15

H. —27a.

years, and, in his opinion, a change of control will be for the benefit of that company. It will probably not surprise anybody to know that that Dunedin company has appealed to the Government of New Zealand for protection. No more need be said here than that the Government does not propose to stand by and see those men who maladministered the trust funds of the Investment Executive Trust given control of an established Trustee company, with its large amount of funds. The Government believes that when these facts are placed before it Parliament will agree that it is proper to take such steps as will ensure that the control of a legitimate Trustee company which has the administration of a large amount of funds, representing deceased and other estates, shall not pass to the men whose misplaced ingenuity forms the text of this present statement. CONCLUSION. It is for these reasons that the Government has taken the responsibility of preparing legislation for submission to Parliament providing for the winding-up of certain companies in accordance with the recommendations of the Inspectors. This legislation will be submitted during this session of Parliament.

Approximate Cost of Paper.—Preparation, not given ; printing (1,550 copies), £17.

Authority : G. H. Loney, Government Printer, Wellington.—l93s.

Price 6(2.]