WIDER SCOPE.

Auckland Star, Volume LXV, Issue 226, 24 September 1934, Page 8

WIDER SCOPE.

COMPANY INQUIRY.

Announcement by Commissioner To-day. £60,000 TRANSACTION. (United P.A.—Electric Telegraph-Copyright) (Received 2 p.m.) SYDNEY, this day. The Royal Commission which is inquiring into the activities of 31 companies continued its investigations today. Mr. Justice Halse Rogers presided as Commissioner. Mr. W. W. Monalian, K.C., and Mr. J. B. Collier appeared as counsel assisting the commission, Mr. R. Windeyer, K.C., and Mr. B. Fuller for the Investment Executive Trust of New Zealand, Ltd., and the Southern British National Trust, Ltd., and Dr. F. Louat for three other companies. The extension of the scope of the commission to include several additional companies, which have already been frequently mentioned, was announced by the commissioner. Mr. Monalian said that while the connection of most of the additional companies with those already listed was fairly remote, most of them were connected with the £60,000 transaction with Mr. J. W. S. McArtliur. The position to be determined was the financial condition of the companies at the time that money began "to filter through the Sterling Investment Company's accounts for the preservation of their assets." Discussion In Chambers. The assertion that the move for the addition of new companies had been instigated by influences outside Australia was made by Dr. Louat, who said that his clients maintained that the action was directed against Mr. MeAthur personally, and he wished to inquire if the information divulged would be made available to the New Zealand Commission. The Commissioner intimated that as far as he knew such was not the case, and the additional companies would be investigated only as to their relations ; with those already listed. When Dr. Louat said that the market valuations of the "Daily Telegraph" , Building had not been prepared, the ' Commissioner expressed surprise, saying that it was an astonishing thing that ( after a period of five weeks information ] was not available. , "I do not think the Commission should be delayed," he stated. "The 1 whole value of British National Trust 1 debentures depends on the value of this 1 building." i

In the interests of the debentureholders, said Dr. Louat, he wished the Commissioner to discuss further questions of valuations in Ms private chambers. Mr. Monalian agreed, and the Commission adjourned to "do this. (Proceeding.)