INVESTMENTS BY WOMAN
DISCLOSURE IN COURT
McARTHUR COMPANIES
ABOUT £29,000 INVOLVED
(Per Press Association.)
AUCKLAND, this day
The hearing of the Redwood Forests case was continued before Mr. Justice Fair in the Supreme Court yesterday.
Hie plaintiffs are T. 11. Dawson and L. Knight, as trustees for the debentureholders of New Zealand Redwood Forests, Limited, and T. E. Jones, of Dargaville, one of the debenture-holders. The defendants are Sterling Investments Company (New Zealand), Limited, in liquidation, and Wynwood Investments, Limited, and the* National Investment Coinpan v of Queensland Proprietary, Limited.
The action was brought by the plaintiffs for the purpose of having declared invalid a mortgage* of £7SCO, which was given in April, 1931, by New Zealand Redwood Forests, Limited, to Kotahi Lands, Limited, and on subsequent dates was transferred to various other companies.
John Patrick McYeagh, solicitor, said that, in 1934 an action was' commenced on behalf of Elizabeth Smith against the Investment Executive Trust.
Mr. J. B. Johnston, counsel for the Public Trustee, objected to this evidence.
The witness said the claim asked that certain transactions be set aside, wherebv Miss Smith had become the holder of a very large parcel of debentures in the Investment Executive Trust, The action was settled on -March 9, 1934. The settlement provided that the Investment Executive Trust was to pay -Miss Smith a sufficient sum to enable her to purchase the same shares and securities as she had transferred to the trust. In return Miss Smith surrendered debentures to tho Investment Executive Trust,
The first, payment, a cheque of .CB2OO. was made on March 16, 1954. J. W. S. McArthur guaranteed the settlement. Altogether three payments were made to witness' firm by cheques for £B2IO, £SCOO, and £3755*. There was a further payment of £IO,COO made in Sydney. The total amount involved was round about £29,0C0, including £26,965 in cash.
The hearing was adjourned till Mon dav.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/PBH19360919.2.39
Bibliographic details
Poverty Bay Herald, Volume LXIII, Issue 19124, 19 September 1936, Page 5
Word Count
316INVESTMENTS BY WOMAN Poverty Bay Herald, Volume LXIII, Issue 19124, 19 September 1936, Page 5
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