AUSTRALIA

Greymouth Evening Star, 12 April 1933, Page 7

AUSTRALIA

[BY CABLE —PRESS ASSN. —COPYRIGHT.] SURGEONS’ CONFERENCE. SYDNEY, April 11Fellows of the Royal College of Surgeons in Sydney, to-day, visited the Metropolitan hospitals and witnessed demonstrations by the hospital staffs. FLAX COY’S BONDHOLDERS. SYDNEY, April 12. The Equity Court was engaged in a number of questions arising out of proceedings for the voluntary liquidation of the Australian —New Zealand Investments Limited, incorporated, 1927, the main object being the growing of flax in New Zealand, for which three series of hempland bonds were issued to raise the necessary capital. The Court was asked to determine the rights of bondholders and debenture holders, whether certain trusts are valid, and whether the bonds or debentures have priority. The Court held that bonds and deeds of trust were valid enforcable documents. Argument is proceeding on the question whether the contract between the Company and the Public Trustee, acting for bondholders, is capable of specific performance. Lands have been bought and planted, which the Court was informed were sufficient to satisfy the requirements of A and B bondholders, but there was a deficiency in the C area planted. The Company has been unable to complete the purchase of A land. The B land has been transferred to the Public Trustee. The venI dor of C land became re-possessed of I part, including a portion of that planti ed, but the time for the transfer of C i land had not yet arrived.