THE HATRY DISASTER

Poverty Bay Herald, Volume LV, Issue 17068, 28 September 1929, Page 5

THE HATRY DISASTER

COURT CASE REMANDED SERIOUS ALLEGATIONS FALSE CERTIFICATES ISSUED (Klee. Tel. Copyright—United Press A.ssn.) (Australian Press Assn.—United Service.) (Received Sept. 23. noon.) LONDON, Sept. 27. llatrv and Ins associates appeared before the eoart again and were remanded till October o. Sir George Trascott was on the bench, and the defendants were seated immediately in front of the dock, which was not used. Mrs. iiatry was not present, and a Irieml staled she was lestiug m the country. Hairy looked composed and almost chcermi. .The defendants chatted animatedly with counsel, the whole scene resembling ah* imorniul company meeting rather than 1 a drama whereto this is a prelude. Mr. H. Roome, representing the Public Prosecutor, Said mx months after the Wakefield loan had been issued the detendants eorriniitted a siiocking fraud. On July 15, Daniels ordered Blades, East, and Blades, who had printed the Wakefield loan scrip certificate, to print a further 80 Wakefield certificates for £SOOO each, and deliver them to Dixon, not to Page, the chief clerk of the issue department of the Corporation of General Securities, 'who had ordered the previous printing for the Wakefield loan. The defendants desired to conceal what they were doing from Page; tints certificates amounting to £400,000 were fabricated. . - !

The defendants were hard pressed for ready money. These lour gentlemen, directors of an issuing house of the City of London, stooped so low as to issue worthless scrip. Russell was completely deceived. The printers had .no reason for knowing that these supplementary issues'were jn any way spurious. Accordingly they printed and delivered them to Page, whom Dixon 1 old they would he exchanged lor the original scrip, which .would be cancelled. As the exchange was not made, Page asked Daniels if lie realised that they had issued more scrip than the amount, of the loans. Daniels said: “Technically ive have. I am seeing lo it.” Mr. Roome continued that these spurious issues would he subjected to further charges. 'There are- men being ruined bv the aetioii of these defendants, whose uttering of spurious securities lias rendered them liable to 14 years penal servitude.”

The hearing was adjourned. The Daily Telegraph learns that plain speaking was heard at a meeting of •M’s, at which it is understood the governor of the Bank of England laid the onus of the Hatry trouble upon banking and money circles, and intied that the financial authorities would need to realise their responsibilities. Tie reminded bankers of well-known views held by many members of the Labor Government regarding the nationalisation of banks.