ARRESTED.

Dominion, Volume 6, Issue 1664, 3 February 1913, Page 5

ARRESTED.

J. D. WILLIAMS IN TROUBLE.

SYDNEY SENSATION.

PICTURE SHOW MAGNATE.

By Tolcgraph-Prcss Association-Copyright (Rec. February 2, 5,5 p.m.) Sydney, February 2. • A sensation was caused in tho city on Saturday afternoon by the arrest of James Dixon Williams, lato managing director of tho Greater J. I).' Williams Amusements Company, Ltd., on a charge of harbouring and assisting Frank Lloyd, who was arrested last Monday at Auckland on a chargo of forging an order for the purchased 150,000 of the company's shares. \

Sydney, February 1. The. directors of the Greater J. D. Williams Amusements Company havo carried a motion dispensing with tho services of. Sir. J. D. Williams, the managing director, from to-day. The duties will bo assumed by Mr. W. B. Miller, formerly of New Zealand. ,

In a published statement, Mr. Williams contends that the directors have no power to dispense with his/services; that, ho says, can only bo .done by* a two-thirds vote at a general meeting of shareholders.

In July last,-he says, one director suggested'to him that a' Royal Commission should inquiro into the affairs of the company. Mr. Williams said he agreed that this was tho best course. Another director, howover, said that that was foolish. A few days later tho directors declared a dividend of Is. 6d. per share, despite his opposition. . ! ,

Mr. Williams says the declaration o'f the dividend-helped to cause the present Stock Exchange panic, because it swallowed iip the company's ready cash.

'STORY OF THE: COMPANY, , • PROFIT OF X30.0C0. 'Said the Sydney "Telegraph" of January.23:—"A gamble of right royal dimensions is proceeding upon tho Sydney Stock Exchange in the shares of the Greater J. D. Williams Amusement Company,' It is probably th'o most considerable thing of its-sort that Sydney has known since the "West Australian boomdnys. ; Certainly no singlo stock has beori tho medium of quite the same volume of speculation sinco Federation was accomplished, or tlie Boer War concluded.. Expert operators variously estimate that between, 120,000 and ISO,OOO shares..in tlio company in (iuestion were "turned over in. :Sydncy last week.";' •The Greater J.'-D. Williams Amusement Company was first registered 'in New South Wales on December 2, 1910, iSo that it is now a little over two years old. /The icapital authorised is ' J?200,000, and the issued sliaro capital i5;£180,506. . The accounts for the year 1011 showed a net profit of >£33.210, out of which dividends eoual to 3si 6d. per share, absorbed .E23.503. The" balance carried forward was The goodwill then 6tood'in the assets at •fi.i3.700. . There were then about 1 500 share-, .holders tho' register. ,

An interim report was issued in August, covering'.the' hnlf-year ended x June SO, 1912. After allowing for all bnjl debts, depreciation,of plant, etc., tho net profit for tho half-year was shown at X1'4,992, which, with the .-C8713 brought forward from 1911, left on amount of ,£22,915 availablo for distribution.

Throughout, tlio shares have been tho ,-medium of much active speculation. .When",.'first '.issued they wero ''positively. "rushed," , and, a fair proportion- of early holders bought in .the neighbourhood _!of ,355. ; By the olose' of tho year; 1911"they were, worth up, to-255., having, meantime «een iom'a vicissitudes. When tho interim dividend was declared in August 'last they were, at about par value. .By mid-November they wore down to just.under 155.. and.carlv in December, they were back at par. Tho market explanations are lesion. Mr. Williams says the company's;affairs are prosperous; at least (adds the "Telegraph"), he leaves it to be' understood ,that such is the case. He: osploins tho wild sharo gamble as "some game of the brokers." ' The latter gentlemen retortthat thero is "a p.ame," certainly, but that they were not the wilful initiators: Their utmost effort was merely to trump somebody else's card: ■'Mr.'William Biirrington Miller, of New Zealand, who has been appointed to succeed Mr. Williams as managing, directorof the company, is one of .Gisborno'g bestknown and ■ wealthiest /residents. ' For many years lie kept a tobacconist's and hair-dressing' establishment on' "Miller's Corner," Gladstone Road, and incidentally was manager of the local theatre, rind box office supervisor. His connection with tho show business aroso' through his negotiations with companies to visit Gisborne.iand has of late years developed oyer a wider field. He has, during the last year or two. extended his operations to Australia, and has considerable, interests in picture circuits in Queensland and New South! Wales. . . i .

The Greater J.. D. /Williams ] Company controls pifiuro theatres and the Crystal Pnlnr" in Sydney, mill at T.unn Park (at St. Kil''n) in Melbourne.' The local Empros? Theatre is managed by an imlo-T>™lent-company, formed by Mr. J. D. ■Williams when: in Wellington last year.