The Loan and Mercantile Company.

Feilding Star, Volume XV, Issue 282, 7 April 1894, Page 2

The Loan and Mercantile Company.

MR LARKWORTHY'S EVIDENCE. MOKE EXTRAORDINARY ADMISSIONS. (PSB PS ESS ASSOCIATION.} London, April 5. Continuing iiis evidence before Mr Justice Williams, Mr Falconer Larkworthy described certain statements made by the Hon. W. Shiels, of Victoria, in his speech at the London meeting as grossly untrue, and said Mr Shiels was a friend of Mr David Elder, general manager of the Company in Australia. In reply to some severe questions put by the Judge, witness admitted that bad Mr Shiels known the true facts of the case he would not have spoken as he did, and he also admitted that he himself had now confirmed statements contained in Mr Shiel's speech to which exception had been taken. He said he did not consider it his duty to remonstrate at the time. In reply to another question Mr Lark worthy said he had also acquiesced in the balancesheet at the same meeting, believing as he did that the reserves would cover the Melbourne deficit of £480,000, which had not then been revealed. Counsel complained of the manner in which the witness gave his evidence, taking particular exception to his hesitancy in answering and his inability to remember certain things. He urged the witness to be perfectly candid in giving his evidence. Mr Lark worthy said his salary was increased in 1890, although his authority and duties diminished owing to the fact that Mr Paul, the London manager, and Mr Thomas Russell assumed more con* trol. Personally, he had dissented from this arrangement In reply to a question, he said he did not remember approving of a certificate depriving debenture-hold* ers of security, April 6, The examination of Mr Falconer Larkworthy has ended, Mr Paul was next examined, and guve a history of the alteration in the debenture prospectuses which Mr Justice "Williams described as not confirmed by the documents and as astonish* ing.