COMPANY ENQUIRY

Press, Volume LXX, Issue 21257, 31 August 1934, Page 11

COMPANY ENQUIRY

SHORT SITTING IN SYDNEY ACCOUNTANT'S EVIDENCE P'l A l t'. OK BOOKS D ESL'HIRED AS AMAZING : *?*'.■'. M'i'CJ.N—M r I.A L ; Hi J i K uKb KA L' }.L —C'JF x IIIG hi.) ■ f!oceived August. 30, 9.15 p.m.) SYDNEY, August 30. Tho Royal Commission which is enquiring into the operations of certain trust companies sat for onlv fi short time to-day, and adjourned until Monday. Dr. F. Louat, who is appearing for some of the companies, called Edgar Wolfenden, a chartered accountant, who said that the accountants of one of the companies could continue during the week-end the task of preparing the balance sheets which had been ordered by the commissioner, these should be ready by next Wednesday. Dr. Louat said that Glasson was suffering from influenza and consequently the auditors were hampered. Wolfenden, at a later stage, said that owing to the dovetailing of 'ransactions the work was a little more involved than ordinarily. It was also necessary to write up a list of investments. Mr Monahan (assisting the commissioner) asked Wolfenden: Even you as an expert would at the present time be totally unable to form any idea of the position of the companies? Witness: Yes. Mr Monahan: 1 take it that tor companies dealing with public funds that state of affairs is amazing. Witness: Yes, quite. Dr. Louat said that Wolfenden would at a later stage be called about the system in use. The commissioner: Lack or system. I should think. Replying to Mr Monahan, Wolfenden said his assistance was invited by the companies about a fortnight ago. The commissioner: I do riot feel inclined to grant an adjournment beyond Monday. After all, the companies intimated that they courted the fullest enquiry and they should bo ready at any time. It should be possible to proceed with the examination of MeArthur and Alcorn. Mr Monahan replied: I shall be ready on Monday. The two biggc.-a companies concerned are the In- • tsl'T,. rt Executive Trust and the British National trust, 'oat ih ■ or (.rations of the smaller companies are very restricted. •( iie commissioner: Ihe public m'st of all be anxious to obtain -j li;-' of investments by these Comoro;'. s. alforcling security (or theii Dr." Louat then directed atten: .<>n to Mr Ma.cfarlan's statement m the Victorian Parliament, in which he

,:aid that some companies had got ricl of their books for the purpose of hampering the enquiry. Dr. Louat, speaking of the New So_ytlWales operations, gave tliat an unqualified denial. The commissioner: I suppose }ou want that made public. There is specific evidence before (vie thai books were removed from New Zealand. I thin!: Hewitt and Glasson were concerned with a compare. *hat had no dealings over here bm had its books removed here. The commission then adjourned the commissioner directing Di. Louat to supply particulars 01. the personal drawings of Alcoi n an. McAruiur, which should not involve the writ.mg up of books