PUBLIC SERVICE STORES.

Otago Witness, Issue 2815, 26 February 1908, Page 38

PUBLIC SERVICE STORES.

A CO-OPERATIVE FAILURE. WELLIXGTOX, February 18. Tho Public S<?r\ ice C-operative Stores Association. which recently authorised its directors to thspose of the business, called a meeting of creditors to-day. The a=feociation is being pressed by iciie of it-! r-reditor" and t lie directors therefore sought the advice of the creditors as a who'e. Tho chairman of director? «aid ;he association must either pro into bankruptcy or fret indulpf-ijce from its creditors. Though the a<<soeiation had had heavy looses, it was solvent, and in lime could p.iv 20s in the pour.d, but it v^ould not at present nay creditors who i had obt lined judgment against it for heavy j amounts. The association had a contract. I with seven months to lun. for a supply of butter at 102 d per lb. At the present price of butter th« contract was worth £20 a week, or £600 altogether. The meeting disi cussed th<» question as io whether the association should stek the assietance of the Official Assisrnee. E\ontaally it was decided to adjourn till the next evening, lesjal advice to I>° obtained in (he meantime as (o whether the bankruptcy of the ' :ty>oeiation would per se determine the butter conrra-t. WELLINGTON*. February 19. The second meeting of the creditors of the Public Service Stores Co-operative Association took place this evening. A legal opinion was forthcoming that the profitable butter contract held by the association was negotiable as an asset. The meetinac decided to take steps to pla.ee the association into liquidation ac soon as possible. Those creditors who have obtained judgment agreed not to take action unless there was delay in liquidating.

David Strange, a 94-year-old drover, wearing a smock, applied to the Ipswich magistrates for a license exemption for his dog. The Mayor told him the law did not allow this to be given, but paid for his license.