£1,000,000 CLAIM

Poverty Bay Herald, Volume LV, Issue 17425, 25 November 1930, Page 11

£1,000,000 CLAIM

FORGED NOTES SEQUEL PORTUGUESE PLOT RECALLED LONDON PRINTER’S PART (Elec. Tel. Copyright—United Pross Assn.) (Received Nov. 25, 3 p.m.) LONDON, Nov. 24. As a sequel to the Portuguese bank note frauds of 1925, the Bank of Portugal is suing Messrs Waterlow and Sons, London, printers, in King’s Bench division, claiming £1,115,C00, The bank’s counsel said a Dutchman named Marang, who later was discovered to ho a member of a gang of international forgers, went to Waterlows with a letter of introduction from, a Dutch firm. He saw Sir William Waterlow, ex-Lord Mayor of London, the then chairman, and told a story which the hank submitted was incredible and revealed a plot so full of leaks and holes that it was amazing to find it successful.

Marang said a group of Dutch financiers had decided to assist the Portuguese colony of Angola, which was financially embarrassed. He produced documents, which turned out to he forgeries, authorising a, Dutchman named Reis, on behalf of a- syndicate, to print notes of a face value" of £2,000.000, and also Ihe Rank of Portugal s authority therefore. Specimen notes at-lai-hed in the documents showed portraits of the poet Devos. When Waterlows pointed out that an other firm printed them. Marang said the Vasco da Oarna- notes Waterlows printed for the hank would he acceptable. Marang impressed Waterlows with the need for secrecy. All correspondence with the Bank of Portugal, except for one letter, passed, through Marang. who. with his associates, forged replies. Meanwhile Waterlows’ agent in Lis-

bon warned the London house that the Bank of Portugal had not authorised the issue of colonial notes, and also that many rumors were current regarding which it was unsafe to write, hut Waterlows ignored the warning and delivered the notes, after which "Marang ordered a further £7500. All the printed series were identical with the authorised issue, resulting in the bank beiii'T unable to distinguish them. Not all the 530.000 notes printed were circulated. but the bank paid Marang’s notes to the value of £1.706.000. Eventually thoy were forced to withdraw' the whole of the Vasco da Garina

issue. Counsel added that Reis and another wore sentenced at Lisbon to 25 years transportation. Marang had been sentenced to two years’ imprisonment at The Hague, but in the meantime had disappeared. The case was adjourned.