N.Z.L. AND M.A. COMPANY.

Otago Witness, Issue 2059, 10 August 1893, Page 16

N.Z.L. AND M.A. COMPANY.

(Pee Pees 3 Association.)

London, August 4. At a meeting of the New Zealand Loan and Mercantile Agency Company, Sir James Fergasson said that the directors were not to blame for the position the company were now in. The advances made by tbe colonial boards upon land had been excessive, but their business was the finest in the colonies. The scheme of reconstruction was almost complete. Sir James Yuile said it was a monstrous proceeding to mortgage the whole of the assets. A meeting of tbe unsecured creditors of the New Zealand Loan and Mercantile Agency Company appointed a committee to confer with the directors with regard to the rights of the different classes of debentureholders, and also npon the reconstruction scheme. August 5. Mr Stewart, official receiver, states that after writing off L 200.000 for depreciation in value, tbe assets of tbe New Zealand Loan and Mercantile Agency Company exactly equal the liabilities. Several holders of terminable debentures maintained they should be secured on the uncalled capital of the company. They quoted the company's prospectus in support of their contention, and threatened to fight tbe matter out in tbe law courts.