Dr. George Sellet, liquidator for the American-Oriental Bank, on Oct. 7 issued a statement on the finances of the defunct company, which closed its doors on May 23, 1035, The statement was presented to the United States Court for China, The ist of it follows:
When the bank closed, the cast on hand amounted to $13,338.49. in the Shanghai branch, and "$54,583.97 in the Tientsin branch of the firm. The book value of the assets of the firm Was $13,635,777.25, while the lability ies amounted to $2,840,001.08. There Were 8,000 depositors with the bank, there being about 6600 in Shanghai and about 1,400 in Tientsin. Of these, about 2,500'in Shanghai and 600 in Tientsin'had accounts of $80 or less, On the books of the company were 350 firms and individuals owing money to the bank on loans, over= drafts, acceptances, exchange contracts, bills purchased, bills and notes discounted, and other' accounts. From Sssory notes from 200 firms and Individuals were also held on motor car, purchases, these notes being. pledged as security for loans.
In October, the liquidator, then the Jole Mr. Frank Hough, paid off all the small accounts, those of $50 or Jess, 'This entailed an expenditure of $38,930.28, and cleared off approximately 37%4' per cent. of the depositors, leaving 5,300 other accounts yet to Be met, amounting to $7,550,479.70 Shanghai, and $1,582,672.08 in Tientsin. In' December, 1935, and January, 1936, a first dividend was pald, amounting to 7% per cent, Fepresenting an expenditure of $572,- 76085. In June, a second dividend was declared and paid, amounting to 30"per cent, and involving an expenditure of $755,047.97.
Collections "from debtors up to July amounted $1,710,069.10, Disbursments, which included liquidation ex-enses and pay for remortgaged land, amounted to $163,89641. At the end of July the cash on hand was $185,- 370.79, There was also a small' cash balance in the Tientsin office.
Text read from the printed page and cleaned; old type leaves the occasional error.