THE EQUITABLE AND THE WOOLLEN COMPANY. TO THE EDITOR.

Evening Post, Volume XXXVII, Issue 75, 29 March 1889, Page 3

THE EQUITABLE AND THE WOOLLEN COMPANY. TO THE EDITOR.

Sir — I gather from the report of the meeting of the shareholders of the Equitable Building and Investment Company, held last evening, that the chairman of that company (Mr. Alfred Boardman) brought under notice the business transactions between the two oompanies. As his rqmarks are calculated to cause an erroneous impression, and I was, through absence from the city, unable to be present at the meeting, you will possibly allow mo to deal with the matter through your columns. In the year 1886, the Woollen Company obtained an advance of .£16,000 from the Equitable Company upon securities valued at £54,927. That adTanoe has remained at its original figuro, although the company has made extensive additions _to their buildings and plant, and the security held by the Equitable Company has greatly increased in value. Of this security no less than .£20,000 is represented by capital, to bo called up at any time, in sums of some JE3OOO every three mon'vhs. The Woollen Company could, therefore, by making callß of 5s per share every three mo.iths, as they are now doing, pay off the Equitable Company, have a large sum of cash at .their disposal, and the whole of their land, buildings, plant, machinery, and stock-in-trade, valued at from .£BO,OOO to £90,000, free from mortgage or encumbrance of any kind whatsoever. And yet this is the seonrity wb.ich the shareholders of the Equitable Company are by implication led to believe has bevn the cause of embarrassment to the directors of that company. If the Chairman had boen absolutely frank, he would have said—"Gentlemen, wo know you are awaro that wV made a large advance to the Woollen Com* pany, and that you have an impression that an oh an advance with our oapital may have been unwise ; but that impression is wrong, wo hare never had a moment's uneasiness respecting that advance." He might also have fcaid the circular sent out by the directors of the Wellington Woollen Company respecting the payment of the moneys due under the mortgage to the Equitable Building Company was a matter of neoessity, seeing that the latter company had given notice that thoy required a first payment of J53000. Moreover, in order to pay off the whole of the mortgage moneys at tho due date, it would be necessary to make periodic calls from now till the end of next year, when th& mortgage expires. The very reverse of al) this appears to have been said, and to have been intonsifiod by a most singular Bpeech from the solioitor to the company. The Woollen Company is happily in a financial position wbioh can doty hostile criticism, aud by the end of next year will have dono with tho Equitable Company and their advance. I may, however, as one having somo experience in administration, venture to say that the polioy whioh Mr. Boardman and the solioitor of tho company (Mr. E. B. Brown) hayo > inaugurated, of disoussiog in publio meetings the mortgage transactions between the Eqnitable Company and its mortgagors, is not calculated to increase the confidence of the latter, or to lead to fresh business. I am, &0., T. Kennedy Macdonald, Chairman Board of Directors, Wellington Woollen Manufacturing Co.(Ld.).

It is understood that Mr. Justice Riohmosd will bo able to return from Gisborno in time to open tho Criminal Sessions on Wednesday. A cabman named John Martin was this morning fined 40a, with 18s coats, for obstructing Constable Sheohan while in the execution of his duty, and upon a furthor charge of wilfully damaging a lamp, he was ordered to pay the amount of damage, 4s 6d. The defendant (who was represented by Mr. Tanner) was allowed a week in which to pay the amount. A well-known Taradale settler, Mr. Joseph. Hogsn, says an exchange, has just been relievod in Napier of a bullet over half an inoh in diameter, and weighing nearly an ounce and a quarter, which found its way into his right leg just behind the knoe, at the engagement fought at Te Ng&ta-o-te-manu in July, 1868, nearly 21 years ago, the affair in which Yon Tomsky lost his life. Mr. Hogan was at that time a member of No. 3 Company of the Armed Constabulary. He was taken to the Wanganui Hospital, and several unsuccessful attempts made to dislodge the ball. _ Last week Dr. Spencer suoceoded in securing it and laying it before Mr. Hogan. The Australasian states that a sister of Prinoe Obo, the blaok spaniel puppy by Jack Obo (imp.) ex Lady Danesbnxy (imp.), winner of the puppy prize, and one of the winning braoe for the special at the Centennial show of the Viotorian Poultry and Dog Society, has been purchased for New Zealand. Messrs. A. and T. Burt, of Dunedin, aunonuco that particulars of the skates which thoy are now nmVin(.' can be obtained from their Wellington agent, Mr. W. S. Sinikiu, Cuba-street. Mr. Handel, tobacconist, of Willis-street, ndvertises that ho has just received, direct from tho I manufacturers, Lundyfoot and Co., Dublin, the first consignment of Irish roll tobacco ever imported to this colony.