FRESH MOVE BY GROUP

Press, Volume CV, Issue 30975, 3 February 1966, Page 16

FRESH MOVE BY GROUP

Statement On H. G. Palmer

(N.Z. Press Assn.—Copyright)

SYDNEY, February 2. The “action committee” of debenture holders in H. G. Palmer (Consolidated), Ltd., (receiver appointed) has issued a further statement on its aims and opinions.

This follows the reply to the .committee’s first statement made by the trustee company (the Permanent Trustee Company of New South Wales, Ltd.) and the receiver, Mr C. H. R. Jackson.

It also follows a report from the directors of H. G. Palmer last week which said that the group was believed to have operated at a loss in the December quarter. The sponsors of the committee, Messrs R. B. Randell, O. F. Mingay and M. FreedLand repeat they favour an orderly liquidation of the Palmer group.

Company Affairs

In their statement they referred to reports that the registrar of companies had undertaken an investigation into the affairs of the company.

Their statement added: “At the best, that investigation will result in prosecutions and or recommendations for legislative changes. “It will not result in action on behalf of debenture holders, note holders or unsecured creditors for the reimbursement of losses sustained.

“Although the receiver commends the alacrity with which he was appointed, neither he nor the trustee attempts to explain why the trustee took no action until October, 1965. “We invite debenture holders to support the liquidation of the company as the most effective means of salvaging some of their money. “This committee was formed for the purpose of investigating generally, and prosecuting the rights of debenture holders.”

No Issue By M. S. D. Spiers (N.Z. Press Association) WELLINGTON, Feb. 2. M. S. D. Spiers, Ltd., is not making a new share issue. Tlie statement published yesterday that the company would make an issue this year was based on the inadvertent repetition by the Stock Exchange Association of an announcement last year.

Christchurch Customs Revenue collected by the Customs Department, Christchurch, during January totalled £900,436, compared with £837,366 in January, 1965. Details are:—Customs, £565,279 (£501,733 in January, 1965); sales tax, £329.703 (£292,907); light dues, £2979 (£1934); tyres, nil (£120); others, £2475 (£40,672). Total revenue for the 10, months of this financial year was £9,678,286 (last year £8,943,722). Revenue coMected by the Customs Department in WeMcngton during January totalled £5,534,142 compared with £4.640,281 in January last year. Details are:—Customs, £816.206 (£752,735 last year): sales tax, £1,976,633 (£1,807,204): motor spirit tax. £2.562,962 (£1,907,568): tyre duty, nCfi (£502); other. £18.340 (£172,270.