The Liabilities of Lord, Loftus.

Marlborough Daily Times, Volume X, Issue 139, 15 November 1887, Page 2

The Liabilities of Lord, Loftus.

DENIAL OF SOUTH AUSTRALIANS INSOLVENCY - . THE BROKEN HILL SILVER MINING CO. SPECIAL TO TRESS ASSOCIATION. London, Nov 11. The gross liabilities of Lord Augustus Loftus amount to tho sum of £62,200 of which £3900 is fully secured ; 49,000 of debts are secured to the extent of £15,700. The assets are nil, excepting a pension and insurance policies, and £30,000 interest undor a marriage settlement, worth £SOO a year. He also possesses many shares in Parnell’s Pyrites Patent Company. The principal unsecured creditors in Sydney are— The City Bank £ll7O, F. Turners £9OO, Marquis Easy Coutts Company (partly secured) £31.000, Lady Loftus (fully secured) £2200, Lord Loftus attributes his failure to his income being inadequate for tho duties ho has to fulfil. It is believed that offers of a composition have been made, but as to what amount nothing is known. Tho only free asset is his pension, which, it is understood, the creditors cannot touch. Sir Arthur Blyth hss written to the St. James’ Gazette denying the statement published bv that paper that South Australia was insolrmt and not worth the principal of the debt of the Colony. He considers the statement unjust, ami further refers to the splendid harvest, and of the gold and silver lately discovered there. lie thinks there is every prospect of the population being speedily increased. The St. James’ Gazette comments ironi cally on the letter, but does not doubt that the Colony will recover its status.

Tho following is the order of payments for shares in the British Broken Hill Silvermining Company : One pound on application, olid pound on allotment, thirty shillings on 1 December loth, and the balance on February Ist. Messrs Walters, Bond, Samuel, Joshua, Thomas Pvko, Daniel Griffiths are appointed London Directors, and Mr James M‘Andrews Chairman of the Company.