WAIRAKEI LIMITED.
T)E FEX 11A XT' S F.VT DF.XC-E
[Tiv Tia.r.c.itAPii —rmt press association.] AUCKLAND. February 28. The ease in whieii the Hon. George |;,.y William M’Donald. M.L.C., ol Sydney. New South ’Wales, seeks to recover £2-300 from Arthur Cleave, publisher. of Auckland, plaintiff alleging misrepresentation by Cleave in regard to £3OOO £1 shares in Wairukei Ltd., v- as eontinued to-day. The delemlant, Arthur Cleave, said that lie got an option over the prolei ly in April. 1017, and it was subsequently put into a special partnership agreement under which Mrs Grierson \\i-> io .»el £21.000 anti anything over '■'as to come to defendant. There was milling said at that time about Mrs Grierson taking up shares. Witness : aid £ 10CO for the option. Counsel : It is suggested you made £20.000 out of this deal ?- That is ridiculous. Approximately, I made £2-100, again.-t which T have a liability of ££1,(10 to buy 2000 fully paid up shares from Ali-s Gn i'. oii. That is by a judgment of the .Supreme Court. In (lie C'2loo. continued witness, tsi,.,e was included £IOOO still owing her hv the company in regard to ex limes incurred. Cleave said his genoi .< I expenses for two Dips to Australia •uni throughout New Zealand covering il ice years amounted lo £7500. He had ano distributed £IO.OOO for services rendered by various people in connection with the llotation.
Ilis Honor: These two sums amount to about half the value of the property which the company bought for £50,000. Fader cross-examination defendant explained that for £IO,OOO he had given shares of about that value to bis three sons, lie had given them £l-100 each in consideration of their carrying on the business of A. Cleave and Co.-, during hi: absence in connection with the Wair; Is oi business, to his son-in-law £llOO. defendant himself taking the same sum. ami io Cleave and Co. £32800 for deprivation of his services for throe years. |), fondant was the largest shareholder in Cleave.-,. The ra-c wax adjourned.
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Hokitika Guardian, 1 March 1924, Page 1
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333WAIRAKEI LIMITED. Hokitika Guardian, 1 March 1924, Page 1
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