CLAIM FOR RETURN OF SHARES

Horowhenua Chronicle, 24 April 1937, Page 6

CLAIM FOR RETURN OF SHARES

BRIDGEWATER AND McARTHUR (By Telegraph—press Association.) CHRISTCHURCH, Last Night. The hearing of the claim by George Herbert Elliott, of Palmerston North, ■against the Australasian Investment •Corporation for the return of shares of a nominal value of £SOO in the Investment Executive Trust Company of Now Zealand which he transferred to the defendant company, was concluded in the Court to-day, judgment being reserved by Mr. Justice Kennedy. Plaintiff also claimed £240 in dividends on those shares received by the defendant company from the Public Trustee and £6O paid in cash at the time of the transfer. The claim is the first of a series of IS, involving a total of £14,420. Plaintiff was represented by Mr. R. A. Young, with him Mr. K. J. McMenamiu, and the defendant company by Mr. H. P. O ’Leary, K.C., with him Mr. R. E. Tripe. The evidence of Osmond Arthur Bridgewater, which was begun on Thursday, was continued in the morning, when the cross-examination by Mr. Young was mainly concerned with the relations alleged to exist between Bridgewater and J. W. -S. McArthur. Witness was questioned about brokerage in the transactions by which the Investment Executive Trust shares were transferred to the Australasian Investment Corporation, and about the proce- • dure adopted in arranging the investments by an Investment Development Corporation, of which both witness and McArthur were directors. Witness said that McArthur had not control of that new company. McArthur did not dominate witness, nor could any money be invested by the new company without the sanction of witness. After hearing argument by counsel, his Honour reserved his decision.