COMPANIES INQUIRY.

Star (Christchurch), Volume LXVI, Issue 20456, 8 November 1934, Page 1

COMPANIES INQUIRY.

Commissioner Suggests Conference. United Press A«n.—By Electric Telegraph—Copyright. 'SYDNEY, November 7. At a sitting of the Royal Commission on investment companies to-day, the Commissioner (Mr Justice Halse Rogers) said that he did not intend to propound any scheme for the future of the companies concerned. After hearing certain schemes put forward he might summarise them so that debenture-holders would be able to consider them. He might also make some recommendation to debentureholders. The Commissioner suggested that counsel for the various interested parties should meet at a round-table conference and thrash out a scheme. This might be more fruitful than discussion in Court. Dr Louat, counsel for J. W. S. M’Arthur, characterised this suggestion as most valuable. The Commission adjourned. In reply to counsel for one of the debenture-holders, the Commissioner said that his present view was that it might be disadvantageous to the deben-ture-holders to force a sale of the trust building (otherwise the old “ Daily Telegraph ” building) by winding tip the companies. This would throw the building into, the hands of the highest bidder, whereas the interests of the debenture-holders might be better served by some reorganisation of the companies. If the rents from the building amounted to anything like what Hewett and other witnesses had said they would, the profit would go to pay interest. On the other hand, if experts came to the conclusion that this was a false hope, probably the debenture-holders would think it better to get their money back as soon as possible.

The Commissioner added that the parties should be prepared to put forward definite schemes by Monday week, but unless the proposals were concrete they would be useless.