BOGUS COMPANIES.
A MEKTIN'O "f the comtnrtee appointed lo investigate the affairs of (ho TransPacific General Insurance Company, Limited, was lately hold in Brisbane. Mr Twist, the official liqiiHatu"", read the report, wlii'-li showed the amount of capital actually eallc I upw:n E I'JO Tlu; company consisted of seven shareholders, two o' who were praefii-aady tlumraiu-. Tho articled pr vided that business might be commenced when 2-300 shares were subscribed, to overeooio which the directors voted themselves 2500 shares, paid up to 10h, and afterwards made of the value of :20n'. The ahnrc> ohlers voted themselves into various > >ul jioxitions, drawing salurii.s of from CDO!) lo tSOO per annum The liquidator's report shows that the company had even mortgaged Jie office furniture to Veep afloat. The nominal capital of the company icu.s given as £1,000.000. An analysis of the b"okt shows the net loss to be £6470, divided übout equally between the Now SoutU Wales and Queensland ofScsa.
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Waikato Times, Volume XXXVII, Issue 3008, 24 October 1891, Page 3
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158BOGUS COMPANIES. Waikato Times, Volume XXXVII, Issue 3008, 24 October 1891, Page 3
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