£15,000 PAID FOR GOODWILL

Hawke's Bay Herald-Tribune, Volume 81, Issue 54, 26 November 1937, Page 6

£15,000 PAID FOR GOODWILL

Our Own Correspondent.)

State Purchase of Picot Business MINISTER'S STATEMENT

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WELLINGTON, This Day. An announcement that the firm of Picot Bros., Ltd., had been purchased at a cost of £65,958 16/7 was made by the Minister of Marketing, the Hon. W. Nash, during the debate on the estimates of the Internal Marketing Department in the House of Representatives last night. The sum was stated by Mr. Nash to-have been made up as follows £ U'reehold property 28,000 Goodwill ... 15,000 Oompensation for loss on book • debts ...... ... ..... .... 5,000 Plafit and equipment •eft 2,054 Vehicles .... ... 2,549 Stdck ... ... ... 12,745 Stationery ... ... 149 tSuhdries ... ... 213 Apportionment" of jnsurances, ;■ : •' etc. ... 247 Reference was made by Mr. Nash to the negotiations leading up to the purchase of the firm. He said that Mr. J, S. Barton, S.M., the Secretary of the Departmefit of industries and Com.merce, .j\Ir. L. J. Schmitt, and Mr. E. J. Fawcett, of "the Department of Agriculture, were appointed to discuss with Messrs. Picot the; terms for the'sale of the undertakings owned. by Picot Bros., Ltd., and Picot Bros. (Palmerston North), Ltd. - Mr. Barton and his associates reached' a basis of agreement with Picot 'Brosl'aa to the valuation to b'e placed upon'certain of the assets.