COMPANY INQUIRY

Evening Post, Volume CXVIII, Issue 128, 27 November 1934, Page 11

COMPANY INQUIRY

REPLY TO PRIME MINISTER

Replying to the statement made yesterday ,by the Prime Minister, Mr. Norman Levy said: :

"Dealing with the Prime Minister* statement of the Government's opinion as to wkdn,upon what, and under whose authority we debenture holders should bo asked to commit ourselves, I may say that one of the reasons of our approach to the Koyal Commission in Sydney was that the Commissioner himself viewed the probability that the debenture holders would desire to express their views. So far. as our committee's echeme of reconstruction is concerned, it is perforce ours only since we had been constituted only a few days: prior tO; the, last sailing; to arrive in Sydney before the; 19th instant, the date fixed by th.c Commissioner for the final presentation, of acceptable views. We regarded the opportunity as a most valuable one. It is needless to add that we shall value equally an opportunity of approaching bur own judiciary (ijhrough eminent counsel), which we are confident will be afforded us, and upon whose pronouncements .we solely rely. i

"I desire to emphasise that the McArthur reconstruction schemes advanced by his counsel • are1 equally subject to the same approval for recommendation as are our committee's. His suggested influences therefore must,be totally dismissed.

"Halving regard to the special statutory machinery prepared to facilitate, the possible liquidation of our assets which the Sydney Crown's assistant accountant agreed would be calamitous, we trust that our debt of gratitude to our Government will not ha held to be less sincere if we do not feel called upon to regard the final report of the judicial inquiry as secondary to that- of1 the New Zealand inspectors.

"By the results of our action and what judicial approval we may obtain, we venture to hope that we shall merit the . 'authoritative and vitally interested' qualification which will ensure to us the allegiance and unanimous support (at present between 50 per cent, and 60 per cent, of the value of debentures) to continue . undaunted the work of self-preservation to which we have set our hands." ■