THE GUTHRIE AND LARNACH COMPANY.

New Zealand Times, Volume XXXIX, Issue 6695, 2 October 1882, Page 3

THE GUTHRIE AND LARNACH COMPANY.

(MOM ODB OWN CORRESPONDENT.) Auckland, September 30. The “Herald ” this morning publishes again ■extracts from the report of Gntbrie and Larnaoh’s meeting, and comments as follow* “ We published on Thursday a short extract from the report of the meeting held on August 32nd, at Dunedin, to wind up the above Company. We have already referred to thi* matter by quotations from the balance-sheet, issued under authority of Messrs Guthrie and Larnach, to show that shareholders have been very badly treated in this concern, and although Mr Larnach has entered into afa elaborate defence of himself, we do not think he will convince people that he i* blameless. The argument that his bankers were unkind does not hold water, because they were merely using other people’s money entrusted to their care, and could not go on for ever allowing Gnthrie and Larnach to lean upon them. Mr Xiarnaob’s ex part* defence of himself is singularly reticent on a point which mainly interest* shareholders, viz., how much of theirimoney they are likely to get back. If, »s rumor hath it, there will be nothing, shareholders will be •further curious to have it explained how, on ■the Slat of January last, Mr Larnach, os a Director, same to issue a balance-sheet showing £184,000 to the good. There is no talk of liquidators sacrificing property. The Bank -did not stop the company in 1879 when times were bad, and when shareholders might have ■contended that it would be unfair to stop them, 'limes are not bad now, and surely the .£184,000 will not disappear in realisation. Shareholders cannot forget that Mr Larnach has been a Director for two years past, that by bis own admission he was consulted by Mr ■Outbrie en all important points. It is too much to expect shareholders to be satisfied with the plea of the Bank’s sudden change of front as a reason for the disappearance of £184,000 —if it has disappeared—in a little • over six months. They will inevitably con■elude that if their entire capital is gone now cot much of it survived at the last balance, nor at the balance before that; and they will Justifiably think that Lad the balance-sheets taken the shareholders a little more into the confidence of the Directors, to put it mildly, shareholders themselves would have anticipated the action of the Bank while yet some fraction of their money remained. To recriminate upon the Bank may be a satisfaction to Mr Larnach, but it is a very poor satisfaction to the shareholders.