent Bankruptcy Trustees Claim Tls. 20,000: Banque de I'indo Chine Claimant A question of considerable' al land commercial interest was volved in a motion heard by his Honour: Judge,. Sir Skinner Turner H.M. Supreme Court on Monday. The matter was brought forward the Banque de V'Indo Chine, who applied for an order that the sum of Tis, 20,160: deposited with the Court by the French Mixed Court, jin connexion with the bankruptcy of Mr. R.-V. Dent, be paid to the bank, and the applies tion was opposed by the trustee in bankruptcy.
Mr. R N. Macleod appeared for the Bank and Mr. A, C. Holborow for the trustee.
The facts of the case, which are not in dispute, were set forth in a series of affidavits which Mr.
Macleod road. In one of these, Mr. R. V. Dent stated that in July 1922, the Mayor Silk Mill, a Chinese firm, applied to him for a loan of Tis.'20,000, for one year at 9 per cent, to be secured on silk in their godowns and on their looms and by a guarantee to be given by Mr. Moh Song-ching. To enable him to make this loan, he applied to the Banque de "Indo Chine for an ad-varec of a similar amount, informing the Banque of the pur which the advance was required and stating the natare of the security furnished by the Mayor Ca. The Banque agreed, whereupon he informed the company thet he would required the company to have made out in duplicate and to be signed by the company and their! guarantor. Mr. Dent then filled up one of the Bang forms of memorandum of deposit and the form of promissory note on the reverse side, signing them in the name of Dent & Ca, and drew and ivered to the Mayor Company a cheque for Tls. 19,400, the amount: of the agreed advance, less his 3 per cent commission. The advance foo sat a aeut fae to them by the peh ngs Dent
Mayor Silk Mill, When' he applied fe toe Banque for te advance mo-Thing as tal hie soir or depositing with hem the Mis promscry of and iihvegh this fave vubuayuently forwarded to the Banque, was not done Dursuancs of any agreement made ith them, Mr. Dent went on to say that when in July, 1922, he was noti by the" Hongkong and Shang! Bank that his credit. had been stopped, he at once informed the Banque, saying he had no alter-but to file his petition in nkruptey. A representative the Banque then called and request-ad him to endorse the Mayor Mill's promissory note, but this he declin-revs and had filed his petition. " He called a imccting of creditors the ame afternoon, but the Banque did vat send a representative. The Banque subsequently sent in a debit note for the amount of the advance.
Mr. further stated in his De davit that in the course of and part of his business he had from. area: to Chinese silk dealers the security of silk and cocoons (o jenatle them to carry on their business and for the purpose of securing jthelr custom, and the advance made by him to the Mayor Mill differed only from such advances in that the security was left in the Mill's por-session, Some of these advances were made from. snoneys in his Possession, but for the most part the advances were borrowed from various banks, loans in sch case generally being made at a rate of est 1 per cent. higher than the fate charged by the bank, as in the case of the advance to the Mayor Mil, French Court Declines to Mr. Gaston Simmonet, sub-manager of the Banqve de "indo Chine, affidavit said that the pro-misery note was deposited by Mr. Dent with the Banque as security, together with other documents, in-eluding two insurance policies for total of Tls. 30,000. In July 1923, the Mayor Silke Mill repaid the loa, with interest, into the French Mixed [Court pending the court's decision an to who was entitled to the money, Hand the French Mixed Court held
Text read from the printed page and cleaned; old type leaves the occasional error.