IN LIQUIDATION.

Hokitika Guardian, 23 August 1923, Page 1

IN LIQUIDATION.

[iiy tki.eoraimi—’rrit muss association.] MASTKRTON. Aug. 22 Seme ;iOO shareholders aiicnded a private meeting ot the Wellington Karincis’ Meat Company, lo teceive the report of 1 lie Investigation Conimillee on the eompatty s altairs. Ihe meeting ua- lively throughout, the directors being scvciely taken to task. Afterwards the annual general merlin- was held. Mr Hugh .Morrison ir 111 :i 11 of directors) presided.

hui tiier lively exchanges were experienced when Iho meeting adjourned to hear roconsi motion proposals. Mr W. Perry, who was now elected chairman, explained that the Hank ol New Zealand bad a Receiver in. and he was praetieallv running the concern. The bank had offered to sell for L'lofi.OflO ami it was proposed that a tanners’ eompriiiv buy or lease the Works.

Mr \Y. D. Hunt, General Manage! for Wright Stephenson's, outlined a proposal for reconstruction, suggesting that a new company lease the works at C7.VMI per annum, with a purchasing clause, lie said til■">o,l Mill capital was reiptired, and Wright Stephenson's were prep 1 red to subscribe om-liltli ol the capital up to tloll.flOll: that is, out of the first boil,OfK) necessary io commence, his firm would .subscribe LIU.OHO. lie said 400.(1011 sheep of an output was necessary annually to show a profit over the overhead and operating expenses. Tie appealed io business men to support the scheme.

Mr W. Perry submitted a imiiion to form a new company, on which the Bu-li and Wairarnpa districts would he largely represented. It was carried.

The annual meeting was then resumed. Mr Morrison moved to liquidate, owing to the unsound state ol the finances. This was carried. Mr IT. K, Davis was appointed liquidator. A

provisional directorate, hall tanners and half business men, will he set up The report of i'lio Investigation f ont mittee was received and ad.onted.