TRUST COMPANY

Southland Times, Issue 25305, 7 June 1935, Page 8

TRUST COMPANY

FINANCE ’POSITION CIRCULAR ISSUED f STATEMENTS REFUTED • BY MINISTER . (Per United Press Association.) Wellington, June 6. The Actirfg-Minister in Charge of the Public Trust Office, the Hon. Adam Hamilton, to-day referred to certain statements in a circular issued to de-benture-holders of Investment Executive Trust of New Zealand, Ltd., in liquidation, by the Wellington district representatives of the Debentureholders’ Committee. He refuted the statement made in the circular that liquidation would mean the sale of the assets of the company at enormous loss, and said that debenture-holders could rest assured that if liquidation is to proceed, there would be no hasty realization on an unfavourable market, and the Public Trustee, who was the liquidator, would take every precaution to see that the interests of debenture-holders .were fully protected. The Minister also added that the circular purported to give an estimate of the assets and liabilities of the company, showing as a result a surplus of over- £9OOO. The Public Trustee was at present actively engaged in ascertaining the financial position of the company and was unable to express any opinion regarding the estimated value of- the assets supplied in the circular. Inquiries so far, however, make it clear that the liability of the company in respect of debentures issued to the public (apart from other debentures) had been under-estimated in the circular by over £lOO,OOO. The Minister concluded that as soon as the Public Trustee’s inquiries were completed, he would advise each de-benture-holder of the financial position of the company.