ALTERATION OF FIGURES

Taranaki Daily News, 12 September 1934, Page 7

ALTERATION OF FIGURES

COMPANY BALANCE-SHEET WITNESS MAKES ADMISSION SYDNEY INQUIRY EVIDENCE OPERATIONS OF THE TRUSTS By Telegraph—Press Assn.—Copyright. Rec. 8.20 p.m. Sydney, Sept. 11. The Commissioner, Mr. Justice Haise Rogers, at the company inquiry to-day asked Glasson, secretary to one of the companies, whether he had altered the Southern British Company’s balancesheet on Friday afternoon as the result of McArthur’s directions. Glasson said he did not remember. The commissioner: I think you are inclined to fence with me. Glasson: No. The commissioner: Did you alter it on Friday? Glasson: Yes. Mr. Monahan then quoted specific alterations which Glasson said had been made at McArthur’s suggestion. After further questioning Glasson said an expense item had been converted into an asset. Asked to explain how he had originally shown the list of investments in other companies as an expense and afterwards put it on the other side as an asset, Glasson said that on reconsideration it was realised it was an asset in effect. Further reference to “X” and “Y” companies was made when MS*. Monahan questioned Glasson regarding the investments of the Investment Executive Trust. The commissioner said he had to consider the interests of the companies. “When people try to get control of a company by secrecy one suspects there is something wrong,” he said. “It seems as it two well-established New Zealand companies may get into the hands of people employing sucji business methods as we have here.”

Mr. Monahan: What steps were being taken by the Investment Trust with regard to the Trustees, Executors and Agency Company of New Zealand? Glasson: I know nothing about it.

Mr. Monahan: It is a company with assets of three or four millions comprising deceased persons* estates, is it not? Glasson: I believe so. Mr. Monahan: Why are you trying to get control of those funds? Are they to be invested as these others have been? Glasson: I know nothing at all about it. Mr. Monahan: How much debenture capital has the Investment Executive Trust allowed the Transport Mutual Company for the purchase of the trustee company’s shares? Glasson: About £14,000.