SALE OF SHARES.

Auckland Star, Volume LIX, Issue 33, 9 February 1928, Page 8

SALE OF SHARES.

CANVASSER BEFORE THB COURT. ECHO OF HOTEL AUCKLAND SCHEME. An echo of the proposal to erect a large up-to-date hotel to be known as Hotel Auckland, a proposal, l>v the way, which was abandoned after a company had been lormed andr shares offered to the public, was heard at the Supreme Court before Mr. Justice Reed this moning. Stanley Urcn Thomas, a young man, pleaded not guilty to two charges of failing to account for sums of £50 and £12 10/, and there were alternative charges in regard to the sums mentioned of obtaining the money by a false pretence. Mr. Brycc Ilart appeared for the accused.

The Crown's case, as set out by Mr. V. R. Meredith, alleged that when the Hotel Auckland company had been formed and shares offered to the pubiie, Thomas was employed as a canvasser. The shares were £1 each and Thomas was to receive 2/G per share.

To a Mrs. Nelder lie sold two lots| of shares of 50 each. On the first sale she paid Thomas the usual 2/6 per share due at application, and this money Thomas paid to the company after giving Mrs. Nelder an interim receipt. The second sale was made to Mrs. Nelder on October 5 and she paid Thomas £50, but this amount, it was alleged, Thomas had not paid in. On the 29th of the same month, after the company had abandoned the scheme, Thomas sold to Mr. Bond, of Brown's Bay, 100 shares, receiving a cheque for £12 10/ from Mr. Bond. That money had not been accounted for and subsequently it was learned that Thomas, the same day, had used the cheque to pay his rent.

Mrs. Nelder pave evidence touching her two transactions with accused and in answer to Mr. Hart admitted that although she did not give him authority to hold the shares, it was understood he could sell for her if there was a proiit to be made.

Tlio case came to a sudden conclusion when Mr. Brvce Hart intimated that accused wished to alter his plea to one of guilty. Thomas was remanded for sentence until Saturday.