THE N.Z.L. AND M.A. COMPANY.

Clutha Leader, Volume XX, Issue 1030, 20 April 1894, Page 6

THE N.Z.L. AND M.A. COMPANY.

Sir James Ferguson, in. the course o£ his public examination, said the . company ought never to have taken over landed property, it being outside the scope of their operations. Mr David Elder, general manager of the company in Australia, had been too greedy for business. Consideration of Mr Larkworthy's report had been deferred, the directors fearing that gentleman's apparent enmity. It was certain of the directors who colored the report. He denied that Mr Paul, the manager, had mentioned either Mr Elder's telegram or report until the month of Junp. Regarding the deficit witness had delared that it would be criminal to conceal ascertained losses, but the board held that the deficit was but a temporary one, and had hoped that it would be recouped. The company had always been willing to help Mr Thomas Russell, whose services then as now were invaluable. He admitted that in 1891 certain directors of the company had declared that its position was never sounder. He was unable to explain the ignorance of the holders of the 1888 bonds in regard to the advantages derivable from conversion. • Even his own personal friends had not converted. After further evidence Justice. Williams sanctioned the reconstruction scheme believing that the company would be successful in future if those personally interested would cordially support the scheme. He was not satisfied that the scheme treated the unconverted holders with injustice, and he recognised that the holders of the sixth issue had been deprived of their rights of priority, but not sufficient to justify him in a refusal of the scheme.