CLAIM FOR RETURN OF SHARES

Hawke's Bay Herald-Tribune, Issue 83, 24 April 1937, Page 6

CLAIM FOR RETURN OF SHARES

Telesraph— Press Associatlon.l

Conclusion of Investment Trust Case DECISION RESERVED

(By

^HBISTCHUECS, Last Night. The hearing of the claim by George Herbert Elliott, of Palmerston North, against the Australasian Investment Corporation for the return of shares of a nominal value of £500 in the Investment Executive Trust Company of Ne^ Zealand which he transferred to the defendant company, was concluded in the Supreme Court to-day, judgment being reserved by Mr. Justice Kennedy. Plain'tiff also claimed £240 in dividends on those shares received by the defendant company from the Public Trustee and £60 paid in cash at the time of the transfer. The claim is the first of a series of 18, involving a total of £14,420. Plaintiffi was represented by Mr. R. A. Young, with him Mr. E. J. McMenaanin, and the defendant company by Mr. B. P. O l^eery, K.C., with him Mr. B. Tripe. The evidence of Osmond Arthur Bridgewater. ' which was hegnn on Thnrsday, was continued in the mornjing, when the cross-examination by Mr. Young was mainiy concexned with the relations alleged to exlst between Bridgewater and J. W. 6. McArthur. Witness was questioned abont brokerage in the .transactions by which the ilnvestment Executive Trust shares were transferred to the Australasian Investment Corporation, and about the proceldure adopted in'arranging the investrnents by an Investment Development SCorporation, of which both witness and iMcATthur were directors. Witness said that McArthur had not control of that new company. McArthur did not dominate yritness, nor could any moi^sy be invested .by the new company without the sanction of witness. After .hearing .argument by counsel, Hs Honour reserved his decision.