TRUST COMPANIES

Nelson Evening Mail, Volume LXVI, 11 September 1934, Page 2

TRUST COMPANIES

SYDNEY ROYAL COMMISSION

STATEMENT BY MAJOR JARVIE

(United Press Association—By Electric Telegraph—Copyright)

(Received 11th September, 1.20 p.m.) SYDNEY. This Day.

At the resumption of proceedings at the Royal Commission, inquiring into company matters, Mr Justice Halse Rogers presiding as Commissioner, assisted by Mr Monahan, K.C., Major Jarvie, M.L.C., made a statement regardintr liis association with Melnnes. He said he met Melnnes through a member of a firm of accountants. He had never been associated with Foster, who it had been alleged had a criminal record. Jarvie explained that after accompanying Melnnes on a business tour in the country ho had been offered a directorship with the British Medical Investment Trust, and accepted. He had approached Dr. C'olvin, chairman of the Hospitals Commission, who is a. lifelong friend, and suggested he, too, should become a director. Colvin agreed and both applied for 500 shares, paying £SO application money as provided in the prospectus. Later Colvin resigned for health reasons, and his place was taken by Alcorn.

SCOPE OF INQUIRY EXTENDED

SYDNEY, 10th September

Further representations having been received from the New Zealand Government concerning the operations of certain companies there, the New South Wales Cabinet to-day decided to extend the scope of the existing Royal Commission for the purpose of inquiring into the activities of about a dozen more companies named by the New Zealand Government. Jarvie said that after further association with Melnnes and McArthur lie had been offered a nosition with the British National Investment Trust at a salary of £SOO a year, the appointment taking effect on Ist April, 1934. The £135 he had been paid in June was for three months’ salary. When the British Medical Association objected to the name of the British Medical Investment Trust it had been resolved to change it to the British Vocational Investment Trust. He did not know whether the change had been effected, because he resigned on Bth August. Mr Monahan: “The Commission was appointed on Bth August. Didn’t you resign after Parliament had taken action?” Jarvie: “No.” Jarvie added that he knew the Government intended taking actioin. Replying to Mr Monahan, Jarvie 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 the opening of the Trust building?” Jarvie: “I attended at the Trust offices daily.” Jarvie added that there had been nothing to do durin- July though he had drawn his salary. He had actually never taken any part in business transactions. Tile enquiry is proceeding.