SPEEDWELL OIL CASE.
DECISION RESERVED. Decision was reserved in the claim brought by a number of shareholders in Speedwell Oil Company (N.Z.) yesterday against Harry Clinton McElwain for a total sum of £4633, being the amount subscribed for shares in the company which subsequently, went into liquidation. The action was lieard by Mr. Justice Smith. Mr. Gould appeared for the plaintiffs, and Mr. Wilson for the defendant. The plaintiffs alleged that, by reason of misrepresentations contained in the prospectus, they were induced to purchase shares in the company. Four of the plaintiffs gave evidence to support the allegation. Mr. Wilson, for the defendant, made two points, first that the shareholders contributed to bringing about the failure of the company by not' paying the full amount due for the shares allotted them, and secondly that the judge, having found that there had been irregularity in allotment; no damage could be claimed upon shares allotted after April 16, 1930.
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Auckland Star, Volume LXIV, Issue 283, 30 November 1933, Page 16
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157SPEEDWELL OIL CASE. Auckland Star, Volume LXIV, Issue 283, 30 November 1933, Page 16
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