LATE NEWS

Nelson Evening Mail, Volume LXVI, 4 September 1934, Page 2

LATE NEWS

INQUIRY INTO COMPANIES PROFIT ON BUILDING PURCHASE (United Press Association—By Electric Telegraph—Copyright) (Received 4th September, 2.30 p.m.) SYDNEY. This Day. When the Commission resumed to-day Mr Monahan asked Alcorn whether the former “Daily Telegraph” building was bought on McArthur’s own capital. Alcorn said the capital was borrowed from the Investment Executive Trust. Mr Monahan: “Is there any record in the books of the Investment Executive Trust that McArthur could purchase the building for his own personal profit?” Alcorn: “He used the company as an instrument of purchase.” Mr Monahan: “So that he could put £287,000 in his and your pockets?” The Commissioner: “The outcome of the transaction seems to be that without putting in a penny piece Alcorn and McArthur have oni paper at least made £287,000 profit.” Alcorn was questioned regarding the list of personal drawings he had compiled at the Commissioner’s request. Mr Monahan: “These book entries detailing your drawings have been entered since the Commission started. Was there no book record until then?” Alcorn: “No.” Referring to the £15,000 lie had made in June, Alcorn said he and McArthur had sold Investment Executive Trust shares to the Southern British National Trust in order to give the latter control of the former. There had been money owing to McArthur and himself for establishment charges in the Southern British. Mr Monahan: “So actually you made £15,000 personal profit?” (Earlier references will be found on page 6 of this issue).