LOAN AND MERCANTILE AGENCY COMPANY.

Evening Post, Volume XLVII, Issue 84, 10 April 1894, Page 2

LOAN AND MERCANTILE AGENCY COMPANY.

AN UNSATISFACTORY WITNESS. SHARP REPROOF FROM THE BENCH. THE COMPANY'S FINANCIAL STRAITS. FURTHER STRONG JUDICIAL COMMENT. [UNITED fIiKSS ASSOCIATION.! ißeceived April 10, 11.15 a.m. London, 9th April. During his examination, Mr. Paul, London manager of the New Zealand Loan and Mercantile Agency Company, hesitated tefore answering several of tho questions. Mr. Justice Williams severely rebuked him for the absence of candour and frankness which characterised hi 3 evidence Mr. Paul, in the course of his evidence, said the confidential repoit furnished in 1892 by Mr. David Elder, general manager of the company in Australia, was not opened until June, 1893, owing to the receipt of a cabled request from Mr. Elder to await advice Hia Honour said he was astounded that Mr. Elder was not suspended when the directors discovered that thoy had been tricked. Mr Panl explained that Mr. Thomas Russell was in Molbourco at the time, and had seen the report before it was sent Home. His Honour — That niakos the inoident more surprising. Continuing, Mr. Paul said nothing had bnen written off the properties, although they were not earning o, penny. The Company since 1890 had been in great strait! owing to want of money. Sir. Hollams, the solicitor, had not approved of the prospeotus of 1879, which was presented to tho Board as though it had received Mr. Hollams' approval. Mr. Paul infoiunod the Court that he sold his shares in 1889 and on the 6th Juno last.