TO-DAY’S PROCEEDINGS

Waikato Times, Volume 116, Issue 19364, 18 September 1934, Page 6

TO-DAY’S PROCEEDINGS

MR McARTHUR EXAMINED. NEVER HAD A DISPUTE. MR MONAHAN’S REJOINDER. United Press Assn. —Elec. Tel. Copyright. (Received Sept. 18, 2.30 p.m.) SYDNEY, Sept. 18. ■ Mr McArthur outlined a series of share and debenture transfers, stating as the result thereof he now appeared as an ordinary creditor on the British National Trust books. Mr Monahan: That matter was a cause of dispute between you and Mr Hewitt.—Mr McArthur: Nonsense. We have never had a dispute. Mr Monahan: Mr Hewitt said you wanted priority over the shareholders and he insisted on your coming after debenture holders. Mr McArthur: I don’t believe he said that. I had no intention of being a creditor of Sterling and told Mr Hewitt so. Mr Monahan: I have no doubt It ended In the usual way—Mr McArthur's will prevailed. Mr McArthur admitted that the settlement with Miss Smith had cost £39,000, involving a loss to the company of £13,000. There was no reoofd of the transaction as every detail was not shown. The losses were counter-balanced by profits made on other transactions, and a lump sum was all that appeared on the balance-sheet. Replying to further questions by Mr Monahan, Mr McArthur said he had drawn £7OOO in the last lour months from the Sterling Company. The money was in payment for Sterling debentures he had cancelled. In the last three years Sterling had sold assets of his valued at £28,000 to the Timberlands Woodpulp Company. Payment had been in cash. Mr Monahan: So this £7OOO drawn by you did not come from the debenture holders’ money, but from actual cash belonging to Sterling.—Mr McArthur: Yes. Mr Monahan: Where are the records of these cash payments from Timberlands Woodpulp?— Mr McArthur: In old books which wore lost. Mr McArthur said as far as he knew these books were in New Zealand. He had thought he might have left them at his home there, but a search had failed to discover them. The inquiry is proceeding.