COY FLOTATION

Hokitika Guardian, 27 June 1935, Page 6

COY FLOTATION

HOW PRICES ELY HIGH (Per Press Association, Copyright). AUCKLAND June 27. Judgment was given by Justice Gillian to-day on a claim brought by Ivan Towers of Auckland, accountant, (against the liquidator of International Concession Limited, for the admission of a debt. Towers claimed to be a creditor qf the company for £3OO, on account of services. The judge said the services consisted in having told the directors of a valuable concession, which Towers happened to have known could be procured in Dantzig. He also conducted cable correspondence with a man in London at the company’s expense. “It appears to me, Said the judge “that £3OO is an exceedingly large sum for so small an expenditure of time and energy and I venture to think that there arc few members of any skilled .profession, who could earn so much money with, s.o much ease, notwithstanding they have had to de votw labourious and expensive years in acquiring their training. “The jhdge said it should be recognised, however, .that in the (sphere of company promotion and notation gentlemen who hopes to make large profits for themselves and shareholders wore prepared to pay large sums for useful guidance and information. It appears that over £7OOO was paid by this company in endeavouring to get the concession, although its actual price was under £9OO, and that the concessin when obtained, was ultimately sola to an Australian campnny for £25,000 fully paid shares in that company. Finally the judge said he was absolved f l ’om assessing Towers’ remuneration because he concluded from the evidence that Towers volunteered bis services, in the course of seeking employment from the company. The motion to admit the proof of debt, was dismissed.