J. G. WARD'S FARMERS' ASSOCIATION.

Manawatu Standard, Volume XXX, Issue 5735, 4 June 1896, Page 3

J. G. WARD'S FARMERS' ASSOCIATION.

[Per Frees Association.] Dcnedin, June 3. Application will be made ti> Mr Jaa tlce Williams on Fridny to approve Of an offer by Messrs Lee, Smith and J. B, Reid for the purchase from the liquidators of the Colonial Bank of the >Naetß of the J. G. Ward Maimer's JUMOCiatlon for £62,C00. Later. In connection with the application to be mAde to' Mr Justice Williams in Chambers on Friday in connection with the liquidation of the Colonial Bank, the affidavits have been filed, bnt these are not open to the press or pablic. It is understood, however, that the application is to approve of the offer by Messrs A. Lee Smith and J; B. Reid for the purchase from the Hquidators of the assets of the J. G. ward Farmers . SflW.w). 'It ta alleged that a sum of 586,000 odd was placed to the credit of the Association, and that the Hon. J. G. Ward beeame liable for this amount, to the Bank; that since he did jio his assets have within this Inst six months depreciated considerably in value, and tnataponNelsonandCo.'s shares nlone there will be a loss of about £14,000. From recent investigations into affairs ' of the Farmers' Association it appears that a large number of the debts owing to It are found to be doubtful 01 bad. The amount due to the Colonial Bank in March last by the said Farmers' Association, after writing off the £66,000 mentioned, is said to be <82.000. It is securities, <fcc., held against this and the Company's bust* nets whioh the court is to be asked to allow to be sold for £62,000.