LOAN AND MERCANTILE.

New Zealand Herald, Volume XXXI, Issue 9480, 9 April 1894, Page 5

LOAN AND MERCANTILE.

~ :■■■■: . ;'—-— '- —-» — r^.-''■'■';■■■•■.'■■■' r .;-■'.<■'■.'■Vx ; the public EXAMINATiON '*" CONTINUED. <- -"-.".. Press Association.—Electric Telegraph.—Copyright, :.-: , ~ , ./, ', ~ London, April 7. The examination of Mr. Falconer Larkworthy has ended. Mr. Paul was the next to be examined, and he gave a history of the r alteration ■ : : ' - the debenture prospectus, which Mr. Justice Williams described as not con- | firmed t by. the documents, and '.as-"' j tonishing, \ , !-."".'■ ■ '",•--' ' : '- ■ *> Later. In his examination before Mr. Justice 'Williams,, Mr. Paul,' the London ; manager, -virtually, admitted there was ; nothing in the new.form of debentures to notify the holders of the change. The Board, .he ''.. said, was well aware there was no, special security. While the company were negotiating with Baron Schroeder, it issued a considerable quantity of debentures on the old basis. ' . - ■ ■ - -.In reply to the judge, Mr. Paul said .'./. he was unable to explain why at the time of Schroeder'3 issue the ; directors failed -{ to ;. clearly indicate that old - holders were not secured. :; He said Mr. Larkworthy's report had been postponed in deference to the wishes of Mr. Thomas Russell, and it had not been investigated. , s ~ ' "' He added that Mr. Barker had,: in : 1892, reported a deficit of £690,000./ The Board had not discussed the pro- . priety of specific mention being made //.' in'' the report 'that in 892-1893' the? company held £393,000 worth •of de-//. bentures ',-' of . the New Zealand -; Land . ;■ Association. '•. m : />:'-/// « -.'•/■