A FINANCIAL EXPOSE. The Ex-Premier of Queensland Involved. Brisbane, November 26.

Te Aroha News, Volume VI, Issue 323, 8 December 1888, Page 3

A FINANCIAL EXPOSE. The Ex- Premier of Queensland Involved. Brisbane, November 26.

For some days past there have been circulated amongst commercial men in the city rumours of a disagreeable character. Large financial institutions have been the subject of much conjecture, and their boards of directors composed ot men in high public office and of commercial standing, have also been subjected to very considerable attention on the part of the mercantile section oi the community. On Saturday the rumours seemed about to culminate in a startling denouement, for it was stated that seven writ© had been issued against Sir Thomas M'llwraith, Sir Ai thur Palmer, Mr F. H. Hart, M.L.C., and Mi D. R. Drury, (J.M.G., at the inf tan oo of the Queensland Investment. Land and Mortgage Company (Limited), in\olving sums which aggregate nearly a quaitei of a million. This part of the rumour, however, proved an error, for no writs were issued on Saturday, but from inquiries in the Supreme Court to-day it appears that the writs had been issued to the solicitors of the gentleman named, Messrs Hart and Flower, this morning, through Messrs Chambers, Bruce and M'Nab, the company's solicitors. Ib was also ascertained that »Sir Samuel Griffith, Q.C.. had been retained by the company. In one action four director 5 * are joined with Mr S. GrimJey with respect to a mortgage on the latte>;'s property. The claim is against Grimley for the amount of the mortgage and the interest (over £6000), and ajjainst ohe four othei defendants for negligence and malfeasance as locul directors or agents of the plaintiffs in and about making advances to C!rimley upon' insufficient security for the peisonal advantages of the defendants or some of them, and for indemnity against the loss occasioned' thereby. Another action is againbt four of the directors claiming damages on similar grounds in respect of ad\ances to J. L. Jessop upon insufficient j?ecuiity for the Queensland Xational Bank, Limited, whereof some of the defendants were then directors, and Mr Drury the general manager. Another action is against | Mr Hart, Sir Arthur Palmer and Sir Thomas M'llwraith for damages on similar j grounds in respect to advances made to the late Percy Ramsay. Another action is ' against four ot the directors for a declaration that Sir Thomas M'llwraith is a trustee i for the plaintiffs ■ of the Dotswood j Station and the stock thereon, and j for an order that he transfer the same to plaintiffs subject to the encumbrances thereon on May 5, 1887. and claiming against all the defendants for damages for -negligence and malfeasance in allowing Sir Thomas M'llwraith to become a purchaser for his own advantage to the prejuj . dice of plaintiffs. Another action is against Mr F. Hart • alone for damages • and malfeasance, m allowing the proceeds of property mortgaged to ..plaintiffs by one Robinson - and' receiver] " by *' defendant as agent for him to be r applied for the former's benefit instead 'oi' being paid to plaintiffs. Another action is againsb.Sir Arthur Palmer, Mr F. H. Hart and Mr Drury, claiming damages on similar grou nd s as in Jessop's case for makingadvances to'L.' '¥. fcJuchf.f • Another -action is agaihsbl" the ; four • directors for damages on similar grounds as in Jessop's >and Sachs' cases, for making advances to 'the Sandgate Pier'Compariy,' Limited, upon security, of which < company Mr ibrury was then; a director rand shareholder, "and the . other defendants shareholdeas. SvThe 5 actions are regarded' by the defendants with equanimity, and it is said the)f dldiin ito have a'' full and satisfactory 1 in -each cace. However* 2 it,, is the actions may yet be compromised., Ln any case Sir Thomas McIlwra'ifcK' will leave foi\ Japan on Saturday next)!' *\ „ ; M AA cable 'mespage ,'has 'since-' brought' the^ , news of Sir Thos. Mcliw c raifch's; resignation of the Premiership of Queensland,