TALKED MILLIONS

Rotorua Morning Post, Volume 1, Issue 33, 1 October 1931, Page 3

TALKED MILLIONS

(Press Assn.-

BRITANNIA BANK SCHEME TO MAKE EMPIRE COMPLETELY SELFSUPPORTING EVIDENCE IN MOND CASE Rec. Sept. 30, 7.50 p.m.

-By Telegraph — Copyright).

SYDNEY, Wednesday. The case in which Philip James Mond and Victor Cunningham are charged with attempting to defraud various persons in connection with the Britannia Bank Ltd., and other eompanies was continued to-day. John Wilcox, accountant, gave evidence that while he was discussing with Mond some of his plans, Mond said: "I am confident we can get practically all the banking business, in Australia worth having. We are going to pay interest on current accounts, also on fixed deposits onehalf per cent. in excess of the ruling bank rates." Witness commented on the colossal nominal capital of the proposed Britannia Bank, whereupon Mond replied: "The people I represent are already negotiating for the purchase of five of the smallest European banlcs, which, together with those I am negotiating for here, is the reason for such a big nominal capital as £100,000,000." Witness suggested difficujties which might be encountered with the other banks, whereupon Mond answered: "I shall be able to clear all bank cheques through the other eompanies. "Able Business Man" Wilcox who is a bachelor of economics, cross examined, said that Mond's scheme involved the using of surplus funds in Great Britain and the Dominions for the development of Empire resources, with the ultimate idea of making the British Empire a self-supporting economic unit. Such a scheme had been occupying the world's leading economists for several years, embracing the complete control of all banking, shipping insurance, investment and trustee work. Leading economists had described it as a faultless and perfectly logical idea. Witness said he considered Mond was one of the most able business men. His methods were. quite above board. Mond' told witness that the English shareholders had paid up £11,000,000, which was held by his principals in England. Negotiations With Bank Eric Jones, a director of the Primary Producers' Bank, gave evidence that Mond expressed the hope that he would be able to take over this bank, at the same time submitting documents purporting to be a power of attorney from Sir Alfred Mond, as evidence of his ability to carry out the transaction. Questioned by witness Mond replied that he was prepared to guarantee the transaction, and lodged bonds for £360,000 in sugar eompanies in New Guinea. Witness continued to press Mond for evidence of his bona fides and offered to cable to London for these, but Mond gave no names of his principals. Witness finally told him that he was only wasting time. Witness explained that the Commonwealth Bank had been aslced to finance the Primary Producers' Bank until such time as the Britannia Bank was registered, but as.Mond was unable to furnish ample bona fides the proposition could not be entertained. The hearing was adjourned.