NOT McARTHUR PLAN

Taranaki Daily News, 21 January 1935, Page 5

NOT McARTHUR PLAN

REORGANISATION OF TRUSTS. DEBENTURE-HOLDERS’ PROTEST. By Telegraph—Press Association. Wellington, Jan. 19. Mr. Norman Levy, commenting on the report of the New South Wales Commissioner, Mr. Justice Haise Rogers,' on the' trust company inquiry, said yesterday that the point of particular concern to the debenture-holders’ committee of the New Zealand Investment Executive Trust in yesterday’s published report was that part whereb the Commissioner observed,- inter alia, “The reconstruction plan was really inspired by McArthur.” “It is with feelings of consternation that I emphasise that there were two separate and independent plans,” said Mr. Levy, “that of McArthur and that sponsored jointly by the respective de-benture-holders’ committees of the two Bister ■ trusts through Mr. Pitt, an eminent. Sydney King’s Counsel. These two Schemes were subsequently and with the Commissioner’s approval merged as one and submitted to the Australian deben-ture-holders. “On behalf of and so far as the New Zealand committee is concerned, I hasten to register this third protest which I feel compelled to make. ' “I also take the opportunity of pointing out that, although the Sydney Commission sat as a court of inquiry and not of law, it should have scrupulouslyavoided any baseless suggestion reflecting on the bona fides of a committee in another State which was appointed to serve' the same interests as the commission, to wit; those of debenture-holders, who themselves at a district meeting at Auckland on December 11 unanimously approved of What had so far been accomplished by their elected representatives. This protest should be noted as the first concerning any remarks issuing from the Commissioner himself. “In the ultimate what is best for the debenture-holders is beyond argument a matter for determination by ourselves, who alone are the exclusive authority to so decide.”