LOAN AND MERCANTILE AGENCY COMPANY.

Evening Star, Issue 9184, 13 July 1893, Page 2

LOAN AND MERCANTILE AGENCY COMPANY.

[Pkr Press Association.] LONDON, July 11. The New Zealand Loan and Mercantile Agency Company's shares have fallen £3 10s, and their debentures are now quoted at £BO to £BS. July 12. No scheme for a reconstruction has yet been arranged, but the director are sanguine that they will get through the task quickly. (Received July 13, 1893, at 11 a.m.) The debenture-holders in the New Zealand Loan and Mercantile Agency Company are applying to tho Court to protect •the assets, and aslc that debentures amounting to £1,300,000 should be a first charge on the assets, including £550,000 financed by Baron Schrocder. 'The Times' states that tho failure of the Loan and Mercantile Agency has produced little or no effect on the wealthy shareholders, who are not likely to allow the company's collapse. Owing to recent failures, the Assets Company cabled to tho colony on May 6 to postpone the October issue, although fully underwritten. [SI'KCIAL TO PKESS ASSOCIATION.] LONDON, July 11. The directors of the company are discussing the advisability of making a call of £3 per share, and asking bondholders to renew their debentures. The company owe the Bank of New Zealand under £25,000, for which the bank hold securities of an easily realisable character equal to £50,000. [Pkk United Press Association.] AUCKLAND, July 12. Mr Button, instructed by Mr Battley, general manager of the New Zealand Loan and Mercantile Agenoy Company, took the necessary steps to-day to obtain an order from the Supreme Court protecting the company's assets and all other interests involved pending the reconstruction scheme, which it is expected will soon be placed before shareholders and debentureholders. The general manager has telegraphed to branch, offices ' instructing them as_ to measures required to pressrve the business of the company. WELLINGTON, July 12. Telegrams from all over the colony state that though the suspension has naturally caused a good deal of talk, it has been taken very quietly.