REMARKABLE LOSSES
GUARANTEE SOCIETY IN DIFFICULTIES. LIQUIDATION PROPOSED. Press Association—"By Tt!ograph--Copyri»)rt. LONDON, December 6. (Received Dcc. 6, at 10.15 p.m.) The Law Guarantee, Trust, and Accident Society has made sensational losses over brewers and hotels, particularly in connection with an unsound system of guaranteeing mortgages and debentures. Mr Harris, the chairman, estimates that properties which were originally worth £4,912,516 are now worth on ly £1,705,173. Tho accounts show that the capital has been lost, and that theu'e is a further deficiency of £200,000. Some of the shareholders are paying 4Cs per share in order to escape the unpaid liability. The majority are barristers, solicitors, and their clerks. An influential committee proposes voluntary liquidation.
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Bibliographic details
Otago Daily Times, Issue 14700, 7 December 1909, Page 8
Word Count
113REMARKABLE LOSSES Otago Daily Times, Issue 14700, 7 December 1909, Page 8
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