INTERLOCKING FINANCE
* REDWOODS FORESTS CASE [Pbs United Press Association.] AUCKLAND, September 18. _ The Redwood Forests case was con tinned to-day. John Patrick M'Veagh, solicitor, said that in 1934 _ action wks commenced on behalf of Elizabeth Smith against the Investment Executive Trust. Mr Johnston objected to this evidence. Jf'Veagh said the claim asked that certain transactions should be set aside whereby Miss Smith had become the holder of a very large parcel of debentures in the Investment Executive Trust. The action was settled on March 9, 1934. The settlement provided that the Investment Executive Trust was to pay Miss Smith a sufficient sum to enable her to purchase the same shares and securities as she had transferred to the trust. In return Miss Smith surrendered her debentures to the Investment Executive Trust. Witness said the first payment of a cheque of £8,200 was made on March 16, 1934. J. W. S. M'Arthur guaranteed a settlement. Altogether three payments were made to witness’s firm by cheque for £8,210, £5,000, and £3,755. There was a further payment of £IO,OOO made in Sydney. The total amount involved was round about £29,000, including £26,965 in cash. The hearing was adjourned till Monday.
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https://paperspast.natlib.govt.nz/newspapers/ESD19360919.2.41
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Evening Star, Issue 22448, 19 September 1936, Page 10
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197INTERLOCKING FINANCE Evening Star, Issue 22448, 19 September 1936, Page 10
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