LOAN AND MERCANTILE AGENCY COMPANY.

Wairarapa Daily Times, Volume XV, Issue 4696, 16 April 1894, Page 3

LOAN AND MERCANTILE AGENCY COMPANY.

The Colonial Boards Blamed, London, 12th April, Sir Edward Stafford, in bis examination, said that nino-tenths of the present lock-up of the capital originated with the colonial Boards, Sir George Eufsell, one of the directors, admitted full responsibility, but said be was unaware of many incidonts in connection with the administration of the affairs of the company.

Tfi6 Reconstruction Scheme Sanctioned. London, 13th April. Counsel representing the Creditors' Committee informed the Court to-day that it was impossible Ho extort a further concession from Baron Schroeder. His Honour accepted the position with regret, and admitted that there was no power to alter the reconstruction scheme With regard to the security. The sanction of the Court, howevor, would not affect the liability of tho directors and the officers of the company in tho event of proceedings being taken. His Honour eventually sanctioned the scheme. Judge Williams, referring to tho ooution displayed by Sir Edward Stafford, said he had evidently made commercial euphemism a fjno art. Sir George Russell admitted that the directors had been neglectful' 1 personally. His Honour said that if he refused : to eanction tb© reconstruction scheme he would only punish the weakest bondholders,

Latest (By Teloijrapli.-PresJ Association), - Ahokßand, Wednesday, "The genoral manager of the Loan and Mercantile in Audkland states that all colonial creditors and shareholders having been consulted prior to the meeting ihold on February 20th, no further |mSetintfiwillbir«.gulrtd.-