The Troubles of a Wellington Building Society.

Auckland Star, Volume XVIII, Issue 26, 1 February 1887, Page 2

The Troubles of a Wellington Building Society.

WutOiIHOTOiI (.this day

Till. Minrohuldera of tho Northern Land, Loun, ami Building Co , tho late Secretary of which (\V. L. Wurors) is being prosecuted by ono of tho shareholders for allogod ombcz/.lemont.hcld another mooting last night,

at which the resolution in favour of liquidation was conlirmod, and liquidators wero appointed. Tho balanco sheet showed a sum of £'2,032 17s 8d written off on Wators's account. The shareholders wore plainly roeigned to the inevitable, and opinions woro generally oxpressed that it was of littlo uko prosecuting tho lato Socrotary in tho far.o of tho fact that tho directors had reloaded him from liability, Tho action of tho directors was. howover, soveroiy coiiaurod, and tho Kov. C. S. Ogg, Presbyterian clergyman, said ho would givo £10 to soo them maJo amonublo for tho difference between tho amount written off and tho cum received in compromising tho affair Tho Rev. Mr Ogg stated a- a remarkable fact that within tho last 13 yoars ull tho building societies started in Wellington, with two exceptions, htid had theirfunds ombezzlod by responsible oflicors. Tho Chairman stated that when evorything is roali.-od thero will bo a refund to shareholders of about £3 per i>huro, on which £5 is paid up. A plentiful crop of civil notions will probably bo brought by depositors against the Company.