Another Suspension.
Messrs Goldsbrough, Mori; and Company of Melbourne, have suspended payment. This action is * necessitated by somewhat heavy withdrawals of fixed deposits, and tha fact that a portion of the company's debentures were due this year. Early in the year bonds to the extent of a quarter of a million pounds, bearing interest at 4£ per cetlff ? ' were offered in London to convert; terminable debentures into stock ; but, owing to the pressure of the times, this was unsuccessful. According to the last balance-sheet the company's liabilities';? "under the head debentures and fixed deposits, was £2,578,000. Guaranteed mortgages and endorsements amounted to £292,000. Other l ' liabilities are £2500. The business of the company necessitated advances to oustomeii, which are not readily available during a period of pressure. This induced 'the board to propose terms of arrangement. The company intend to offer debenture stock to the creditors M and carry on n trust.
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Manawatu Herald, 27 June 1893, Page 3
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152Another Suspension. Manawatu Herald, 27 June 1893, Page 3
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