THE EXECUTIVE TRUST

Evening Post, Volume CXVIII, Issue 128, 27 November 1934, Page 9

THE EXECUTIVE TRUST

STATEMENT BY MR. SWAN

WISHES OF DEBENTURE

HOLDERS

(By Telegraph— Press Association.)

AUCKLAND, November 26.

Mr. L.\W. Swan returned to Auckland tonight. Having read the report cabled today from Sydney, he said: "It is correct as far ad it goes, but it differed considerably from Saturday's report. "I now find," said Mr. Swan, "that my assumption that Mr. Kichmond had mentioned, my name to Mr. Levy was incorrect. This was , due to the fact that Mr. liovy, on calling at my office, at once mentioned •: Mr. Eichmo^id's name. Today's report also corrects the statement in the Press Association report on Saturday which made it appear that a cable was, sent to McAi'thur in connection with my visit, whereas in fact no. communication passed between any member of the debenture holders' committee and McArthur after the committee .was formed until I saw him in Sydney/accompanied by various counsel."

Saturday's Press. Association report also reported Mr. Swan as saying that ho was returning to New Zealand convinced that so far as the Investment Executive Trust, Limited, was concornea, 20s in the pound was available^ "This is incorrect. What is here attributed to-mo," said Mr. Swan, "is what I told the Commission Mr. Levy had stated to debenture holders in New Zealand after his visit to Sydney in August. The report of the Press Association published on Saturday • also said: 'The Commissioner (to Mr. Swan): What in fact, did you put to the debenture holders? Mr. Swan: Nothing, sir.' - ,

"What actually happ'enecl," said Mr. Swan, "was that I handed copies of all the circulars which had been sent out on tho instructions of the committee. These dealt entirely; with the formation of the committee, and contained, neither criticism of; the work of tho Commission nor proposals for dealing with debenture holders' mr terests. ' , ■ '■'■>'' ".."-■: :

"To sum up tho results of my visit: I am satisfied that consideration given to the proposals in the interests of debenture holders will have important practical results in Australia, and, if followed also in New Zealand, will be of even more value owing to the fact that tho investments held by the Investment Executive Trust, apart altogether from its interest -in -the Trust building, are much,more diversified and valuable, and it was assumed by the Commission that the New Zealand debenture holders, were in a much better position than those in Australia. The interests of Australian and New Zealand debenture holders are So intermingled that it would seem unthinkable that full consideration could be given either by the Australian or the New Zealand tribunals to these interests without reference to tho proposals and wishes of the whole body of debenture holders."