McARTHUR TRUST

Wanganui Chronicle, Volume 79, Issue 200, 27 August 1935, Page 7

McARTHUR TRUST

SYDNEY BUILDING SALE “EXTRAORDINARY CABLE” COMMENT BY THE JUDGE [By Telegraph—Press Association—Copyright] SYDNEY, Aug. 26. When the sal© of the Trust Building was mentioned in the Equity Court to-day, Air. Justice Long-Innes re<d what he described as a “most extranary cablegram” he had received from New Zealand. The cablegram read: “Re application concerning Trust Building formerly property of Me Arthur companies New Zealand debenture holders desire opportunity to be heard. Are against sale at low valuation. Richmond, counsel New Zealand debenture holders’ committee.” Air. Justice Long-Innes said that if Mr. Richmond were a barrister and had signed the cable he had been guilty of a gross impropriety in addressing a Judge on matters of th:j« sort. Air. Louat, who said that he appeared for the McArthur Trust and had received no instructions from New Zealand, stated that ho understood that the New Zealand deben ture holders’ committee represented several thousand people. He understood that they intended opposing the sale of the building. Air. Justice Long-Innes: “This is an improper way of opposing it. It is, of course, contempt of Court. I cannot do anything to them, as they are ou* of my jurisdiction.” Air. Justice Long-Innes expressed the opinion that the New Zealand debenture holders should brief counsel. On account of the illness of Mr. Teene, K.C., who is representing the Public Trustee, the hearing was adjourned for a week.