PAY FOR POLITICIAN.

Waikato Times, Volume 116, Issue 19353, 5 September 1934, Page 8

PAY FOR POLITICIAN.

THE YACHT TRANSACTION

DEALINGS IN DEBENTURES.

PACIFIC EXPLORATION COMPANY.

United Press Assn.—Elec. Tel. Copyright, (Received Sept. 5, 2.30 p.m.)

SYDNEY,'Sept. 5

Further questioned before the Commission, Mr Alcorn said £125 had been paid out of the accounts of the Southern British National Trust to Major Jarvie, M.L.A. on Mr McArthur’s instructions. Major Jarvie was to have gone on the staff of this trust and had helped in connection with the opening of the Trust building in Sydney, when he had supplied a list of guests to be invited to the function. Mr Alcorn also said the yacht purchased by the Pacific Exploration Company had been sold to Mr McArthur in consideration of the transfer of debentures through some of the associated companies. It had been the Pacific Exploration’s idea to go in for exploration in the Pacific but the company had been unable to do that. Replying to Mr Monahan, Mr Alcorn said a cheque for £60,000 drawn on the Sterling Investment Company in February 1934, in favour of Mr McArthur had been in payment for debentures Mr'McArthur had held in-the Sterling Company. Mr McArthur had transferred his interests in various companies to the Sterling Company to counteract the attacks being made on him by outside companies. Mr Monahan: So you were redeeming your own debentures. — iMr Alcorn: Yoa. Mr Monahan asked Mr Alcorn to explain what became of £50,000 that was paid by the Investment Executive Trust of New Zealand for debentures in the Sterling Company. Mr Alcorn was also asked whether any of it went to reconditioning the Pacific Exploration Company’s yacht. Mr Alcorn said the Sterling company took up 10,000 shares in the Pacific Exploration but when the Investment Executive Trust's business grew so rapidly, Air McArthur recognised the impossibility of conducting exploration work. He, therefore, took over the yacht for his private use. The Commlaoloner: What did McArthur pay for the yacht?— Mr Alcorn: l don’t know. He bought It at cost price. Some of our friends the enemy Insinuated that Mr McArthur got the yacht for a song but that was not true. Mr Monahan: Considering that you do not know what was the price you can’t dispute the Insinuation.