BILL TO PROTECT POLICY-HOLDERS

Southland Times, Issue 23586, 13 August 1938, Page 7

BILL TO PROTECT POLICY-HOLDERS

SECOND READING MOVED IN N.S.W. (Received August 12, 5.5 p.m.) SYDNEY, August 12. The Minister of Justice (Mr L. A. Martin), in the Legislative Assembly, in moving the second reading of a Bill aiming to safeguard policyholders with two assurance companies, said the National Stock Exchange Company, Ltd., was incorporated in December 1935. Its nominal capital was £lO,OOO, of which, according to the last return, £9909 was paid up, Mr Martin said the nominal capital was recently increased to £25,000, and, according to a return dated August 1937, the directors were Mr Oswald Arthur Bridgewater, of Christchurch, and Mr A. W. E. Stevens, of Sydney. A return dated August 4 last showed that Mr J. W. McArthur, now of Sydney, and Mr M. V. Bate, of Auckland, had been appointed to the directorate. The bulk—£99oo—of the shares was held by the Investment and Development Corporation of Wellington, the principal directors of which were Mr McArthur and Mr Bridgewater. The Premier (Mr B. S. B. Stevens) said the reason for haste was that experience had shown that the McArthur group had learnt the art of moving swiftly and cunningly while keeping within the law. The McArthur Company, with assets said to be worth £9OOO, sought to conquer companies that had assets exceeding £1,000,000. The Leader of the Opposition (Mr J. T. Lang) objected to the motion, and said it was now not unusual for a Bill to be rushed through the House dealing with the name of “McArthur,” and yet this man had never been found guilty of any crime.