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THE BANK CASE

ALLEGATIONS DENIED

MORE EVIDENCE HEARD

MANAGER IX THE BOX

It is anticipated that the hearing of evidence in the case in which Frederick William Moore is suing the Commercial Bank of Australia, Ltd., its manager, Edwin Percy Yaldwyn, Athol Pierard, and Sidney John Hammond will conclude this evening. Yesterday afternoon evidence was given by the defendant Yaldwyn, and he was still under cross-examination when the Court adjourned until- this afternoon. In his evidence Yaldwyn denied that he had in any way induced Moore to guarantee the account of tho .Unique Advertising Company. He also denied that he had told Pierard or Hammond that they would not involve themselves in any liability when they signed a similar guarantee. The case is being heard by the Chief Justice (Sir Michael Myers). The plaintiff is represented by Mr. H. F. O'Leary. Mr. P. B. Cooke, with Mr. H. J. .fV". James, appear for the bank, Mr.G. G. G. Watson for. Yaldwyn, Mr. A. T. Young for Pierard, and Mr. S. G. Stepheuson for Hammond. % Continuing his opening address after "The Post" went to press yesterday, Mr. Watson said his broad submission was that Moore had utterly failed to dispose of the suspicion that attached to the whole of his claim, and hail failed to give any reason which could satisfy the Court cither in regard to his failure to make any comment on his position, or on his failure to continence an action if he had a well-found-ed claim against the bank. The Court would look with suspicion at variations, of, or additions to, his allegations of fraud. Counsel then.made reference to the other nominal defendants, Messrs. Pierard and Hammond. He submitted that the evidence of both of those defendants was nebulous. As far as Pierard was concerned; the "only matter ho discussed with Yaldwyn was that of debentures. Hammond frankly admitted that he did not know very much in regard to tho traasactions M-hich had been alluded to in the present case. •:■'.' x THE COMPANY'S POSITION. The defendant Yaldwyn, in evidence, said that he had 43 years' banking experience. He denied that he had ever acted as Moore's financial adviser. Moore, he said, was a wealthy man, and would have had no difficulty in getting another bank to take over his account. He had talked about taking away his account from the Commercial Bank years before he signed the guarantee, on. "occasions when there was any restraint placed upon his transactions and 'also as a matter of convenience, Te Aro being nearer. Witness said that when the overdraft of the Unique Advertising Company was reduced to £.700, the bank believed that the assets of the company would exceed its liabilities. - Witness had- no intention of asking anyone to guarantee the account. On Juno 6, 1930, Moore came to his office'and told him that ho contemplated guaranteeing the company's account so that its overdraft limit might bo raised to £1500,.Witness told him to see Mr. Arcus. Three days later Moore - came ±o his office and said he intended to give the guarantee. . "I was not altogether happy about Moore giving the guarantee," said witness. '.'I pointed out to him that he must satisfy himself by investigations as to the company's ability to repay him with interest for the risk ho was taking." Asked by the Chief Justice to express his opinion. as a banker as to the " propriety of the guarantoe, witness said he was aware that companies similar to the Unique Advertising Company in Australia had been paying up to 35 per ceiit. dividends. Still, he ilid not like the outlook too much, and he was not satisfied in his own mind I'hat such dividends would continue. - "ALLEGATIONS UNTKUE." .Mr. Watson (to witness): You have heard tho allegations by Mr. Mooro as to representations you made prior to him signing the guarantee?—Yos. Is there or is there not any truth in those allegations?— There is none. The witness went on to explain the various transactions he had had with Moore,- and denied that he had ever told him that the-signing of the guarantee was "a mere matter of form." Referring to the allegations of Pierard and Hammond, Yaldwyn said that he did not obtain their execution to the guarantee. The bank's accountant did that. All the arrangements between the bank and the company were carried out by Davies. When. Hammond and Pierard came to the bank they came to carry out the arrangements made by Davies. The documents they had to execute were a joint and several guarantee and a debenture over the assets of the Unique Advertising. Company. Witness said that he,was not present when the documents were signed. He definitely denied that he had told either, Pierard or Hammond that there was no personal liability attached to those documents. Cross-examined by Mr. Young, witness said that he did not feel it incumbent upon 'him to explain to Pierard and Hammond the meaning of the, guarantee, because he was notdealing with them. Davies had assured nim that they were joining in the arrangement. . The Court then adjourned until this afternoon.

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/EP19340302.2.126

Bibliographic details

Evening Post, Volume CXVII, Issue 52, 2 March 1934, Page 9

Word Count
852

THE BANK CASE Evening Post, Volume CXVII, Issue 52, 2 March 1934, Page 9

THE BANK CASE Evening Post, Volume CXVII, Issue 52, 2 March 1934, Page 9

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