Some U.S'$12,000 was owing to the American company when the A.-0, Banking Corporation closed its doors, and cheques. for this amount were dishonoured by. the Manufacturers' Trust. Mr. Nelson contended—that even in the event the trust agreement did imply that proceeds from. the cheques were tobe held in. trust that, same trust agreement had beer rendered null and vold owing to the conduct of the parties concerned over a period of years, The American Express Ca, had agreed to the bank's conduct. whereby the proceeds from the travellers' cheques were placed {in its general funds, and used as the bank's "funds.
Counsel for the American Express entered a general denial to Mr, Nelson's contentions. They claimed that their petition was not as definite as might have been owing to. the fact that they had been unable Procure the necessary. Information from Dr. Sellett, the liquidator.
Mr. Nelson protested at this, Mr. Kops, he said, had called upon them for Information many times; he had always, been given what he wanted, He wondered at his temerity at now suggesting that the liquidator was endeavouring to conceal anything In the Chambers' case, the liquida for hod stipulated that the bank was Insolvent on the morning of May 21, and that the bank ofelals knew When "Mr. Chambers deposited a cheque "for $11,000, drawn on the National City Bank, The question therefore arose, where were the proceeds of this cheque?
Text read from the printed page and cleaned; old type leaves the occasional error.