MR LARNACH'S REVELATIONS.

Press, Volume XLVI, Issue 7262, 23 January 1889, Page 5

MR LARNACH'S REVELATIONS.

DISGOBGING THE SPOIL.

(Bt Telegraph from the Bluff.)

MELBOUKNE, January 17.

The attitude which shareholders in tie Boysi Standard Investment Company recently took in regard to the action of the Directors in purchasing properties in which they were interested, has caused the bitter to approach the Executive Committee appointed by the shareholders, with a view of coming to terms. The statement which was made by Mr Larnach, one of the Directors, at the general meeting of the shareholders on the 4th inst., was that during his absence in New Zealand the other Directors had purchased properties for £330,000 from companies in which they were either directly or indirectly interested. The profit secured by them amounted to about, £50 per acre. An informal meeting of shareholders was afterwards held, at which an Executive Committee was appointed, and authorised to take legal advice as to whether proceedings could not be taken against the Directors. The Directors have since communicated with the Executive Committee, aad intimated their willingness to cancel the purchases of property which have been objected to, and to hand back to the shareholders the funds that are available. The Directors have not yet agreed to cancel the of the purchases to which exception hae been taken, but in all probability some amicable arrangement will be arrived