Extensive Failure in Auckland.
■ — • Hard times are commencing to have their effects. <The Auckland Star says : — During the last few days a rumor has been current in town- that a large mercantile firm of long standing had failed. Inquiries were instituted; and elicited the fact that the report was correct^ the amount of the liabilities being: £16,000. Yesterday" a" meeting of 'creditors 1 vria held priyately, but nothings-was done, the meeting being adjourned till this afternoon-. At present the firm is notlikely.to.seek the protection .of the Court unless unduly pressed by 5 the erecKtors. Several of our leading merchants are lc letiu" ; for heavy; amounts, butjfor a wonder the banks seem to have escaped with small amounts. Great Sympathy is felt by business men throughout the city for the 'head .of^th^unlortunat* firm, as he haß_be(Bh in bnamess in Aaokland for" many; year's*- and; has always been held in good repute by: his brother tradesmen. It is understood that the failure has been mainly caused through the depression in agricultural pursuits having prevented farmers from meeting liabilities incurred/ ; '■"■jKI * r .TA c X
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Bibliographic details
Manawatu Standard, Volume XI, Issue 1647, 1 March 1886, Page 2
Word Count
182Extensive Failure in Auckland. Manawatu Standard, Volume XI, Issue 1647, 1 March 1886, Page 2
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