SENSATIONAL LOSSES.
TRUST SOCIETY'S FAILURE. WHOLE OF CAPITAL GONE. By Telegraph.Press Association.—Copyright. (Received December 6. 10 p.m.) London, December 6. The Law Guarantee Trust and Accident Society has had sensational losses in breweries and hotel- property, particularly in connection with an unsound system of guaranteeing mortgages and debentures. Mr. Harris, the chairman, who presided at a meeting to-day, estimated that properties originally worth £4,912,516 were now worth only £ 1,705,173. The accounts show that the capital has been lost, and that there is a further deficiency of £200,000. Some shareholders have been paying 40s per share in order to escape the unpaid liability, the majority being barristers, solicitors, and their clerks. An influential committee propose voluntary liquidation.
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New Zealand Herald, Volume XLVI, Issue 14237, 7 December 1909, Page 5
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116SENSATIONAL LOSSES. New Zealand Herald, Volume XLVI, Issue 14237, 7 December 1909, Page 5
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