The Pahiatua Herald. with which is incorporated THE PAHIATUA STAR. Published Mondays, Wednesdays, and Fridays. FRIDAY, DECEMBER 29, 1893.
The news of the satisfactory progress of the reconstruction scheme of the New Zealand Loan and Mercantile Agency Company wilt be joyfully received by the people of tho colony. The latest table news, as reported in our last issue, is to the effect that the official receiver has called a meeting to confirm the scheme of reconstruction, so that the differences that at one time threatened to overwhelm the concern must have been amicably and satisfactorily settled. It is reassuring, too, to learn that the business has panned out quite as well as the most optimistic could have expected. No one believed that the business of the Company was otherwise than perfectly sound, and all attributed the temporary stoppage to the financial crisis in Australia affecting the Company’s assets. Everyone, therefore, was sanguine of the ultimate righting of the Company. Its reconstruction is in every respect satisfactory. In official parlance it is stated that the total liabilities amount to £5,440,000, of which only £2,250,000 will “ rank”— meaning probably that the latter sum represents the liabilities without the capital of shareholders. The assets, after strict scrutiny by the official receiver, are, it is said, sufficient to meet the debentures and all liabilities of the company, leaving a surplus of £873,000. it is thus apparent that the business is in every way as sound as ever it was ; and we may expect, ere long, that it will once more be in full and thorough working order. Its temporary suspension has, no doubt, caused some hardships in this colony ; but with every prospect of a speedy return to its old standing there should be good hopes of less tension in financial circles than exist at present.
The Pahiatua Herald. with which is incorporated THE PAHIATUA STAR. Published Mondays, Wednesdays, and Fridays. FRIDAY, DECEMBER 29, 1893.
Pahiatua Herald, Volume I, Issue 93, 29 December 1893, Page 2
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