WARD FARMERS' ASSOCIATION.

Press, Volume LIV, Issue 9817, 28 August 1897, Page 9

WARD FARMERS' ASSOCIATION.

(PRESS ASSOCIATION TELEGRAM.) DUNEDIN, August 27. In the Supreme Court, in Chambers, the m,iUer <>t some claims against the I. G. Ward Farmers' Association came up in the matter of C. V. Rains, a traveller, who claimed £53 12s 6d for extras. Mr Justice Williams held that a case had not been m ]c out, and gave judgment for the liquidators. The next niatlcr arose out of an objection Ky the lii|uidator to the proof of debt on fcpimlf tif the Colonial JJank on the Association's banking account. Mr Uosking, for for the lifjui'intor, said the total claimed for waa £66,915 19s 6d, subject to certain deduction-;. There wai also security claimed in the shape of 300 debentures. The deduction of £5637 was credited by the Uank for billfl pcwl since the liquidation. The i' 4987 deduction represented proceeds of oate, supposed to be the 1895 oats, which wne paid into a special account. A claim for the proceeds had been made by Connell end Co., Brooks and Co., and the Colonial Tank. With reference to the debentures for £30,000, they were handed by Mr Ward, as Ma"«g' n K Director, to the Colonial P.ank with the correspondence of the Association. Tl'ie liquidator could find no authority in the minute books for ;>ower to hypothecate. It wae not contended that there \vn<* no contract, but the liquidator was bound to raiKC the question. Mr Justice Williams Jifld that the Hank hnd good security over t|, e «lebentnr«-«. His Honour made on cider that the moneys received in respect of sales of grain for farmer* againßt drafts ami paid into a special account by Mr Cook yhoiild he credited against such drafts. Hβ allowed the debentures proof to the extent of £20,700, and also as to £10,000 special account; the credit, to be reduced by the jmotint of former payment on account of Lille. The trust account, £4987, to Rtand over sine die.