THE WARD FARMERS' ASSOCIATION.

Star (Christchurch), Issue 5961, 28 August 1897, Page 6

THE WARD FARMERS' ASSOCIATION.

[Per Press Association.] DUNEDIN, August 27. In the Supreme Court in Chambers the matter of some claims against the J. G. Ward Farmers' Association camo up. In the matter of C. P. Rains, traveller, who claimed ,£53 12s 6d, extras. Mi* Justice Williams held that the case had not beon made out, and gave judgment for the liquidator. The next matter arose out of an objection by the liquidator to the proof of debt on behalf of the Colonial Bank on the Association's banking account. Mr Hosking, for the liquidator, said that the total claimed for was .£66,915 19s 6d, subject to certain deductions. There was also security claimed in the shape of three hundred debentures. The deduction of .£5637 was credited by the bank for bills paid siuce liquidation. The ,£41987 deduction represented the proceeds of oats, supposed to be 1595 oats, which was paid into a special account. Claims for the proceeds had been made by Connell and Co., Brooks ahd Co., and the Colonial Bank. With reference to the debentures for -£30,000, they were handed by Mr Ward, as managing director, to the Colonial Bank, with the correspondence. The Association's liquidator could- find no authority in the minute-books for power to hypothecate. It was not contended that there was no contract, but the liquidator was bound to raise the question. Mr Justice Williams held that the bank had good security over the debentures. His Honor made an order that the moneys received in respect of the sales of grain for farmers against drafts and paid into a special account by Mr Cook, should be credited against such drafts. He allowed debenture proof to the extent of .820,700, and also as to the J. 10,000 special account, the credit to be reduced by the amount of the former payment on account of bills. Trust account, .£4987, to stand over sine die.