THE KYLSANT CASE.

Waikato Times, Volume 109, Issue 18350, 9 June 1931, Page 8

THE KYLSANT CASE.

MISLEADING STATEMENT EVIDENCE OBJECTED TO. ITS DELETION ORDERED. United Press Assn.—Elec. Tel. Copyright. (Received June 9, 11.45 a.m.) LONDON, June S. The hearing of the case against Lord ICylsant, who is charged with offences Jn connection with shipping companies’ amalgamation, in which it is alleged that misleading statements were issued with the object of inducing the public to take up shares, was resumed to-day. The proceedings . were remarkable for the extraordinary number of discussions on objections to evidence. , Lord Plender, giving evidence for nearly three-quarters of an hour, said the Royal Mail Steam Packet asked the Government to permit the postponement of meeting the obligations of loans under the Trade Facilities Act and the Treasury appointed Sir William McLintock to investigate interlocking interest of various companies. Sir William had decided that an amalgamation of the shipping companies was impracticable because it did not face the whole of the problems, “while most of the companies were in a position rapidly approaching ” Here Sir John Simon, who is defending Lord Kyleant, intervened with an objection to the evidence which it was agreed should be partly deleted. Lord Plender, continuing his evidence, said the Treasury at a meeting decided that reconstruction was impracticable and a meeting of bankers, bill holders and creditors was arranged. Sir P. Hastings, appearing for Morland, another of the directors, interposed and asked that all this evidence should be ruled out as it did not affect the criminal charge. Mr Pritt contended it was merely aimed to enable the Lord Mayor (the presiding magistrate) to understand the case.

The Lord Mayor agreed to the deletion of the whole evidence.

Sir W. McLintock, in evidence, said the Pacific Steam Navigation accounts for 1926 showed a profit of £60,531 whoreas, according to his figures, there was a loss of £183,750.