The Loan and Mercantile Company.

Feilding Star, Volume XV, Issue 288, 14 April 1894, Page 2

The Loan and Mercantile Company.

FURTHER EXTRAORDINARY EVIDENCE. BARON SCHROEDERS ATTITUDE. RECONSTRUCTION SCHEME CONFIRMED BY THE COURT. LPKtt FBESB ASSOCIATION,] Losdost, April 12. I Regarding the New Zealand Loan and Mercantile Company, it is doubt- . ful whether Baron Schrceler will make > any concession. i Sir Edward Stafford, in his exatninf ation, said he had strongly objected * to the security given to Baron Schroe--5 der and admitted that Ur Lark worthy had warned the Board against dealing ; with Waikato lands. He added that t nine tenths of the present lock op of ; capital origiuated with the colonial ; boards. '■> Sir Geo. Russell, one of the direc- * tors, admitted his full responsibility, ' but said he was unaware of the many ; incidents in connection with the 1 administration of the affairs of the . Company. Counsel representing the creditor's committee of the New Zealand - Loan and Mercantile Agency Company i informed the court to-day that it was > impossible to extract a further coucesl sion from Baron Schroeder. His Honor ■ accepted the position with regret, and admitted there was no power to alter the re-construction scheme with regard to the security. The sanction of the court, however, would not effect the liability of the Directors and officers of the company in the event of proceedings being taken. His Honor eventually ; sanctioned tho scheme.