N.Z. Loan and Mercantile Co.

Feilding Star, Volume XV, Issue 11, 13 July 1893, Page 2

N.Z. Loan and Mercantile Co.

I_PBE PRKBS ASSOCIATION. J L-okdok, July 12. The New Zealand Lonn and Mercantile Company shares have fallen L 3 10s, und their debentures are quoted at 80 to 85. [Mr MuKuight, manager of tho Palmerstou brunch of tho Mercantile Company, considers that there is an error in the quotation, as the shares were only quoted at 39s in tbe colony on the 24th Juno. Evidently the cable should read that the shares have fallen to LI 10s, which price would be nearer the mark.] Tbe directors of the Loan nnd Mcrcan tilo Company are discussing the advisability ot malting a call of L 3 per 3hare, and asking the bondholders to renew. The Company owes the Bank of New Zealand under L 250.000, for which the Bank holds securities, of an easily realisable character, equal to L 500.000. Tho dobonturo holdots in the New Zealand Loan ond Mercantile Agoncy Company are applying to tbo Court to protect tbe assets, and ask that debentures amounting to £1,300,000 should be a first charge on the assets. Tbe Times states tbe failure of tbo Loan and Mercantile Agency has pro* duced but littlo effect on wealthy shareholders, who are not likolv to allow a collapse owing to recent failures, Sydney July V£. Commenting on the suspension of the New Zealand Loan and Mercantile Company, the Sydney Morning Herald Bays it is unfortunate that New Zealand, which, as a result of its economical conditions, came unscathed through the recent troubles, that it should now be made to share in them partially by its business connections. Auckland, July 12 Mr Button, solicitor, instructed by Air Battlley general manager of tbe New Zealand Loan and Mercantile Company, took the necessary steps today to obtain an order from tbo Supreme Court protecting the Company's assets and all other interests involved pending the reconstruction scheme which, it is expected will soon be placed before tbe shareholders and debenture holders.