LIQUIDATION?

Auckland Star, Volume LXVI, Issue 49, 27 February 1935, Page 8

LIQUIDATION?

TRUST COMPANIES.

MR. McARTHUR'S ASSERTIONS

« LEGISLATION IMMINENT."

The assertion that the New Zealand

Government, in concert with the- Now

South Wales Government, proposes im- ' mediately to put (ho assets of the MeArthur group of trust companion into the hands of liquidators is made by Mr. ./. W. S. McArthur in a circular which is being issued to debenture holders and members of Parliament.

Mr. McArthur asserts that a bill is being framed (if not already completed) for liquidating the main trust companies in respect of their assets ill Australia. Against this ho strongly pr )- tests, saying that the debenture holders, hoth in' Australia and New Zealand, have, demanded the right to carry on. "Oncn the Australian assets arc linnidated." he- says, "the whole structure on both sides or the Tasman will be brought down."

Mr. MeArthiir asserts that a sale of the Trust building in Sydney is contomjtiated, "the prim nnmod being £200,000 below its real value."

Finally, he says his information is that the bill now being prepared in Sydney is to bo passed in a single sitting of the State Parliament.