Yacht Morewa Sails

Manawatu Times, Volume 60, Issue 92, 20 April 1935, Page 5

Yacht Morewa Sails

Brisbane Stated Destination

McArthur inquiry RECALLED -Per Press Association. AUCKLAND, Last Night. A departure for Australia was made to-day by tho auxiliary yacht Morewa, which (figures largely in tho reports of the recent inquiries into the McArthur group of companies. The yacht left its moorings bound for Brisbane. She was previously cleared by tho Customs Department. The Morewa is commanded by Mr M. V. Bates, of Auckland, who has with him a crew of six young men, including T. R. McArthur, a son of J. W. S. McArthur, in. whose name the vessel was registered until recently! The members of the crew arc: M. Woolhouse, A. L. Beatty, A. Williams, L. Grange and E. S. Adams. Prior to the yacht’s departure, Mr Bates said it was not known how long the vessel would bo away or whether she would return to Auckland. It was stated that the yacht was not the property of the National Investment Company of Queensland. According to Mr Bates, tho passage to Brisbane should take seven days. It was gathered that the voyage is to be made direct, without any stop at Norfolk Island or Lord Howe Island. Sufficient oil fuel has been taken to enable the auxiliary engine to be used if tlio wind fails or in. case of any other emergency, but the proposal is to make the whole voyage under sail. The members of the crew are mostly' y-oung ■men with, considerable experience of yachting.

Debenture-holders Favour Liquidation RESOLUTIONS AT CHB,tsh!CWtib/hh i Per Press Association. CHRISTCHURCH, Last Night. Resolutions favouring the liquidation of tho Investment Executive Trust of New Zealand, Ltd., were carried at a meeting of 23 debentureholders in Christchurch on Thursday' evening. The meeting also decided to thank the Government and Hon. J. G. Coates (Minister for Finance) for the prompt action taken over tho affairs of the trust. The resolutions carried w-ere:

That in the face of the disclosures in the Now South Wales Commission’s reports and the reports of the New Zealand inspectors, this meeting of Christchurch debenture-holders in the Investment Executive Trust is emphatically in favour of the inspectors’ recommendation for liquidation with the Public Trustee, and this meeting recommends that an advisory board of two or three debenture-holders be appointed by the Government to act in conjunction wdth the Public Trustee. That a vote of thanks be accorded to the Government and especially to Mr Coates for the prompt action taken.

That in the event of the Government deciding to appoint two or three deben-ture-holders to act with the Public Trustee, this meeting recommends that Mr J. D. Kenton be appointed.