THE "LABOR DAILY"

Evening Post, Volume CXXV, Issue 36, 12 February 1938, Page 9

THE "LABOR DAILY"

MR. LANG'S DEBENTURE

PAYMENT BY SHAREHOLDERS

SYDNEY, February 11,

Trades union shareholders in the official Labour newspaper, the "Labor Daily," announced today that they are ready to pay Mr. J. T. Lang the principal and interest due under his debenture, totalling £17,000. :

Mr. Lang's representatives later intimated, however, that a further sum of £6700 was required as security for possible claims by employees for failure to give proper notice of termination of services. This matter will come before the Equity Court next week.

! On January 26 a cablegram reported jthat Mr. J. T. Lang, Leader of, the 'New South Wales Opposition, had api pointed Mr. Norman Alphonsus Mo iCauley receiver and manager of the "Labor Daily" to protect his second debenture security in that paper. A sensational development in official Sydney Labour circles in the previous week was the announcement that Mr. Lang had given notice to the board of directors of the "Labor Daily" of his intention to call up the principal second debenture of £13,764, together with interest £3400. In the event of default, he intended to appoint a receiver as manager of the newspaper.