LOAN AND MERCANTILE.

Temuka Leader, Issue 2649, 21 April 1894, Page 4

LOAN AND MERCANTILE.

London, April 19. The policy of the new board of directors of the New Zealand Loan & Mercantile Agency Company is favourably received in the city. Fairplay, commenting on the reconstruction scheme, says that Baron Schroeder, who is master of the situation, has agreed to do his best if the shareholders fulfil their conditions. If the shareholders reject the scheme they will have to meet forced calls to the utmost extent of the liabilities besides losing a magnificent business which is capable in competent hands of recovering past losses. If, on the other hand, they accept the scheme, the calls will be deferred, and the total amount be reduced, the business be preserved and colonial exporters will have under their own control a valuable portion of their exports. Under the circumstances Fairplay assumes that the shareholders will not hesitate to accept the scheme, as they have nothing to lose but much to gain. The new board of directors, with Mr Martin as chairman, and backed up by Baron Schrooder, contrasts favourably with the old directorate. The paper goes on to say that it will be necessary to regain the goodwill of shippers by reimbursing where possible those whose consignments were confiscated by having been merged in the general assets of the company after the suspension. In order prevent the recurrence of such possibilities a clause should be inserted in the articles of association to provide that all such consignments, or money arising therefrom, bo held in trust by the company as trustees for the consignees. Fairplay strongly commends this step to the consideration of of the board, aud dwells on Mr Martin’s intimate relations with powerful shipping companies. While on the question of shipping, it urges that consideration should be given to the scheme for assisted emigration.