ENEMY BUSINESSES.

Taranaki Daily News, 21 September 1916, Page 6

ENEMY BUSINESSES.

foNtD THE PUBLIC TRUSTEE (From Our Own Correspondent). Wellington, September Ifl. Protests are 'heard from time to time regarding the operations of the IPublic Trust Office in its capacity of custodian of enemy property in New Zealand. Business' people have complained that they were subjected to unfair competition owing to the business of enemy firms being carried on by the Public Trustee, and it lias been suggested that the care bestowed upon the property of enemy subjects was over great. "Replying to some questions on these points to-day. the Public Trustee said that the position did not seem to be generally understood. Under the original war regulations, put into operation in the early stages of the war, the Pu'blie Trust Office 'had merely taken control of enemy businesses, which were then carried on. This naturally meant competition with other firms. "We considered the whole matter very carefully and decided that it was the duty of the Public Trustee, as trustee for these properties, to carry on the .businesses in the ordinary way," said the Public Trustee. 'The position now is different. Under the new regulations we were directed to wind up the. enemy businesses, and that we have done." The Public Trustee went on to say that the winding up of the enemy business involved disposing of the assets, and the practice had ieen to call for tenders, just as in the ease of an ordinary liquidation. Some complaints had come from competing firms, but the procedure seemed to be inevitable. The rule was to liquidate the enemy businesses completely and then bold the money pending the conclusion of the war when its final disposition would be arranged. Shares and debentures shown to %e owned by enemy subjects were being transferred to the Public Trustee by the companies concerned. Their ultimate fate would be a matter for the consideration of the Government. The Public Trustee added that New Zealand was to a very large extent following the guidance of the 'United Kingdom in dealing with enemy property. What was being done in this country in the matter was substantially what was being done elsewhere in the Empire, and he understood that the New Zealand Government was acting in concert with the Imperial Government. The task of the Public Trustee was simply to deal with the property placed in its hands in ac- j cordance with the regulations, I