LOAN AND MERCANTILE AGENCY COMPANY.

Evening Post, Volume XLVII, Issue 89, 16 April 1894, Page 2

LOAN AND MERCANTILE AGENCY COMPANY.

_^ _ JUDGE WILLIAMS SPEAKS HOPEFULLY. POLICY OF TITH NEW DIRECTORS. i UNITED FBKSb aeiSUCIA'IION. ! London, 14th April. Mr. Justice Williams in eanotioning the reconstruction scheme, said he did so believing that tlio company would be Bucoessful in the future if thobe personally interested wonld cordially support the scheme. He was not satisfied that the scheme treated the unconverted debenture holders with iv justice. He recognised that the holdors of the sixth issue had bet- n deprived of rights of priority, but not sufficiently to justify him in the refusal of the scheme. Sir John Goret stated he had not notioed irregularities in the report of 1392, and ho accepted the responsibility. He admitted tbat Mr. Thomas l.r.sßell was unable to meet his liability at the time of the transfer ot the shares, as he was hopelessly insolvent. The Court adjourned until Thursday. The new directors of the company include Mr. Martin (of Turnbull, Martin, & Co.), Mr. John Beaumont (formerly of Christchurch), and Mr. W. vV. Oswald. The direotors intend to increase the frozen meat business, and to advocate a soheme of emigration to New Zealand of farmers with small capital. It is expeoted that they will apply the prnniug-knife in dealing with the encumbered properties.

| SPECIAL. I London, 14th April. Sir John Gorst said it waa extremely wrong for the Company to insert in the profit and loss nccount of 1892 a portion of the suspense fund, alao interest which was not earned. The Times pays it is aafe to atsume that tiie Company is certain ot reconstruction, Hnd it is expected that the New Zealand Government will assist the emigration bcheine. , Auckland, I4th April. The general mauager of tho Loan and Mrroantile Agency Company has reoeived a cable message confirming the news pnbHsbed by tbe Presx Association respecting the construction of the Company being sanctioned by Judge Williams. The speedy incorporation of the new Company will now follow, together with tho resumption of business at a reasonably early date. ,'Br Tklkoraph. 'united prcßb aßßooiatiou. i Auckland, Thts Day. The General Manager for the Loan and Mercantile in Auckland states that all the colonial creditors and shareholders having been consulted previous to the meeting held on the 20th February, no further meetings will be required.