A BOLT FROM THE BLUE.

Dominion, Volume 2, Issue 458, 17 March 1909, Page 8

A BOLT FROM THE BLUE.

THE FERRO-CONCRETE COMPANY. ■ TO BE WOUND UP. [BI MI.BOr.APH—riIKSS ASSOCIATION Auckland, March 16. At the meeting of the Harbour BoardHhis afternoon the following letter was rccoived from the Ferro-Concrete Company of Australasia, Limited: — Adelaide.. March 4, 1909. Tho Secretary Auckland Harbour Board. Dear Sir, — We regret v to have to inform you that, in consequence of pressure put upon us by one of our creditors, wo have been obliged to call a meeting of our shareholders to wind up the company. ■ Wo have instructed our representatives in Auckland to endeavour to arrange with you to allow us to complete our contracts under a liquidator, and wo trust that you will agrco to this arrangement, as wo think it will best conservo the interest of all parties concerned.—Yours faithfully (signed) J. K. Samuel, secretary. The Hon. E. Mitchelson said that when tho letter was handed to him ho thought that it was extraordinary that it should have been received after the Standing Committee had recommended the payment of _ £12,000 to the company. At his, instigation the manager, Mr. Robertson, came to see him, and was asked if he had any idea that this letter was forthcoming when tho application for tho £12,000 was made. Tho manager had. assured him that ho had not. Mr. Napier: Is tho letter from Adelaide? Mr. Mitchelson: Yes, from the secretary of the company. Tho chairman went on, to say that tho board's solicitor had advised that they were amply protected. Mr. W. J. Napier moved that the letter ho referred to the board in committee. He saw no objection to tho work being carried out under a liquidator. Tho board had tho cash, and the arrangement would suit them quite well. Tho motion was agreed to without further discussion.