LARGE FAILURE.
The creditors of Webster Brothers, merchants, New Plymouth, met by invitation on Saturday, over £13,000 being represented in the room. Mr Samuel said investigators had been appointed, and their report was that the assets are worth £13,900 if the business be continued, but not if wound up; and the liabilities are £14,200. If the assets are realised by winding up, they may amount to £9,232 ; and if the liabilities be met compulsorily, they may be estimated at £15,250. Mortgages are due to the Bank of New Zealand £3OOO on one property, £2OOO on another. The sash and door factory is valued as a going concern. Mr Andrews, Inspector of the bank, had been asked but refused to offer 12s 6d in the pound for the estate, or even 10s. Another gentleman had offered 9s in the pound, payable in bills within nine months, excluding the debtors’ furniture, and paying no interest. The bank has power to realise at seven days’ notice. The residence of each partner was secured in his wife’s name.
The meeting was adjourned till Wednesday next to consider the offer of 9s in the pound.
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Patea Mail, 13 March 1882, Page 3
Word Count
190LARGE FAILURE. Patea Mail, 13 March 1882, Page 3
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