BOOKS MISSING

Poverty Bay Herald, Volume LXI, Issue 18500, 12 September 1934, Page 5

BOOKS MISSING

REMOVED TO AUCKLAND

KEY TO EVERYTHING”

(ILAtfSON RECALLED

(Kim:. Tel. Copyright—United Press Assn.) SYDNEY, So.pl. 11.

An admission that the books of (bo Sterling Investment Company wore missing. and tbat the balance shoot of this concern was “the key to everything.” was made by H. I'. (Masson when bo was recalled before the Royal Commission to-day. Major Jarvie denied having told Mo fnnes that Dr. Hunter approved of the name of the British Medical Investment Trust. Mclnnps’ evidence in that respect v\as inaccurate. Witness had merely asked Dr. Hunter for approval of Dr. Colvin being oil the board of this trust. Major Jarvie said he had retired from the (ward as lie wanted,.as a public man, to he free and to vote in Parliament free front association with trust companies. Mr. Monahan: ,li was in your mind before you retired that there would he Parliamentary action?

.Major Jarvie: Yes. T discussed (he matter with the Premier. 11. C. (Masson, recalled, was questioned regarding the production of balance sheets. If* said that the Sterling luveslment’sihalanee sheet was the-key to everything; Mr. Monahan: And the books of Sterling Investments are missing?

Glasson : Yes. Continuing, Glasson said the hooks had been left 1 1 v him in Auckland, bid bad disappeared. Apparently they bad been removed from Ibe office.-

Mr. Monahan: I suppose without the hooks the truth will never he known? (Masson : I wouldn’t sav that.

PROFIT (IF £,--IO,CCO

Mr. Monahan: Is there any doubt that as the result of McArthur's and Alcorn’s dealings with the hooks of these companies, some, or one, or all of them, have made C340.C09 profit in connection with the Trust building?

(Masson : T could not sav. Mr. Monahan: Isn’t it somewhere near that?

Glasson : On paper. Mr. Monahan: McArthur as the result of these transactions has a whole lot of assets of Wymvood's? (Masson: Yes,. he has a charge over the assets. '

Mr. Monahan: Such a charge that it makes him virtually owner of the lot. He also has property that belongs to Pacific Explorations, including a yacht. That is all paid for out of the profits of these transactions. Can you unravel it ? Glasson: I am afraid I cannot.

Mr. Monahan: If you had Sterling Investments’ books, would you be in a position lo do it?

Glasson : Probably

The commissioner asked Glasson whether he had altered the Southern British balance sheet on Friday afternoon as the result of McArthur's directions.

Glasson said he did not remember. Tlie. commissioner: T think you are inclined to fence with me. Glasson : No. The commissioner: Did you alter it on Friday? Glasson: Yes. CONTROL OF TRUSTEES’ COMPANY .Mr Monahan then quoted specific alterations which Glasson said had been converted into an asset.

Asked to explain how fie had originally shown a list of investments tin other companies as an expense, and afterwards put it on the other side as an asset, witness said that on reconsideration it was realised that it was an asset in effect.

Further reference to “X” and “Y” companies was made when Mr. Monahan questioned Glassou regarding the investments of the Investment Executive Trust. The commissioner said he had to consider the interests of the companies. “When people try to get control by secrecy, one suspects that there is something wrong. It seems as if two wellestablished New Zealand companies may get into the hands of people employing such business methods as we have here.”

Mr. Monahan: Wli.at steps are being taken hv Investment Trust with regard to the Trustees Executors and Agency Company of New Zealand? ■Glassou : I know nothing about it. Mr. Monahan : It is a company with assets of £3.000.000 or £4.000.060. comprising deceased persons’ estates, is it not? Glassou: T believe so. Mr. Monahan : Why are you trying to get control of (hose funds? Are they to he invested as these others have been? Glassou : I know nothing at all about

Mr. Monahan : How much debenture capital has the Investment Executive Trust allowed the Transport. Mutual for the purchase of the Trustee company’s shares? Glasson: About £14,000.