MR. LEVY REPLIES

Taranaki Daily News, 28 November 1934, Page 5

MR. LEVY REPLIES

TRUST COMPANY INQUIRY. STATEMENT OF PRIME MINISTER By Telegraph—Press Association. Wellington, November 27, Reply was made to the statement by the Primo Minister (The Rt. Hon. G. W. Forbes) concerning the companies inquiry, by Mr. Norman Levy: “Dealing with the Prime Minister’s statement of the Government’s opinion OS to when, upon what and under whose authority we debenture-holders should be asked to commit ourselves, I may say that one Of the reasons of our approach to the Royal Commission at Sydney was that, the Commissioner (Mr. Justice Haise-Rogers) himself viewed the probability that the debenture-holders would desire to express their views,” said Mr. Levy. “So far as our committee’s scheme of reconstruction is concerned, it is, perforce, ours only, since we had been constituted only a few days prior to the last sailing to arrive at Sydney before November 19, the date fixed by the commissioner for the final presentation of acceptable views. “We regarded the opportunity as a most valuable one. It is needless to add that we shall value equally an opportunity of approaching our Own judiciary (through eminent counsel) which we are confident will be afforded us, and upon whose pronouncement we solely rely. “I desire to emphasise that the McArthur reconstruction schemes advanced by his counsel are equally subject to the same approval for recommendation as are our committee’s. His suggested influences therefore must be totally dismissed. “Having regard to the special statutory machinery prepared to facilitate the possible liquidation of our assets, which the Sydney Crown’s assistant accountant agreed would be calamitous, we trust our debt of gratitude to our Government will not be held to be less sincere if we do not feel called upon to regard the final report of the judicial inquiry as secondary to that of the New Zealand inspectors. “By the results of our action and what judicial approval we may obtain, we venture to hope that we shall merit the ‘authoritative and vitally interested’ qualification which will ensure to us allegiance and unanimous support (at present between 50 per cent, and 60 per cent, the value of the debentures) to continue undaunted the work of selfpreservation to which we have set our hands.”