COMPANY AFFAIRS

Evening Post, Volume CXXII, Issue 70, 19 September 1936, Page 15

COMPANY AFFAIRS

AUCKLAND HEARING OBJECTION TO EVIDENCE (By Telegraph.—Press Association.) AUCKLAND, September 18. Further evidence was given in the Supreme Court today in the action involving companies associated with J. W. S.-McArthur.

The plaintiffs are Thomas Henry Dawson and Leonard Knight as trustees for the debenture holders of New Zealand Redwobd Forests, Limited, and they are joined as plaintiffs by T. E. Jones, of Dargaville, one of the debenture holders.

The defendants are Sterling Investments Company (New Zealand), Limited, in liquidation, Wynwood Investments, Limited, and the National Investment Company of Queensland Proprietary, Limited. John Patrick McVeagh, ' solicitor, said that in 1934 an action was commenced on behalf of Elizabeth Smith against the Investment Executive Trust.

Mr. Johnston objected to this evidence.

1 McVeagh said the claim asked that certain transactions be set aside whereby Miss Smith had become the holder of a, very large parcel of debentures in the Investment Executive Trust. The action was settled on March 9, 1934. The settlement provided that the Investment Executive Trust was to pay Miss Smith a sufficient sum to enable her to purchase the same shares and'securities as she had tranferred to the Trust. In return, Miss Smith surrendered debentures to the Executive Investment Trust, said witness. The first payment, a cheque of £B2OO, was made ;pn March 16, 1934. J. W. S. McArthur guaranteed the settlement. Altogether three payments were made witness's firm by cheques for £B2IO, £SOOO, and £3755. There was a'further payment of £IO,OOO made in Sydney.. .'The total amount involved was round about £29,000, including £26,965 in cash. • Tftetase was adjourned till Mon;day; .'.