N.Z. REDWOOD FORESTS
FURTHER EVIDENCE IN CASE
TRUSTEES’ CLAIM
(United Press Association.)
Auckland, September 18.
The Redwood Forests case was continued in the Supreme Court. The plaintiffs are Thomas Henry Dawson and Leonard Knight as trustees for the debenture-holders of New Zealand Redwood Forests, Limited, and they are joined as plaintiffs by T. E. Jones, of Dargaville, one of the debentureholders. The defendants are Sterling Investments Limited, in liquidation, Wynwood Investments, Limited, and the National Investment Company of Queensland Proprietary, Limited. The action was brought by the plaintiffs for the purpose of having declared invalid a mortgage of £7500, 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 McVeagh, a solicitor, said that in 1934 action was begun on behalf of Elizabeth Smith against the Investment Executive Trust. Mr J. B. Johnston (for the Sterling Investment Company) objected to this evidence. Provisions of Settlement.
Mr McVeagh said that the claim asked that certain transactions be set aside, whereby 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 her debentures to the Investment Executive Trust said witness. The first payment, a cheque of £B2OO, was made on March 16, 1934. J. W T . S. McArthur guaranteed a settlement. Altogether three payments were made to witness’s firm by cheques for £B2lO, £5OOO and £3755. There was a further payment of £lO,OOO made in Sydney. The total amount involved was round about £29,000, including £26,965 in cash. The case was adjourned till Monday.
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https://paperspast.natlib.govt.nz/newspapers/ST19360919.2.93
Bibliographic details
Southland Times, Issue 22999, 19 September 1936, Page 7
Word Count
314N.Z. REDWOOD FORESTS Southland Times, Issue 22999, 19 September 1936, Page 7
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