Mr Earl and the South British Insurance Company.

Auckland Star, Volume XVII, Issue 242, 14 October 1886, Page 2

Mr Earl and the South British Insurance Company.

(TotheKdito-,)

Sin,—At tho L"onth British meoting yoatorday I understand Mr Chamborlin stited that Mr Wil)i,m K»rl had, while a director, borro ■ ed tho Bum of £1,500 from tho Company, Riving eecurlty for "iGI.OOO only, and you report Captain Daldy to havo tairt that it was true such a transaictlon had taken place but that Mr Kurl was not ihen a director. Mr Chamberlin has ontiroly misunderotood tho niit:er, and I c;m only assume that Onutttin Daldy's rimmrks upon it, worn mis reported. Tho "acts of tho caio are, that in 1879 Mr Karl was asked to t iko over two st-curitioß hold by tho Corop my covering sums an.ounting in the aggregate to £1,500. Mr Eurl havinc nt the lime only iEI.OOO actually available, butboinic in immediate expectation of a further sum of £500, it was agreed that ho shou Id ray tho £1 COO take a transfer of the mortgages, and provide the £500 within a specified timo. TMa arrangement was carri d into ell" ct. and the balance of £sfO was paid to tho directors wi'hin a month or two. In terms of tho agreement I am in a position to say that Mr Karl never borrowed money from tho Company either when ho was a director or at any other timo Thia explanation is mado in the nbfenco r,r Mr Burl, who is at present at the IJivy of Islands — 1 am, otc, Fiikd. Kahi,

[Our correspondent is quito correct in asonminir that our reporter had miecomtracd Captain Daldy's remarks on iho bubjact. Tho error was observed in the first edition of tho Star last night, and corrected in lator editions. The explanation of the m; ttor givrn by ihn Chairman at the moo' in 3 was Hubstantlnliy the same as that mado by Mr P. Eirl. It is only just to Mr Charubnrlm to soy that, ro far fio:n casting any reflccliona upon Mr Karl, ho apoka o( him in the highest terms ns a gentleman who would not tolerate for a moment anything that was "not tho oorreoc card." Mr Chumberliu'eotna to have fallen into the error through sotirg £500 debited on tho books to Mr, Karl, with the subsequent credit when ti.e amount was paid. Ho jumped to the conclusion that it was a loin of £500, when is a manifest error, MrChamb >rUn, we understand did not say £1,500. Ed. B.S ]

Messrs Morton and Jackson to-morrow will fell by auction two houses at Parnull. in Railway-Btreet, behind Mrßngley's, I'ruucrer, aud cloao to the main road. Aluo a cottage at Mount Kden, in Summor-btreet, Kden Koad, with a fine elevation and beautiful viow- Both properties are freehold, and will bo offered at a very low upset price to unit tho dull times.