A Nice State of Affairs.

Hastings Standard, Issue 33, 4 June 1896, Page 3

A Nice State of Affairs.

THE J. G. WARD FARMERS' ASSOCIATION. Diweuin, June In connection with the application to be made to Justice Williams in Chambers on Friday in connection with the liquidation of the Colonial Bank, the members' affidavits have been filed, hut these are not open to the Press or public. It is understood, however, that the application is to approve an offer by Messrs A. Lee Smith and J. R. Reid for the purchase from the liquidators of the assets of the J. G. Ward larmiers* Association for the sum of £62,000. It is alleged that the sum of C-l-1.000 odd was placed to the credit of the association, and that the Hon. J. G. Ward became liable for this amount, giving security for the payment thereof to the hank ; that since he did so his assets have, within the last six months, depreciated considerable in value : that upon Nelson and t'o.'s shares alone there will be a loss of about €14,000. From a recent investigation into the affairs of the Farmers' Association it appears that a large number of debts Owing to it are found to be doubtful Or bad. The amount due to the Colonial Bank in March last by the said Farmers* Association, after writing off the £35,000 mentioned, is said to be £92,000. It is securities, t<ec., held against this, and the company's business, which the Court is to be asked |o allow to be sold for £62,000.