THE LOAN COMPANY.

Temuka Leader, Issue 2662, 22 May 1894, Page 1

THE LOAN COMPANY.

London, May 17. The Committee of Inspection appointed by the shareholders and creditors of the Hew Yealand Loan & Mercantile Agency Company consider that, assuming that the claim against the old Board for a return of dividends paid out of capital to be legal, it would decidedly be impolitic to enforce it in view of the interests of the new company. Mr Stewart, the Official Receiver, dissents from this view, and is convening a meeting of creditors to consider the question, and will consult Justice Sir R. Y, Williams with reference to it.

Auckland, May 18

The general manager of the New Zealand Loan & Mercantile Agency Company (Ltd) has received instructions by cable from his head office with respect to the call to be made on shareholders under the scheme of reconstruction and allotment. Notices will be posted to shareholders immediately. With respect to the press cablegram published yesterday, to the effect that the directors had made a call of £1 on ordinary shares and £3 10s on preference shares, it should be explained that as the new shares be taken up by shareholders are allotted on the basis of two ordinary shares and one preference share for every old share, the total call to be made will be equal to £3 10s. Shareholders will be allowed 21 days within which to notify their acceptance of the new shares, and pay thereon before the expiry of that period 5s per share on each of the ordinary shares and 10s on preference shares,