In H. B. M, Supreme Court yesterday morning an application war made for the appointment of a iit and proper person or persons to Administer the estate of Alexander MeLure deceased. Mr. John Me-Neill appeared for the " applicant, Mr, 3.8. Turner, of Messrs. Seth, Mancell & Ca, Chartered Account:
and Mr. R, F, C. Master apeared for the International Investment Trust Ca. of China, Ltd. and the Yangtsze Finance Ca., Lid.
Mr, MeNeill said that' his client tad been in partnership with the deceased in the firm of Seth, Mancell & McLure. The deceased had eft a will appointing his wife sole executrix, Mrs. McLure had recent left Shanghai for Europe, and there was no one to look after the estate, As a partner of the deceased Mr. Turner had felt under an, obligation to see that authority was given to some one to administer the state, No other similar application had been made. The position was very involved and the estate appeared to be hopelessly insolvent. The estimated assets were approximately $200,000. These facts were proved by affidavits.
Missing Securities Mr, Master said that the appeared for the two companies who were large creditors of the estate. At the time of his death the deceased was General Manager of both companies, and had been since the incorporation of the companies. He was res-possible to the companies for certain securities; a number of these securi-fies were missing, and from investigations which had been made there Was reason to believe that these securities had been dealt in by the deceased for his own account. In the interests of the two companies it, was extremely important that some; ft and proper person should be appointed to represent them in the administration of the estate. The state would undoubtedly prove to be insolvent, Mr. Master read an. affidavit by Mr. 'T. G. Weall, Acting Chairman of both Companies, bear-{ng out the above and asking for the appointment of Mr. E. F. Hardman, Messrs. Lowe, Bingham & Matthews, as joint "administrator colligenda bona jointly with Mr.
Judge Mossop made the order asked for in terms to be settled and submitted to him.
Yangtsze Finance Ca, Ltd.
The following circular was issued to shareholders of the Yangtsze Finance Ca, Ltd, by Messrs Seth, Turer_and" Ca,, Secretaries:
The Board of Directors regret to report that investigations conducted by the Company's Auditors immediately following upon the recent death of your late General Manager. have brought to light a shortage of securities of a serious nature. The following is a copy of our Auditors' condensed report:
"Glen Line Building, Shanghat, 2ist July. 1898, connection with our audit of you: accounts to 300% June, 1934, and our Feport of the Lith instant addressed to your Acting Chairman, we have to Advise that we checked the securities fon hand on the 12th Instant and Uaat When "we compared these and. the certificates of banks' holdings Sith June with the books of the Com= pany, we found a large number Shanghai Electric' Construction. Ca., Ltd) Bearer shares to be. missing.
The bearer shares when examined were. not separated" as" belonging: fitlier to. the Company or to the International, Investment Trust Ca, Ltd. but were presumably the properly of one or other of them: these Thares, and the bank's certificate In respect of both companies' holdings, fand allowing for 1,000 bearer shares course of conversion to registered wares, account for a total of 21,000 Shares! the Company's books show 9 holding of 16,280 shares, and we are advised by Messrs. 'Thomson te Ca. that the books of the International Investment 'Trust Ca, Ad. show 2 holding of 19.200 shares. In' conse fluence ft appears that there Is. a fatal defcioney among these yo com: panies of 16380" Shanghat Electric Bonstruction Ca, Lad. shares, subject possibly to Ue results of further ex-
Signed Lows, Unvowans & Marriews"
The custody of securities having been under the control of the General. Manager personally, no. blame attaches to the firm of Seth, Mancell anil MeLure, whose duties as Secre-{aries were clearly defined in their agreement with the Company.
It has been impossible to assert with any certainty when irregular ties first occurred, but at the last annual audit on "the Sist_ March Securities owned by the Company fond which were produced to and examined by your Auditors, were found to be intact. It Is, of course, possible in the case of Bearer Tram shares, that scrip other than that se tually belonging to the Company might have been temporarily placed by the late General Manager amongst the Company's securities for the purposes of the an The Auditors are continuing their investigations with a view to arriv: Ing at the loss suffered by this Com-_ pany.
Tt is impossible at the present] time to give further details or to estimate to what extent the shortage cen be made good: it is hoped, however, that a certain proportion will be recoverable, Ant, Investment Trust The following circular was issued, to shareholders and debenture-hold-_ ers of the International Investment Trust Ca, of China, Ltd, by Seth, Turner and Ca:
The Board of Directors regret to report that investigations conducted the Company's Auditors _immediately following upon the recent death of your late General Manager, have brought to light a shortage of securities of a serious nature. The following is a copy of our Auditors! condensed report:
2 Canton Road, Shanghai, 2ist Tuly, 1004 in connection. with our report, ated. the Tith Inet. addressed 10 your Acting Chairman, Fesarding our audit the accounts of the. International Investment. Trust Ca. of China. 14d for the three months ended 20th June 104, vee have to report as follovs:—According to the books of the Com= pany and from information given to Us" by" Messrs. Lowe, Bingham Matthews, Auditors of the Yangteze Finance Ca, Ltd. we find that the combined holding" of both companies fu the Shanghai Electric Construction Ca., Ltd. totals 97.960 shares composed of 19.200 for the Trust Ca, and 18.750 for the Yanstsze Finance Ca. The shares actually verified by us, how: fever. amount 9 21.600 only. makin Sdehcieney of 16.380 shares so far a See have been able to ascertain at present. We are unable to state what proportion of this deficiency. is ap~ Dilieable to the Trust Ca. owing to the Bearer shares of both companies being Intermised.
(Signed) Tuosssox & Ca.
The custody of securities having teen under the contro! of the General Manager personally, no blame attaches to the firm of Seth. Mancell and McLure, uliose duties os Secretaries were clearly defined in their agreement with the Compa Tt has been impossible to ascertal with any certainty when irregular ties rst occurred, but at the last annual audit on' the 3ist March securities owned by the Company. and which were produced to and examined bY your Auditors, were found to be intact. It is, of course, oseible in the case of Bearer Tram shares, that scrip other than that
Text read from the printed page and cleaned; old type leaves the occasional error.