The Waters' Case

Star (Christchurch), Issue 5840, 1 February 1887, Page 4

The Waters' Case

[By Telegraph.] [from our own correspondent.] WELLINGTON, Jan. 31. The shareholders of the Northern Land Loan and Building Company, the late Secretary of which, W. R. Waters, is being prosecuted by the shareholders for alleged embezzlement, held another meeting tonight, at which a resolution in favour of liquidating was confirmed, and liquidators were appointed. The balance-sheet showed the sum of .£20,032 17s Bd, written off on Waters' account. The shareholders were plainly resigned to the inevitable, and opinions were generally expressed that it was of little use prosecuting the late Secretary, in the face of the past Directors having released him from liability. The action of the Directors was, however, severely censured, and the Rev C. S. Ogg, Presbyterian clergyman, said he would give JEIO to see them made amenable for the difference be* tween the amount written off and the sum received in compromising the affair. Mr Ogg stated, as a remarkable fact, that within the last 13 years all the Building Societies ! started in Wellington, with two exceptions, j had had their funds embezzled by responsible officers. The Chairman stated that when everything is realised there will be a refund to shareholders of about .£3 per share, on which .£5 was paid up. A plentiful crop of civil actions will probably be brought by the depositors against the Company. i —— — — — ________

[Peb Press Association .J WELLINGTON, Jan. 81. At a meeting of the shareholders of the Northern Land and Loan Company tonight, it -was decided to wind up the Company, and liquidators were appointed. There were only two or three dissentients. The balance-sheet was submitted hut not formally dealt with. The item, "W. R. Waters written off " caused some recrimination. One gentleman stated he was prepared to put down iJIO, and so, he had no doubt, were others, to bring an action against the Directors to recover the shareholders' money. The Chairman, Mr Harcourt, said the Directors had done the best they possibly could, and the shareholders might be heartily thanktul. The proceedings were rather lively at times.