LOAN, AND MERCANTILE AGENCY COMPANY.

Wairarapa Daily Times, Volume XV, Issue 4694, 13 April 1894, Page 3

LOAN, AND MERCANTILE AGENCY COMPANY.

Sir Jams Fergusson in the i Box, ] liOndok. April 11. • In the course of his evidence before Mr Justice Williams, Sir James Fergusson said Mr D, Elder was too ' business transactions. Sir Jamesvpft l l |at Mr JPnal had ' mado any niontion of Mr Elder's roport or of his cable messago asking that the report bo withhold, pending the receipt of advice, until June, 1893. \ttfi regard to the deficit, , witness declared that it would bo criminal to conceal ascertained losses, but the Board held that the deficit was only temporary, und they hoped soon to bo able to recoup theamount. The company had always been willing to help Mr Thomas Russell, whose services then and now were invaluable, He admitted that in -1891 certain ofthe directors declared that the position of tho Company had never been sounder. Mr Jußtico Williams said tho troubles of the company appeared to bo due to the absence of inspection of properties. His Honour complimented Sir James Fergusson upon the frankness with which he had given his evidence. Mr Justice Williams said ho was disposed to amend the reconstruction scheme of the company with the view of affording somo relief to tho holders of unco\>r«]J>onds of 1892. Later. London, April 17. Bit' James Fergusson said ho was unable to explain tho ignorance displayed by the bond-holders in 1888 in regard to the advantage of the conversion, and and added that even the •jksonal Wends of the directors ofthe yKgihad not converted their