TRUST COMPANIES

Evening Star, Issue 21822, 11 September 1934, Page 8

TRUST COMPANIES

THE SYDNEY INQUIRY MAJOR JARVIE GIVES EVIDENCE Tress Association—By Telegraph—Copyright. SYDNEY, September 11. (Received September 11, at 2 p.m.) The Royal Commission, which is inquiring into the activities of certain trust companies, continued its sitting. Major Jarvie made a statement regarding his association with Mr M‘lnnes. He said he had met M'lnnes through a member of a firm of accountants. He had never been associated with Foster, who, it had been alleged, had a criminal record. Major Jarvie explained that after accompanying MTnnes on a business tour of the country, he had been offered a directorship with the British Medical Investment Trust, and had accepted it. He had approached Dr Colvin, chairman of the Hospitals Commission, who was a life-long friend, and suggested that he, too, should become a director. Dr Colvin agreed, and both applied for 500 shares, paying £SO application money as provided in the prospectus. Later Dr Colvin resigned for health reasons, and his place was taken by Alcorn. Major Jarvie said that after further association with M'lnnea and M‘Arthur he had been offered a position, with the British National Investment Trust at a salary of £SOO a year, the appointment taking effect on April 1, 1934. Tne £125 ho had been paid in June was for three months’ salary. When the British Medical Association objected to the name, the British Medical Investment Trust, it had been resolved to change it to the British Vocational Investment Trust. He did not know whether tlie change had been effected, because he resigned on August 8. Mr Monahan, K.C. (assistant commissioner) ; The commission was appointed on August 8. Didn’t you resign after Parliament had taken action?. Major Jarvie: No. Major Jarvie added that he knew the Government intended taking action. . Replying to Mr Monahan, Major Jarvie said his appointment was in an advisory capacity, but he was not expected to give advice in business matters. Mr Monahan : So the only thing you did was to give advice regarding the invitees to attend the opening of the Trust building? Major Jarvie: I attended at the Trust offices daily. Major Jarvie added that there had been nothing to do during July, though he had drawn his salary. He had actually never taken any part in the business transactions. The bearing is proceeding.