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

Clutha Leader, Volume XX, Issue 1034, 18 May 1894, Page 6

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

The Chronicle says that there is a general feeling among members of the House of Commons that Mr Mundella ought to resign the presidency of the Board of Trade, -and leave it unfettered iv the task of deciding whether the directers of the Loan and Mernantile should be prosecuted. The Times, commenting on Judge William's statement, says it is indecent and scandalous for Mr Mtmdella to retain office in the Ministry, and hopes Lord Rosebery will intervene. City men are strongly of opiuion that Mr Mundella must resign the presidency of the Board of Trade. All the Loan and Mercantile bondholders, except Baron Schroder are urging Mr Stewart, the Official Receiver, to prosecute the directors, either civily or criminally. The judge has approved of the Loan and Mercantile's articles of association and the new company has been registered. After the recess it is intended to move the adjournment of the House in order to discus* Mr Mundella's position. The Statist and Economist concur in opinion that Mr Mundella should resign from the government, and they assert that his position is untenable. The following are the additional directors of the Company : — Messrs A. C. Garrick, and Henry J. Gibbs. It is possible that the question will be raised as to the liability of the late board for dividends paid out of capital. Mr Mundella has resigned the presidency of the Board of trade, and points out that the action is taken to prevent appearances likely to complicate public or private interests. All sections of the press approve of the step taken. Mr Mundella explains that he is conscious of his innocence, bufc resigns his position in the Ministry to avoid crippling the administrative freedom of the Board of Trade, with which further proceedings in regard to • the New Zealand Loan and Mercantile Agency Company's directors rests. Mr Mundella intends to ask his | constituents (Brigfcside) , for a renewal i of confidence at an early date. Although resigning his seat in the Ministry, Mr Mundolla does not ; resign his seat in the House Conimons. .