The Rangitikei Fibre Go.

Manawatu Herald, Volume III, Issue III, 28 April 1890, Page 2

The Rangitikei Fibre Go.

T«B|hiatory of the Rangitikei Fibre Company though brief, is exceedingly an unsatisfactory one, and adds one more to the long list of Wellington ventures thathaVe been originated in excitement and ended in despair. We very much regret to add that the management (?) of this particular company seems to have been of the most reckless character, and it stands out defamed by permitting its employees to be left without their wages. In an interpleader summons issued by a M r Huut and heard at the Alarton Court on Thursday last,. many extraordinary admissions were made. A very full report is to be found in the Adrocote it< m which we extract the following particulars given in evidence. The Directors of the Company on the 19th March were : Mr Zohrab, Dr Gillon, Mr Pharazyn, Dr Newman, and Mr. G. W. Mill. On the 13th March a telegram was received by Mr King, the manager for the . Company, U cease operations. Mr Keith, manager for The New Zealand Loan and Mercantile Agency Company, ■aid that the deed or Bill of Sale of 100 bales of dreised flax and 75 tons of cut flax, undressed, was sealod on the 19th of March ; and that on the 15th March bs wd3 not aware that the Company had sunpended payment. On the 19th March he had grounds for knowing that the Company was in difficulties. Mr Todd was a Director of the Fibre Company up to 21st February, and Also manager for the Loan Company; and on his (Keith) relieving him, Todd had not informed nim •• in detail " of the financial position of the Fibre Company. This Company owed the Loan Company; when the Bill of Bale was executed, £2,200, part of which was covered by consignments. Mr King acknowledged that since the 19th March, that is after the bill of 6ale iras signed, about five tons had been con* ■igned to Zohrab & Co. Mr Keith informed the Court that he had met the directors in reference to their finan* cial condition in the month of March and they then gave no information as to their orders being dishonored. We ar« in a position to state that orders dated Turakina the 10th March and presented at the office of the Company in Weiprevious to the 17th March were returned endorsed " present again " and on a second presentation . were ornamented with the following inicription " Company making arrangements for increase of capital by £2,000, payments suspended meantime." During this period one creditor has been moving and in Chambers on Saturday morning Mr Justice ltfchruond made an order in the matter of the wiuding up of the Raugitikei Fbre Company, directing the company to be wound i\p. He also directed that a meeting of creditors *ne summoned to ascertain their wishes with respect to the appointment of a liquidator and with respeot to the preliminary enquiries to be made by the liquidator ; that the petitioning creditor (Mr W. Cable) be be appointed chairman of the meeting which is to be held within 14 days of the day of the day of the order at a place in Wellington to be fixed by the chairman. Notice of the time and place of meeting is to be advertised in the Rangitikei Advocat* and one of the Wellington newspapers at least seven days before the appointed date. On the case coming before the Official Assignee the creditors will have the mournfull Hatisfaction of learning how Mr Zohrab, Dr Gillon, Mr Pharaayn, Dr Newman, and Mr G. W. Mill managed to owe the Loan Company £2,200, and yet required £2000 more capital to enable them to pay their liabilities.