COMMENT ON REPORT

Dominion, Volume 28, Issue 98, 19 January 1935, Page 7

COMMENT ON REPORT

Protest by

Mr. N. Levy

Mr. Norman Levy, commenting to the New Zealand Press Association yesterday on the New South Wales Commissioner’s report on the trust inquiry, said: “The point of particular concern to the debenture-holders’ committee of the Investment Executive Trust of New Zealand, Ltd., contained in the published report is that part wherein the commissioner observes, inter alia, ‘The reconstruction plan was really inspired by McArthur.’ “It is with feelings of consternation that I emphasise that there were two separate and independent plans, that of McArthur on the one hand and oi) the other hand that sponsored jointly by the respective debenture-holders’ committees of the two sister trusts through Mr. Pitt, an eminent Sydney King’s Counsel. These two schemes were subsequently and with the commissioner’s approval merged as one and submitted to the Australian debentureholders. On behalf of and so far as the New Zealand committee is concerned I hasten publicly to register this third protest. “I also take the opportunity of pointing out that although the Sydney commission sat as a court of inquiry and not of law it. should have scrupulously avoided any baseless suggestion reflecting on the bona tides of a committee in another State which was appointed to serve the same interests as the commission, to wit, those of debentureholders who themselves at a district meeting in Auckland on December 11 unanimously approved what has so far been accomplished by their elected representatives. This protest should be noted as first concerning any remarks issuing from the commissioner himself In the ultimate what is best for the de-benture-holders is beyond argument a matter for determination by ourselves who alone are the exclusive authority so to decide.”