INVESTMENT TRUST

Waikato Times, Volume 117, Issue 19596, 7 June 1935, Page 5

INVESTMENT TRUST

REALISATION OF ASSETS

COMPLAINT IN WELLINGTON

DEBENTURE-HOLDERS’ VIEWS,

(By Telegrapu. —Press Association.) WELLINGTON, 'Friday. Mr Norman Levy, representative of the debenture-holders’ committee oi the Investment Executive Trust, replying to 'slalemenls by the actingMinister of Finance, the Hon. A. Hamilton, contended to-day that enoimous loss will occur through the liquidation of McArthur companies The fact that the Public Trustee had already sacrificed by auction the valuable furniture and equipment of the Auckland office, did not support the Minister’s contention that losses would be avoided. In regard to the alleged underestimating of £IOO,OOO in publicly held debentures, Mr Levy said 'he relied wholly upon the company’s own advisers, whose figures were In agreement with those of the New South Wales commission’s accountancy expert, Mr Hill. The paid-up debenture capital was £522,000, Australia’s portion being £151,000, and New Zealand’s estimated portion therefore £370,000. 'From the last figure there had to be deducted an unascertained amount held internally under the sterling loan plan. This committee, after an exhaustive Investigation, had failed to locate a single debenture-holder whose name was not included in the list in the committee’s possession. They were, satisfied that rescue and conversation of •the assets was the only prudent business course, and that there was every prospect of a profitable investment if the assets were returned to those to whom they belonged.