The Loan and Mercantile Coy.

Feilding Star, Volume XV, Issue 318, 19 May 1894, Page 2

The Loan and Mercantile Coy.

THE PROPOSED ACTION AGAINST THE LATE DIRECTORS. (Per Press Association.) London, May 17. The Committee of Inspection considers it would be decidedly impolitic to proceed against the old directors in view of the interests of the new Company. Mr Stewart, the Official Receiver, dissents from this view, and is convening a meeting of the creditors to consider the question, and will consult Judge Williams with reference to the matter. Auckland. May 18. The General Manager .of the New Zealand Loan and Mercantile Agency Company, Limited, has received instructions by cable from his head office with respect to a call to be made on shareholders under the scheme of reconstruction and allotment. Notice will be posted to shareholders immei diately. With respect to a press cablegram published yesterday to the effect that th 9 directors had made a call of £1 on ordinary and £2 10s on preference shares, it should be explained that the new shares to be taken up by shareholders Are allotted on the basis of two ordinary and one preference for every old share. The total call to be made will be equal to £5 10s. Shareholders will be allowed 21 days within which to notify acceptance of new shares aud pay thoreon before expiry of this p9riud 5s per share on each of ordinary shares and 10s on preference shares.