N.Z.L. & M.A. CO.

Temuka Leader, Issue 2636, 22 March 1894, Page 4

N.Z.L. & M.A. CO.

London, March 19

The Court upheld the order to examine the directors of the Loan and Mercauiile Agency Company. Notice of appeal was given. Justice Sir Roland Williams, delivering juegment in the New Zealand Loan and Mercantile Agency case, said he was decidedly of opinion that a prima facie case of fraud had been made out against Mr Thomas Russell, and be was surprised that the directors were unwilling to take an opportunity to clear themselves. His Honor also said that the report of the liquidators revealed a state of things demanding rigid examination. He also expressed the Opinion that Mr Thomas Russell had to a large extent been benefitted by his not hona fide dealings with laud and loan companies. While referring to the Judge’s decision in the New Zealand Loan and Mercantile Agency Company’s case the Times says that the public are astonished at the directors’ appealing to their innocence, and adds their public position ought to render them impatient to meet enquiry. Melbourne, March 20.

The representatives or the New Zealand Loan and Mercantile Agency Company here have received no advices from London, and judge from this that the proceedings reported in the press cablegrams refer to the old debenture issue of the company, and has no connection with the reconstruction scheme which the English Court has been asked to confirm on Wednesday mxt. Mr Russell left Australia on the Ist of the month and should arrive there about Saturday week.