LOAN AND MERCANTILE.

Kaikoura Star, Volume XIV, Issue 732, 24 April 1894, Page 5

LOAN AND MERCANTILE.

LONDON, April 20 Examination of Loan and Mercantile Directors resumed today. Bristow said shares in Waikato lands were taken in fulfilment of agreement with Bank of New Zealand in 1887 that if the Bank took up Auckland Agricultural Company’s loan, the Loan and Mercantile Company was to take over Waikato lands from Thomas Russell. He was positive Counsel's opinion re the altered prospectus of the Company was submitted to the Directors, despite Mundella’s belief to contrary. Fair Play states Schroeder has offered to admit £623,000 worth of Loan and Mercantile debentures to take equal rank with his debentures against assets if reconstruction scheme is accepted. In examination before Justice Williams, Russell declared Larkworthy’s valuation was worthless and had deceived the Board. He denied he influenced telegram being sent to London to suppress report of Elder. De also made statement with regard to borrowing £40,000 in direct conflict with minutes of Colonial Board on matter. MELBOURNE. April 20 No confirmatory advice received

regarding offer made by Schroeder, but probable £623,000 worth debentures will be given to secured creditors in exchange for securities, so that reconstructed Company will be able to commence business with all its debentures in its own possession.