"A NARROW ESCAPE."
• Shareholders of Cheneys (Australia), Ltd., have approved of the voluntary liquidation of the company, and accepted the recommendations,of the attorneys appointed to realise the assets of the company. At the annual meetmg of the company, in ■answer to a shareholder, who asked when the'assets would be ' distributed, Mr. 1. Hastie, one of the attorneys, eaid that /they had to congratulate themselves upon i very narrow escape. "When the money begin to accumulate;" he said, "Governnient bonds werfe obtainable to show a. return of.mOpey invested of 9 per cent., and ihe principal would have been available 'to Return to you by 15th December. It was suggested that bonds should:be purchasedFortunately we decided to accept a lower rate of interest, and placed the money at , call. If we had purchased- Government bonds the money would not have been available until 1061, as. it. would- have matured at varying dates between 193S and 1961. "If we had sold the bonds in the open1 market We would have ' sustained a toaa.of at-least ; 2o per cer,t. of the funds.
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Bibliographic details
Evening Post, Volume CXII, Issue 83, 5 October 1931, Page 10
Word Count
177"A NARROW ESCAPE." Evening Post, Volume CXII, Issue 83, 5 October 1931, Page 10
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