THE HATRY CASE.

Press, Volume LXV, Issue 19805, 18 December 1929, Page 16

THE HATRY CASE.

FINANCIAL EXPERT GIVES EVIDENCE. (tfXIT£D TRESS ASSOCIATION—BT ELECTEIC TELEaSAPH—COP7EIGHT.) LONDON. December 16. In the Hatry case, Sir Gilbert Garnsey_, giving evidence, said that the total liabilities of the six associated companies in the Hatry group amounted to £29,500,000, not including share capital, which was not secured. The claims totalled £13,750,000. There was little prospect of a dividend for the unsecured creditors. The total deficiency was likely to exceed £13,500,000. The gross liabilities of Austin Friar'is Trust were £19,000,000, of which about £6,000.000 represented inter-company liabilities and claims. Its main assets were represented by investments in its associated companies -of a book value of about £11,500,000. of which it is estimated the value is about £3,700,000. He was of the opinion that the Austin Friar's Trust had never been solvent. Sinc-t! 1925 Hatry had received £42,526 in remuneration, Daniels £23.545. Dixon £11,560. and Tabor £5065. Daniels was a creditor to the companies to the extent of £128,298. but held securities, the estimated value of which was £50,000. Sir Gilbert Garnsey, cross-examined, agreed that defendants loyally assisted him during his investigations. He agreed that not a single penny of tlie moneys subject to these charges could be traced to the pocket of Hatry or the other defendants. Personally, hehad no reason for believing that they made anv profit for themselves. All the money went in Austin Friar's Investment Tru^t. Committal charges were read, after which the Magistrate asked defendants if they had anything to say. Hatry replied: T plead "not guilty and reserve my defence. T adhere in every way to my original statement concerning my primary responsibility. Tn a voice trembling with emotion Hatrv said: I hove pledged every penny, my reputation, and, maybe, mv liberty, to avert what otherwise might have been a tv-rrible crash, whereas I could have walked off a free man, but the losses then would have fallen on thousands' of shareholders throughout the country, instead of on comparatively frw. I am irretrievably and irreparably ruined. Mv name baa bocome a b\«ord, and if found guilty my punishment will begin again when I am released. the |V"!i- accused were committed for trial. Hail wns refn-ed-