PIAKO SHIPPING CO.

Hauraki Plains Gazette, Volume XXXV, Issue 4705, 30 May 1924, Page 2

PIAKO SHIPPING CO.

« FORCED INTO LIQUIDATION. LACK OF 'CO-OPERATION. Due to a lack of co-operation among shareholders and the failure of farmers and others pn the Plains to support a boat that had been the means of bringing down the cost of freightage tlie Piako Shipping Company has had to go into liquidation. Shareholder, s have lust their money invested, and competition in the trade Mias been lost. While it was admitted that the comapny’s boat Oneroa was not ail that could be desired, it had proved sufficient to carry all the cargo for tlie river. Yet it had been so poorly supported that only during the summer months was a profit made. This state of affairs was disclosed at a general meeting of shareholders at Ngatea on Tuesday, and it was decided, by way of extraordinary resolution, that it was proved to the satisfaction pf the company that by reason uf its liabilities it was unable to carry on, and that it was advisable that thp company be voluntarily wound-up. The chairman of directors explain-ed-that after nearly four years of Trading, during which time numerous obstacles had been encountered, the liabilities of the company amounted to about £l3o'o, while the only assets were the ship and a small amount of unpaid share capital. Despite the personal efforts of the directors, who had given their services free and wholeheartedly, and, besides taking up a large number of shares, had advanced over £3OO to the comapny, it had not flourished. They were now of the opinion that it would not be honourable to attempt to carry on. A motion placing on record the shareholders’ appreciation of the directors' efforts was carried unanimously. Mr H. F. O. Twlgden, of Auckland was appointed liquidator.