WESTPORT-CARDIFF COMPANY.

Greymouth Evening Star, Volume XXXI, 3 May 1901, Page 3

WESTPORT-CARDIFF COMPANY.

A petition has been filed in the Supreme Court at Christchurch by Mr W. H. Hargreaves, liquidator of the West-port-Cardiff Coil Company, asking for directors as to the disposal of the surplus funds. The mine and plant, down in the balance-sheet as assets valued at £12,196, W’ere seized by the Government in satisfaction of tho debt for railway deficiency and royalty, amounting to £4472. Shortly before going into liquidation calls were made which realised about £I6OO. After piying outstanding liabilities there will be a balance of about £670 in the hands of the liquidator derived from these calls. If they had not been made, and it no money was in hand, tho liquidator would have called up just so much per share on tho contributing shares as would have been necessary to pay the debts and no more, and there would have been no balance available for distribution. The liquidator therefore asks the .Court to determine whether tho contributing shareholders are entitled to have the balance he has in hand distributed pro rata amongst them, or whether all the shareholders, including the holders of non-contributing and paid-up shares, are entitled to have tho same distributed amongst them pro rata, according to the number of shares held by each, and the amount actually paid up thereon.