SHARE TRANSFER CASE

Nelson Evening Mail, Volume LXXI, 26 April 1937, Page 10

SHARE TRANSFER CASE

HEARING AT CHRISTCHURCH DECISION RESERVED ' I United Press Association] CHRISTCHURCH. 23rd April. The hearing of the claim by George Herbert Elliott. Palmerston North, against the Austraiasi i Investment Corporation for the return of shares oi a nominal value of £6OO in the Investment Executive Trust Company of New Zealand which he transferred to the defendant company, was concluded in the Supreme Court to-day. judgment being reserved by Mr Justice Kennedy. The 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 lime of the transfer. The claim is the first of a series ol eighteen involving a total of £14.420 The plainlifl was represented by Mr R. A Young, with him Mr K. J. McMenamin and the defendant company by Mr H F 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 cross-examination by Mr Young was mainly concerned with relations alleged to exist between Bridgewater and J. W. S. McArthur. Witness was questioned about brokerage in transactions by which Investment Executive Trust shares were transferred to the Australasian Investment Corporation and about the procedure adopted in arranging investments by an investment development corporation of which both witness and McArthur were directors. Witness said that McArthur had not control < f that new company. Me Arthur did nol dominate witness, nor couid any money be invested by thi new company without the sanction o witness. After hearing argument by counsel his Honour reserved decision.