MEETING OF DEBENTURE HOLDERS.

Press, Volume LII, Issue 9008, 22 January 1895, Page 5

MEETING OF DEBENTURE HOLDERS.

The following is a precis of information supplied as to a meeting last night of (ho debenture holders ia the Temple of Truth, convened by advertisement by the Board of Trustees.

Mr Cadwallader occupied the chair, and staled that the purpose of the meeting was the arrangement of details regarding the allocation of the proceeds of the sale of the Temple property. Mr Joyce, one of the Trustees, read a statement, of which.the following is an abstract:—The property had been pur* chased by Mr Worthington for £3050, which would first be applied to the discharge of the mortgage and all debts aDd legal expenses incurred by the Trustees. This would amount to about £1300, leaving a balance, of about £1750 for allocation to the debenture holders. This allocation would be made on the basis of the gross amount of principal and interest due up to the present date pro rata. The calculations would at once be made and the money paid as soon as the funds.were available. Should auy debenture holder object to the allocation the amount would be paid into a suspense account and held in trust by the Trustees. The arrangement proposed would be subject to the withdrawal of all suits now pending against the Trustees, and\ if this were not done the Trustees would be compelled to place the balance of funds in the Supreme Court for the purpose of liquidation. This would eutail great lose both of time and money to the debenture holders. As regarded, the balance of .the debenture money remaining unpaid after the allocation Mr Worthington would make a statement, but the Trusteee desired. it to be understood that their liability ceaeed with the allocation, and that anything-done by Mr Worthingtkra would be entirely optional on his part 'and without any legal obligation. Unless all actioua now in progress were withdrawn the parties- maintaining the actions would not be recognised by Mr Worthington in any payment he might make at any ' future time* In conclusion, the Trustees wished to state that all the trouble that had arisen could have been avoided if the debenture hpldeva outside of the work had not tried to force the Trustees' hinds by legal action, and \t they bad had confidence in the honesty and integrity of the Trustees and Mr Worthing, ton.- l'his integrity will ba fully demonstrated within a short time, and all wilt be convinced that the work has been carried on in a manner fully in accord with the profession and teaching of the Students of Troth. Mr Wokthingtok then made a statement in substance as follows :—On the 11th day of September, 1894,1 called you together by advertisement and private letter, for the purpose of obtaining your consent to my purchase of the Temple property, ia the hope that by so doing at that time I might prevent the useless and expensive litigation into which 1 scheming; duplioity was fast hurrying yon. I then stated to yon that if I could obtain the title to the property I was prepared to make good the claims df debenture-holders. The meeting resulted, as you are aware,- in misunderstanding, vitnperation, and bitterness. I abandoned that effort, under the conviction that selfimposed losses and hard experiences were the .only mean* by which our differences could be adjusted. In' the development of a perfect law of cause and effect it haa transpired that this property was forced into the market, and made subject to eale by auotion; a result forced upon the Trustees by accumulated' litigation,* and- a constant effort to diminish their income and cripple their '• resources. I "am here to-night as the owner of the Temple property, free from any. legal , obligation to you whatever; butt I tbank God that I have been enabled to maintain a position which has protected you against yourselves. Do not suppose for one moment that I have purchased thie property for myself, or as s> speculation, or that I. intend to personally benefit by the existing, difference between the price I paid for it, and its original coat. I cannot forget the brave, earnest, and prolonged struggle;' the self denial and the devotion that erected these buildings—the temple and dwelling-house. I have bought them for you—for thie work, the cause of rational religion, which you and I represent. My intentions for the future involve you to-night, jest as .much as they did in that happy, past when we were together j aiming at one result. At this' moment God is my witness ' that ' I am able to lose eight of all the suffering and, wrong I through which J. have passed, I am. able to 'see in you only the devoted, followers, whose presence and help made possible so many grand things done in this work.- It v my intention to vest, the title to' this .property in two trustees, associated with myself, for the sole use and purposes of thu work, just as the Kindergarten and Social Hall property are vested. I shall pay the debenture holders who have remained at my side through all the storms: First, the fftce value of their debentures, excluding interest, after deducting the,amounts paid them at the allocation of-the moneyj received from this sale. . This I will do when I make the last payment on this property; or within six months, and as a mere act' of grace, forwhich there is no legal liability. Secondly, I shall pay also as a mere act oi grace, and without consideration, and with no legal liability whatever therefor, to all outside debenture holders the entire principal of their debentures with interest from this date at 6 per cent.j after, deducting ail moneys received by thu allocation, as well as ' all legal expenses incurred, and made liable for through the act of said debenture-holders, or any of them, withft the next twelve months. Provided all suit! and proceedings against the Trustees of th< Students of Truth now pending* in anj Court of Law, or that may hereafter b< instituted by or on behalf of any of said de benture holders, against the Trustees or th« Students of Truth religious body be die missed, discharged and withdrawn. It ' conclusion, lee it be distinctly understood I that I put you under no pledge, obligation ' or condition, as to where or with whom you ehall worship, and that all I ask of you is that.you disregard the constant' attempt* of enemies of thie work to use you at weapons against the work, and that you try to realise that the chatter of current criticism- and the sneer of - complacent ignorance are as harmless as they are vulgfut and ill-bred. " •'■."■ . i At the dose of the above statement Mr Worthington said be would' answer im questions relative to his statement' , anc farther intentions, upon which there '.wen signs of an effort on the put of sonu Students who had left the worfcto diseusi general questions and justify their conduct. , This the Chairman. ruled ouV of order and after again intimating his willingnesi to answer any questions relating to tb< subject of the meeting, and thertbeing w

kuoh questions presented, Mr Worthington Withdrew. . . The meeting now resolved itself into efforts on the part of the Trustees to obtain a Committee to make the allocation, such Committee to be selected from debenture holders outside the present work, who 'should be assisted by the Trustees in such work. This was not agreed to, bat in it* place it was resolved—"That a public accountant audit the books and prepare balance sheets to present to an adjourned meeting." The Board of Trustees, through tke Chairman, clearly intimated to the debenture-holder who has legal proceedings now pending that unless the s*me were withdrawn within one week's time, they should apply to the Supreme Court through proceedings for liquidation. The meeting then adjourned for four weeks.