SENSATIONAL LOSSES.
, HUGE FALL IN ASSETS, . TRUST SOCIETY LOSES ITS CAPITAL. (Dy Telegraph—Press Association—Copyright,! (Rec. December 6, 10.15 p.m.) London, December 6. The . Law Guarantee Trust and Accident Society has sustained sensational losses over breweries and hotels, particularly in. connection with an unsound system of guaranteeing mortgage debentures. ■ Mr. Harris, chairman, estimates that properties originally valued at £4,912,516 are now worth ,£1,705,173. The accounts show that the capital has been lost and that there is a ! further, deficiency of £200,000. Some shareholders are paying forty shillings per share in order to escape the unpaid liability on their shares. The majority of the shareholders aro barristers, solicitors, and their clerks. , An influential committee proposes voluntary liquidation of the Society. [The Law Guarantee and Trust Society, Ltd., has a subscribed capital of £2,000,000. and a paid-up capital of £200,000. On the ilO ordinary shares, £1 is paid,; thero. is reserve liability of JES per share, and. £4 is callable. The business includes fidelity, mortgage debenture, contingency, licence, and trusteeship insurance.]
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Dominion, Volume 3, Issue 683, 7 December 1909, Page 7
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168SENSATIONAL LOSSES. Dominion, Volume 3, Issue 683, 7 December 1909, Page 7
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