8. Richard found that only 26 houses had been built,

that Jeffrey soon fell behind with his loan repayments and that his application had been dishonourable. Jeffrey had taken advantage of loose wording in the terms of the loan that did not make it a legal obligation to build 400 houses in the first place for the Company's loggers and their families.
J. O. Jeffrey was not a man of his word.
In terms of managing the finances of the L.D.W.C. Ltd he also knew that Jeffrey had been duping the people of Wild Bay, the Newfoundland Commission and the British Government. By selling his pitwood timber to his other Ebbw Vale based Company, “J. O. Jeffrey Ltd” and then on to the coal trade merchants “Iestyn and Morgan Sons” he was able to conceal the true scale of the profits he was rapidly accumulating.
He discovered that the L. D.W. C. Ltd was the subject of a Public Enquiry about its financial affairs in 1944 but even Supreme Court Judge Weaden had been unable to find out why it had been necessary to make so many share transfers between Jeffrey’s two companies. Richard was convinced that it was yet another way for Jeffrey to pocket the cash. Another way of hiding his profits.
Similarly, through the Company Store in Wild Bay, Kevin Quigley Company Manager was able to fiddle the books as he charged whatever was needed to keep his workers and their families continually in debt. Whilst simultaneously, all the Company staff were under strict orders from JO himself to do everything and anything they could to keep the locals sweet. The owner was fleecing everybody outside Wild Bay whilst his Manager was fleecing everybody inside. What a racket!