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168. That was directed by the Act to be written off ?— Yes. 169. As also the proceeds of the first half-million call?— Yes. 170. The proceeds of that call, according to the return you gave us, amounted to £441,206? — Yes. 171. Is there any addition to be made to that sum from payments received since the return was made up? — Some small sums are continually coming in in further payment of the call that was made. 172. Supposing we take it for the present at £441,206, these two amounts together make £1,341,206, out of which the bank was to take the £376,900 mentioned in subsection (a), and the £200,000 mentioned in subsection (b), as against bad, irrecoverable, or valueless assets? —Yes. 173. These two sums so to be deducted from the £1,341,206 amount to £576,900, and leave a balance of £764,306 ?—Yes. 174. And that was to be dealt with as directed by the following clause (c) of the Act, which requires that "the balance shall be applied to the writing-off in the books of the bank of a corresponding amount from the nominal value of the shares of which the bank is the owner in the capital of the Estates Company "? —Yes. 175. That amount was £I,Bso,ooo?—Yes. 176. Has the £764,306 been taken off that amount ?—Yes. 177. Leaving £1,085,694 as the nominal interest of the bank in the Estates Company ?—One of the returns handed in at the last sitting showed the balance. 178. Has the bank as against that balance the globo assets not transferred to the Realisation Board, as represented by the list of properties retained by the Estates Company for the bank ? —I cannot give you the particulars. There is a great variety of properties. 179. The residue of the globo assets after those which have been transferred to the Assets Realisation Board ? —I can only take the total. 180. Which represents a value of £1,294,456? Is that the position?—-Mr. Watson is more familiar with the details, if you will allow him to assist me in verifying the particulars. 181. The general answer is all I expect from you, Mr. Booth ?—I can only say that the Auditor of the bank must be applied to for the particulars required to answer that question. 182. Are these assets against the reduced amount so standing in the books of the bank as representing the shares of the Estates Company in terms of section 3 of the Act ?—I could not answer that question. 183. Is £1,294,456 the estimated value of the globo assets retained by the bank ?—lt seems to be so. 184. You need not trouble yourself further on that point. Now, the Act which was passed on the 4th September last removes the embargo against purchase or amalgamation ?—Yes, that is so. 185. How soon after the 4th September was it that negotiations were resumed between the two banks ? —lt was soon after, but I am not able to give the exact date. 186. What shape did the communications take ?—We were informed by the Colonial Bank directors that they were willing to negotiate for the sale of the bank. 187. Was that the first intimation—l mean the first overture —and did it come from the Colonial Bank? —We understood that to be the case. 188. That would be in writing?—l think not. I think it was made by the President of the bank. 189. Then, he was in communication, very soon after the Act was passed, with some one on behalf of the Colonial Bank ? —Yes ; it was understood also that we were anxious to make the purchase if found to be possible and advantageous. 190. Before the Committee there was no secret that the Colonial Bank was the one to be purchased if possible?—lt was no secret. 191. It was assumed »all through that once the embargo was removed the negotiations of 1894 would be revived ?—Yes, we understood so. 192. And you think that overture in 1895 from the Colonial Bank was not in writing?—l think not. 193. Is the reply of the board in writing ? —I think not. 194. Was there any communication whatever in writing between the two banks before the agreement of the 18th October, 1895 ?—I think not. 195. Will you inquire, and produce copies, if possible ?—Yes. 196. When did you first draw up the draft agreement ?—I cannot give you the date. 197. In the month of September or October—it must have been one or the other ? Which bank drew up the draft agreement ?—I think both banks drew it up. 198. Do you mean that it was done at a conference ? —lt was the result of discussion and examination continued at various times. It grew up by degrees during the progress of negotiations. 199. At conferences between the directors of each bank ? —Yes. 200. But some one had drew up a draft agreement ?—When we had come to an agreement as to the substantial and important features of the business we had legal assistance to put the matter in form, and the form that was arranged is the form in which it was presented to the Legislature afterwards. 201. The 18th October is the date of the agreement presented to the Legislature : Do you mean that there was no draft agreement made before that —no draft agreement presented by one bank to the other? —I do not think so —nothing that would approach the form of a complete agreement. 202. A clerk did not engross the agreement from dictation, I presume. The agreement of the