Foreign.

Manawatu Herald, 12 April 1894, Page 2

Foreign.

Mussulmans in the Malabar District have murdered several Hindus, and destroyed some of their temples. TheJraons were called out,, and are pursuing the offenders. The English resident! in Egypt complain.of the defiant attitude of 'the '-natives, and are afraid of an outbreak of fanaticism. ' In * consequence of the unsettled state ' of : affairs, they are urging Great Britain to control the ad?ijaigb.'£ticm ofHtte IMinistry.1 Ministry . 61 the nterior.

he believed the fact of the debentureholders being deprived of their security was accidental. The solicitor added a paragraph to the draft report of 1890, giving details of the Company's loss during the year, but it was suppressed by the directors, who thought it too strong. The Judge here interrupted with the remark, "Is the truth too strong ?" Continuing, Mr Paul said that the majority of the bondholders in 1888 were aware of the absence of special security. During his examination before the Court, Mr Paul, London manager of the New Zealand Loan and Mercantile Agency Company, hesitated before answering several of the questions. Mr Justice Williams severely rebuked him for the absence of candour and frankness which characterised his evidence. Mr Paul, in the course of his evidence, said the confidential report furnished in 1892 by Mr David Elder, general manager of the Company in Australia, was not opened until June, 1893, owing to there* ceipt of a cabled request from Mr Elder to await advice. His Honor said he was astounded that Mr Elder was not suspended when the directors discovered that they had been tricked. Mr Paul explained that Mr Thomas Russell was in Melbourne at the time, and had seen the report before it was sent Home. His Honor : That makes the in* cident more surprising. Continuing, Mr Paul said nothing had been written off the properties, although they were not earning a penny. The Company since 1890 had been in great straits owing to want of money. Mr Hollams, the solicitor, had not approved of the prospectus of 1879, which was presented to the Board as though it had received Mr Hollam's approval. Mr Paul informed the Court that he sold his shares in 1889 and on the 6th June last. The Hou A. J. Mundella, who also gave evidence, denied that he was aware that the prospectuses regarding the security of the debentures were misleading. He con § demned the Colonial Board's greediness for business and overtrading up to the hilt, against which he had protested. The suggestion that he was guilty of a policy of concealment was a gross injustice, but he had thought it would be injurious to inform the shareholders of Mr Larkworthy's report without confirmation. Mr Paul, he said, never mentioned the Company's holdings of Waikato lands in connection with the balancesheet of 1891. The Judge described the Comany's transactions in Waikato lands as "unjustifiable as an investment.