The Ward Farmers' Association.

Hastings Standard, Issue 388, 2 August 1897, Page 3

The Ward Farmers' Association.

EXAMINATION_PF THE HON. G. M'LEAN. [By Telegraph.] (Per Press Association.) Duxedix, This day. The examination of the Hon, G. M'Lean shows that the directors held 6738 shares of the nominal value of of £18,576, with a contingent liability of -£53,90:1. Of these 1307 were purchased in 1891. There was no suggestion that an improper application of the bank's money was made. The directors had no motive in managing the business except to secure results to themselves aud the other shareholder;. If the accounts, in the inspector's estimate of the bank, could have been sold they would have returned considerably more than the market value of the shares. He gave an empathic denial that in the making up of the balance-sheets bad debts were treated as good ones. He said Ward's account was increased despite constant threats .and pressure on the staff. The time, however, was so critical that it would have been a dangerous step to stop the account altogether. He denied all connection with the reduction of the association's overdraft on the eve of balancing, with the oats draft, with the diaft on Cooper's or against Nelson's shares. He contended that the sale of the Colonial Bank was the best bargain makeable in the interests of the shareholders, and that it had proved a good purchase for the Bank of New Zealand.