INVESTIGATION OF COMPANIES
TWELVE MORE ADDED TO LIST
NEW ZEALAND REDWOOD FORESTS, LTD.
INQUIRY TO COMMENCE TODAY
Further disclosures o.f a sensational character regarding the affairs of a group of,companies of which Mr. J. W. S. McArthur is the central figure were contained in another interim report from the Companies Promotion Commission, tabled in the House of Representatives last night by the Minister of Finance (the fit. Hon. J. G. Coales). Mr. Coates announced that an Order in Council had been issued adding twelve companies to-the list of .companies which have already been brought under, the provisions .of the Companies (Special Investigation) Act,- passed on August 8 last and providing for a complete investigation of the affairs of the, companies by independent auditors. ■ : . The twelve companies which have been added to the list are as follows:— New Zealand Redwood Forests, Ltd. The Solwyn Timber Company, Ltd. The Wynsel Timber Company, Ltd. - The Beulah Timber Company, LtcL The Edgecumbe Forests, Ltd.- • Kotahi Lands, Ltd. Overana Land Company, Ltd. Modern Homes, ltd. ■ Liberty Motors Corporation, Ltd.; . . Auckland Provincial Town Properties, Ltd. New Zealand Freeholds and Building's, Ltd. Freeholds, Ltd. • The repoit of the Commission dealt in detail with the transactions of the group of companies of which New Zealand Redwood 'Forests, Ltd., was the main,, and made charges of extravagance and mismanagement against the directors. Particular attention was paid to the operations of Mr. McArthur, especially in reference to a year's visit which he paid to India. Interesting details are given of the expenses which Mr. Me Arthur is alleged to have received during his absence from New Zealand. • v Mr. Coates .announced that four inspectors—Messrs. H. D. Vickery and L. H. Hfcjlop, of Wellington, and Messrs. A. M. Seaman and N. A. Duthie, of Auckland—had been appointed to investigate the affairs of the twelve additional companies, and that the investigation would commence today.
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https://paperspast.natlib.govt.nz/newspapers/EP19340906.2.28
Bibliographic details
Evening Post, Volume CXVIII, Issue 58, 6 September 1934, Page 6
Word Count
312INVESTIGATION OF COMPANIES TWELVE MORE ADDED TO LIST Evening Post, Volume CXVIII, Issue 58, 6 September 1934, Page 6
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