Messrs. Morrison & Ca., in a Ietfor dated May, 1920, had put his position very clearly before him. They say that they have received his balance sheet but that it is not intelligible to them, but if they accept his statement that his capital is at that time Tls 50,000 (roughly £15,000) they point out that at that date, he certainly owes them half his capital, viz. £6,000 due to them, plus £1,500 the loss on a shipment of albumen, making a total of £7,500. Now it is difficult to understand how the bankrupt with knowledge of his other liabilities could fail to see that he wag insolvent. He does go so far as to admit, "Tt was a serious position, and I relied upon exchange going up." And further his cable to!
Text read from the printed page and cleaned; old type leaves the occasional error.