ROYAL STANDARD INVESTMENT COMPANY. Extraordinary Allegations Against the Directors.

Te Aroha News, Volume VI, Issue 335, 19 January 1889, Page 6

R O Y A L S T A ND ARD INVESTMENT COMPANY. Extraordinary Allegations Against the Directors.

At a meeting' ol the Royal Standard Investment) Company, Melbourne, some ex. traordinary allegations were made against the directors. The press were refused admission, bub full notes of the proceedings have been furnished by some gentlemen present). Mr W. J. M. Larnach, one of the directors and lately a woll-know rosidene of Dunedin, astonished the shareholders by a long statement of the allairs of the company. He asserted that, in his absence, on the day ntfcer the company was rogifeterod, tho other directors purchased^ £320,000 worth of property from other companies managed by Messrs Hunting and Wright, from some of themselves, and from Mr Wright. The prices given were gieably in excess of value, in some instances the vendors receiving £50 per acre profit. He visited Dunedin, and was away from Melbourne for a louger term jjthan he oxpected. When he returned to Melbourne ho endeavoured to obtain information as to what had transpired in his absence, but he failed to do so. He subsequently protested against the purchases, and even against the balance - sheeb which had been prepared by the directors. Mr Thompson Moore, on bohalf of a number of shareholders, elicited from Mr Hunting a confirmation of Mr Larnachs assertion. A list of the properties held by the company, the prices paid and the names of the vendois were read to the meeting. Finally, the shareholdersdecided to appoint a committee to investigate their affairs : but when the chairbian demanded a ballot they left the room in disgust. The directors and one or two others agreed to the adoption of the repoib, and this terminated the proceedings. The dissatisfied shai'eholders intend to consider their position to-morrow.