CLAIM FOR RETURN OF SHARES

Southland Times, Issue 23182, 24 April 1937, Page 4

CLAIM FOR RETURN OF SHARES

JUDGMENT RESERVED (United Press Association) CHRISTCHURCH, April 23. The hearing of the claim by George Herbert Elliott, of Palmerston North, against the Australasian Investment Corporation for the return of shares of the nominal value of £6OO in the Investment Executive Trust Company of New Zealand, which he transferred to defendant company, was concluded in the Supreme Court today Judgment was reserved by Mr Justice Kennedy. Plaintiff also claimed £240 in dividends on those shares received by defendant company from the Public Trustee and £6O paid in cash at the time of the transfer. The claim is the first of a series of 18, involving a total of £14,420. Plaintiff was represented by Mr R. A. Young, who had with him Mr K. J. McMenamin, and defendant company by Mr H. F. O’Leary, K.C., who had with him Mr R. E. Tripe. The evidence of Osmond Arthur Bridgewater, which was begun on Thursday, was continued in the morning when the cross-examination by Mr Young was mainly concerned with the relations alleged to exist between Bridgewater and J. W. S. McArthur. Witness was questioned about the brokerage in the transactions by which the Investment Executive Trust shares were transferred to the Australasian Investment Corporation, and about the procedure adopted in arranging investments by an Investment Development Corporation of which both witness and McArthur were directors. Witness said that McArthur had not control of that new company and McArthur did not dominate witness nor could any money be invested by the new company without the sanction of witness. . After hearing argument by counsel his Honour reserved his decision.