The Loan and Mercantile Company.

Feilding Star, Volume XV, Issue 289, 16 April 1894, Page 2

The Loan and Mercantile Company.

APPOINTMENT OF NEW DIRECTOBS. FROZEN MEAT TRADE TO BE EXTENDED BUSINESS TO BE RESUMED AT AN EARLY DATE. [Per Press Association. | London. April 14. Mr Justice Williams said he sanctioned iho Now Zealand Loan and Mercantile Agency (Company's reconstruction echeme beiioving that the Company would bo successful in fu ture if those personally interested would cordially support the scheme He was not satisfied that the scheme treated the unconverted holders with injustice, and he recognised that holdets of the 6th issue had been deprived of the rights of propriety, but not sufficient to justify him in the refusal of the scheme*. Sir Johu Gorst stated i baffle bad notnotitei the irregularities in th» report of 1892, and he accepted the responsibility. He admitted that Thomas Russell was unable to meet his liabilitios ut the time of the transfer of shares, as he was hopelessly insolvent. The Court adjourned until Thursday. The new directors of the Company include Mr Martin, of Turnbull, Martin aad Co., John Beau mout, formerly of Ohristchurcb, aad W.W.Oswald. The directors intend t > increase the frozen meat business, and advocate a scheme of immigration of farmers with small capital. It is expected that th^y will apply a pruning knife over encumbered properties. Sir John Gorst said it was extremely wrong for the Company to insert in the profit and loss account of 1 892 a portion of the suspense fund, also interest which was not earned. The Times states that it is safe to assume that the Company is certain of reconstruction, and it is expected that the New Zealand Government will assist the emigration scheme. Auckland, April 15. The General Manager of the Loan and Mercantile Company here says the incorporation of tho new company will now follow, together with the resumption of bumm^s at a reasonably early date., This Day. The General Manager of the Loan and Mercantile Ageucy Company, in Auckland, states that all the Colonial creditors and shareholders, having been consulted prior to the meeting held on 20th February, uo further meeting will be required. •