The Feilding Star. Published Daily. WEDNESDAY, MARCH 21, 1894. THE NEW ZEALAND L. AND M.A. COMPANY.

Feilding Star, Volume XV, Issue 269, 21 March 1894, Page 2

The Feilding Star. Published Daily. WEDNESDAY, MARCH 21, 1894. THE NEW ZEALAND L. AND M.A. COMPANY.

. —^ The cablegram we published yesterday concerning the affairs of the New Zealand L. and M.A. Company came as a great shock to us, and doubtless to hundreds of other friends of the institution in the colony. When the first intimation of the misfortunes of the company reached us — now many months ago — we felt and expressed perfect confidence in the the good faith of the Directors, and their ability to re - establish the institution on its former sound financial footing. Whatever cause was assigned for the position of its affairs, that of mismanagement and fraud was never imagined for one moment. Now we are told that the Court has upheld the order to examine the Directors of the company. Justice Sir Roland Williams, in delivering judgment in the New Zealand Loan and Mercantile cases, said he was decidedly of opinion that a prima facie case of fraud had been made out against Thos. Russell, and he was surprised that the directors were unwilling to take the opportunity to clear themselves. His Honor said the report of the liquidators revealed a state of things demanding a rigid examination. Notice of appeal has been given, and no doubt the other Directors will make a hard tight to clear themselves of this stiguna.