Gentle, J.

1. The applicant is a debtor of the company in liquidation. On 17th February 1938, he borrowed from this banking company a sum of Rs. 1000, and as security for his loan he deposited 450 shares of two other companies. On 30th May 1938, repayment of this loan was demanded by the company. The applicant wrote a letter to the agent of the company on 4th June 1938. This letter is not available, but the contents are set out in the applicants affidavit in support of his application in para. 4, and it is not controverted that his recollection in regard to the contents is accurate. The letter was to the effect that the applicant was the holder in due course of a fixed deposit receipt with the Bank for a sum of Rs. 1000 standing in the name of Sri Bageerathi Ammal maturing on 28th July 1939, and he requested an adjustment of this debt from the company against the amount due from the applicant. An interview took place on the day of, or shortly after, the letter I mentioned, between the applicant and the agent. The substance of this interview is set out in para. 3 of the counter-affidavit and is not challenged by the applicant in his reply. At this interview, the applicant inf