A claim for $87,641.20 formed the subject of a sult brought against the China Finance Corporation by Mr.
Wel, a former compradore and Kencral agent of the Yangtsze Rapid Ca,, in the US. Court for China, ast. Wednesday. After an all-day hear 'Judge Milton J. Helmick reserved Judgment, and stated that he would resent & memorandum' a5 soon ess! laintift was represented by Mu F. J, Schuhl and Dr. He C. Mel, and the defendants by Messrs, €.S, Franklin and W, C, Watson, ith, Shunt sold that in "1928" int.
el, then compradore of the Yangtsze Rapid S, Ca, under the terms of an agreement' with that company, was to secure cargo for shipping the Yangtze, guarantee payment of relghts, and advance money to the company against shipment of freight only. Shortly. before June 1, 1933, the company, through Mr. L.' Hoyt, approached him and wanted him to advance them money for the payment of salaries, coal, "all, stevedorage, Customs fees, and so on. Plaintitt at rst refused to do this, but, on Tune 1, 1933, It was agreed he should advance money from time to time {or this purpose, on the condition th he be given a letter of lien against ships they owned for such sums might advance. "He commenced to advance money upon being given this letter.
In October, 1984, the steamship company entered into a deed of trust, whereby the China Finance became a debtor holder of a sum of about '$1,000.000; i¢ the shipping company defaulted' in any of the covenants of the debenture, the ships were to be sold. The ships actually were sold inter, but, prior to this, Mr, Wel had many conversations with an agent of the Finance Corporation, who also was connected with the Yangtsze Rapid 8S, Ca, and was told that he had no need to worry, as the money would be given him as soon as the ships were sold,
Text read from the printed page and cleaned; old type leaves the occasional error.