WILL IT LIQUIDATE?

Evening Post, Volume CXI, Issue 34, 10 February 1931, Page 12

WILL IT LIQUIDATE?

AFFAIRS OF OLD SYDNEY FIRM

The directors of Keep, Macpherson, Ltd., propose to place the company in voluntary liquidation. This affects vitally a business connection extending back 106 years.. Formed. in, 1927 the company represented an amalgamation of Holdsworth, Macpherson, and Co., Ltd., and John Keep and Sons,, Ltd., two of the oldest hardware businesses in Sydney. The directors will recommend to shareholders the advisability of a voluntary winding-up owing •to the company being unable to continue its business by. reason of its liabilities. They announced last week that it had been decided to relinquish the wholesale side which had been the basis of the business for., so long ; a period. The company ventured into retail businessv about a year ago, at- the same time maintaining its wholesale section, particularly in the country districts. Holdsworth, Macpherson, and Co., Ltd., had its origin in'a business founded in 1825. The business was converted into a limited liability company early in 1927. The firm of John Keep and Sons, Ltd., was fouMed in 1853 b/ Mr. John Keep, and became a limited liability company in 1893. Up to the time of the amalgamation three generations of the tamily had conducted the business. ■ Operations for the year ended 30th June last (states the Sydney ."Hera d") resulted in a loss of £53,414, and in the preceding year a loss of £36,514 had en shown. Accounts covering -the, .flirt 18 months of the company's existence to 30th June. 1928, disclosed a net profit ot £17 M For the 1929-1930 year the directors reported that the difficult economic conditions; and the purchasing of the community had affected volume o trade.' Paid-up capital is £375,007, of which £70,000 is preference. ■ .