The affairs of the Eastern Syndicate were again before his Honour Judge Skinner Turner at H. M. Supreme Court on Monday. The company went into voluntary liquidation in November last year, and on the application of the Philippine National Bank, the liquidation was continued under the supervision of the Court. Yesterday's proceedings were adjourned from Chambers with a view to the examination of the managing direc-for of the company, Mr. A. P. Simoes, in connexion with an affix davit filed by him.
Mr. H. Lipson Ward appeared for the liquidator (Mr. E. Mortimer Reid), and Mr. N. Langley-Smith represented the company.
Mr. A. P. Simoes was examined by Mr. Ward, and stated that he had been manager of the business since January, 1917. The company was incorporated in May of last year for the express purpose of taking over the business and securing capital. The business was taken over as from March 1, 1920. There were two shares subscribed for when the company was formed and they were allotted with the other shares on July 11. On this date, 111 shares were allotted as fully paid up, but no cash was put. in, and nine shares were allotted for cash at Tls. 30 each. Thus the only further capital they got was Tls. 270, and this was spent in the ordinary way of business. The assets of the company were placed at $6,565. They consisted of debts, some Sparklis shares, a small amount of cash, and consignments. An item of $3,031 placed to reserve account represented the profits made during 1918.
Text read from the printed page and cleaned; old type leaves the occasional error.