THE J. G. WARD FARMERS' ASSOCIATION.

Star (Christchurch), Issue 5582, 4 June 1896, Page 2

THE J. G. WARD FARMERS' ASSOCIATION.

— • — TPer Press Association.! DUNEDIN, June 3. In connection with tho application to be made to Mr Justice Williams in Chambers on Friday regarding the liquidation of the Colonial Bank, numbers of affidavits have been filed, but these are not open to the Press or the public. It is understood, however, that the application is to approve of an offer by A. Lee Smith and J. B. Reid for the purchase from the liquidators of the assets of the J. G. Ward Farmers' Association fo- the sum of .£62,000. It is alleged that a sum of .£55,000 odd was placed to the" credit of the Association, and that the Hon J. G.. Ward became liable for this amoimt. giving security for the payment thereof to the bank • that since he did so his assists have,, within the last stx months, depreciated? considerably in value,, and that, upon Nelson and Co.'s shares alone there will be a loss of about .£14,000. From a recent investigation into the affairs of the Farmers' Association it appears that a large number of debts owing to it are found to be doubtful or bad. The amount due to the Colonial Bank in March last by the said Farmers' Association, after writing off the .£55,000 mentioned, is said to be .£92,000, and it is the securities,. _c, held against this ahd the; company's business which the Court is tobe asked loallow to be sold for .£62,000.