STANHILL DEFAULT

Press, Volume CI, Issue 29772, 15 March 1962, Page 17

STANHILL DEFAULT

Inquiry Urged

(N.Z.P.A .-Reuter— Copyright) MELBOURNE, March 14.

The Victorian Government had been keeping a “close watch” on the Stanhill Group of companies, the AttorneyGeneral, Mr A. G. Rylah, said today.

“We will continue to do this,” Mr Rylah said. He had been asked to comment on a proposal by the Labour leader in the Legislative Council, Mr John Galbally. that a judicial inquiry should be held into the affairs of the group.

Mr Galbally, speaking in the Legislative Council, said Stanhill Development Finance had canvassed £2,000,000 from the public on 7| per cent, unregistered notes, and that the money was "siphoned off” into Stanhill Consolidated, l td., and other companies of the group, including a private company. Stanhill, Pty. Ltd. Mr Galbally said the people who had lost money, and the community at large, were entitled to know “who feathered what nest” and where the money went.

New Companies

Company registrations notified in the '’Mercanitiile Gazette” include the following:—

Simpson and Carey, Ltd.— Private company, February 26, C/o E. T. Cochrane, T. and G. Buildings. Stafford street, Timaru. Capital: £lO6O. Subscribers: Timaru—W. S. Johnston 500. I. S. Carey 500. Objects: Boatbuilders and incidental.

Moy Flat. Ltd.—Private company, February 28, C/o Farm Accounting Association of New Zealand, Ltd., 176 Hereford street, C h.rtstch'Uroli. Capital: £5OOO. Subscribers: Loburn—A. C. W. Mclntosh 4999. N. E. McIntosh 1; Objects: Farming and incidental.

Mortgage Services. Ltd.—Private company, March 1, Tekapo Buildings, 259 Stafford street, Timaru. Capital: £250. Subscribers: Timaru—L. M. Murray 125. I. F. Murray 125. Objects: Lend and advance money and incidental.

Fucker Motors, Ltd.—Private company. March 1, C/o Norman S. Kirby and Company, public accountants 183 Cashel street, Christchurch. Capital: £lOOO. Subscribers: Springfield—P. J. Parker 900, M. A. Parker 100 Objects: Garage proprietors and incidental.

RECONSTITUTED MILK

(N.Z JP.A.-Reuter—Copyright) HONG KONG, Mar. 13.

New Zealand Dairy Supplies planned to put reconstituted milk on sale in Hong Kong on July 1. a company executive announ-'ed today. He is Mr D. J. Moran, general manager, who said that construction of a new factory was complete and subcontracting work was now in hand.

Mr Moran said that the milk, made from New Zealand primary products, would be sold below the present price for fresh milk in Hong Kong.