FORGED NOTE ISSUE

Poverty Bay Herald, Volume LV, Issue 17440, 11 December 1930, Page 8

FORGED NOTE ISSUE

CLAIM FOR £1,115,000 THE PRINTERS' DEFENCE VIGILANCE AND FORESIGHT (Elec. Tel. Copyrißht—-United Press Assn.) (Received Dec. I], 2 p.m.) LONDON, Doc! 10. Far from negligence, every step in this case was marked by vigilance, foresight, and prudence, said Mr. Norman Birkcft, K. 0., in opening the defence of Messrs. Wat.orlow and Co. in connection with the forged banknotes case. Tie contended that when MaVahg first entered Wiiforlow's office nobody could have conceived him as a coo! swindler or principal of a gang, because he bore ,in introduction from Dutch note printers whom Waterlows knew. Moreover, he produced a diplomatic passport and other proofs of good faith from the Portuguese Minister at The Hague. Who could have supposed that the Minister was in league with a gigantic fraud dealing wholesale in forged documents ?

There was nothing suspicious in Marang's statement that the matter was confidential, as Sir William Waterlow knew that Angola's finances were unsatisfactory.

Waterlows' Lisbon agents' warning was only tantamount to doubting whether Waterlows would be paid for the printing. Waterlows submitted all the documen'ts to a solicitor and notaries, who declared them to be satisfactory, while an answer to a confidential letter to the Bank of Portugal regarding the authorisation of the printing was received through Tho Hague Minister, who also appended a satisfactory "reference Sir William, as an additional safeguard, Wrote to the governor of tho bank acknowledging receipt of the authorisation. The governor denied receiving the letter, but that action alone acquitted Waterlows of negligence. The case was adjourned.

As a, sequel to the Portuguese banknote frauds of 1025, the Bank of Portugal is suing Messrs Waterlow and Sons, Loudon, printers, in King's Bench division, claiming £1,115,000. Tho bank's counsel said a Dutchman named Marang, who later was discovered to be a member of a gang of international forgers, went to Waterlows with a letter of introduction from a Dutch firm. 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 be forgeries, authorising a Dutchman named Reis, on behalf of a syndicate, to print notes of a face value of £2,000,000, and also the Bank of Portugal's authority therefor. All the printed series were identical with the authorised issue, resulting in the bank being unable to distinguish them. . Nor. all the.. r>Bo,ooo notes printed wore circulated, but the bank paid Marang's notes to the value of £l,7o<> J ooo.