LOAN AND MERCANTILE.

New Zealand Herald, Volume XXXI, Issue 9492, 23 April 1894, Page 5

LOAN AND MERCANTILE.

MR. THOMAS RUSSELL'S EXAMINATION. Press Association.—Electric Telegraph.■.-Copyright. London, April 20. In his examination before Mr. Justice Williams, Mr, Thomas Russell declared Mr. Larkworbhy's valuations were woithlejs, and deceived the Board. He denied be had influenced a telegram being sent to London to suppress the report of Mr. Elder, the manager of the company in Australia. Mr. Russell also made statements in regard to borrowing a sum of £40,000 in direct conflict with the minutes of the colonial Board on the matter, London, April 21. The examination of the directors of the New Zealand Loan and Mercantile Agenoy was resumed to-day. Mr. Thos. Russell stated that Mr. Elder had made an offer to the London | Board of Directors to form a company with a capital of £100,000 (?), to purchase the New Zealand Loan and Mercantile Agency Company's properties, as he believed they were sound investments. A telegram from Mr. Elder was read which stated that he had wired to withhold his report, knowing that Mr, Russell was on the eve of arriving, and that the latter had full power to act. Judge Williams considered the explanation was a just one. Mr. Russell dwelt at some length on the explanation, and said that though while not prepared to declare Mr. Elder's telegram withholding the report was wrong, it was a strong step to take. Mr. Russell referred to the success of the New Zealand Land Association in handling the business of the New Zealand Loan and Mercantile Agency Company, which he said had increased since the suppression of the Company.