REDWOOD FORESTS

Wanganui Chronicle, Volume 79, Issue 222, 19 September 1936, Page 8

REDWOOD FORESTS

MORTGAGE CASE CLAIM Bl TRUSTEES MrARTHI it (O.MI'AMKS AUCKLAND. Sept. 18. A legal ad ion. in wiwtt is known as ‘h? Redwood Forests case, and involving companies associated with J. W. S. McArthur, v as continued before Mr Justice Fair in the Supreme Court to-day. The plaintiffs are Thomas Henry Dawson and Leonard Knight as trustees for the debenture-holders of New Zealand Redwood Forests, Limited, i hey are joined as plaintiffs by T. E. Jones, of Dargaville. one of the de-benture-holders. For the plaintiffs are appearing Mr H. E. Barrowclough and Mr J. R. Gray, instructed by T. H. Dawson. The defendants are Sterling Investments Company (New Zealand). Limited, in liquidation, and Wynwood Investments. Limited, both represented by Messrs J. B. Johnston and J. R. Drummond, who appear on behalf of Ihe Public Trustee as the liquidator »f Sterling Investments and receive! of Wynwood Investment-. The remaining defendant is the ? ational Investment Company of Queensland Proprietary. Limited, represented by Mr H. P. Richmond and Mr W. L. Wi jeman. John Patrick McVeagh. solicitor, said that in 1934 action was commenced on behalf of Elizabeth Smith against the Investment Executive Trust. Mr Johnston objected to this evidence. McVeagh said that the claim asked that certain transactions be set aside whereby Miss Smith had become the holder of a very large parcel of debentures in the Investment Executive Trust. The action was settled on March 9. 1934. The settlement provided that the Investment Executive Trust was to pay Miss Smith a sufficient sum to enable her to purchase the same shares and securities as she had transferred to the Tru.M. In return Miss Smith surrendered the debentures to the Executive Investment Trust, said witness. The first payment, a cheque of £B2OO. was made an March 16, 1934. J. W • S. McArthur guaranteed the settlement. Altogether, three payments were made to witness’ firm by cheques for £B2lO. £5OOO and £3755. There was a furthei payment of £lO.OOO made in Sydney. The total amount involved w as round Hbout £29.000. including £26,965 in cash. The case was adjourned till Mon-