COMPANY METHODS

Hawke's Bay Tribune, Volume XXIV, Issue 230, 11 September 1934, Page 5

COMPANY METHODS

THE SYDNEY INQUIRY

Statement by Mr. Jarvie

’ OFFERS OF POSITIONS

(By 'telegraph—Pres* Assn.-Copyright.) (Received 11, 1.45 p.m.) SYDNEY, Hept. 11.

The Royal Commission inquiring Into company affairs resumed its sittings today. Mr. Justice liaise Rogers presided as Commissioner, Mr. W. W. Monahan, K.C., and Mr. J. B. Collier appeared as counsel assisting the commission, Mr. R. Windeyer, K.C., and Mr. B. Fuller for the Investment Executive Trust of New Zealand', Limited, and the Southern British National Trust, Limited, and Dr. F- Louat for three other companies.

Mr. Jarvie made a statement regarding his association with Mr. Mclnnes. fie said he met Mr. Mclnnes through a member of a firm of accountants. He had never been associated -with Foster, who, it had been alleged, had a criminal Mr. Jarvio explained that after accompanying Mr. Mclnnes on a business tour of the country he had been offered a directorship with the British Medical Investment Trust and had accepted. He had' approached Dr. Colvin, chairman of tho Hospitals Commission, who was a lifelong friend, and suggested that he, too, become a director. Dr. Colvin agreed, and both applied for 500 sharps, paying £5O application money as provided in tlie prospectus. Later Dr. Colvin resigned for health reasons, and his place was taken by Mr. Alcorn.

Mr. Jarvie said that after further association with Mr. Mclnnes and Mr McArthur he had been offered a position with the British National Investment Trust as a salary of £5OO a year, the appointment taking effect on April 1, 1934, The £125 he had been paid in Juno was for three months’ salary. When the British Medical Association objected to the name of British Medical Investment Trust, it had been resolved to change it to British Vocational Investment Trust. He did not know whether the change had been effected because he had resigned on August 8. Mr. Monahan: The Commission was appointed on August 8. Didn’t you resign after Parliament had taken action! Mr. Jarvie: No.

Mr. Jarvie added that ho knew the Government intended taking action. Replying to Mr. Monahan, Mr. Ilarvie 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 invitees to attend tho opening of the Trust building?

Mr. Jarvie: I attended at the Trust offices daily.

Mr. 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 business transactions. |