BANK NOTE CASE
BANK OF PORTUGAL WINS. AWARDED HALF A MILLION. [United Press Association.—By Electric '1 eleg rapii.—Co pyrighb.j (Received this ua> at> 10.30 a.m.) LONDON, December 28. Awarding the Bank of Portugal £531,851 sterling with costs, Justice Wright emphasised the M araugs dramatic, elaborate fraud was unparalleled in the history of commercial life. His handsomeness, possessing manners and credentials thoroughly impressed Sir William Waterlovy. Maranga’s cxtraoivingenuity and resource was shown in the interception of letters to the Bank, enabling the production of a reply practically forbidding a direct communication to the Government, and almost handing over the Bank, body and soul, to Marang, thereby indicating the Bank’s confidence. Justice Wright accepted the fact that Sir William wrote regarding the receipt of authorisation, but the letter was not received by the Bank, otherwise it would have prevented the ■proceedings. It was no reflection on the great company that they liad been victims of an ingenious trap, but the Directors fell short of the standard of care which Bank note printing required, If 'the Bank’s plates were Used without authority, the printers, must bear the consequences. He point, ed out that the Bank realised nearly half a million from the assets of the conspirators. The case lasted twenty-one days and cost fifty thousand, of which twenty thousand comprised counsels fees.
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Hokitika Guardian, 23 December 1930, Page 5
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219BANK NOTE CASE Hokitika Guardian, 23 December 1930, Page 5
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