New Plymouth Co-operative Society.

Taranaki Daily News, Volume XLVII, Issue 7740, 16 February 1905, Page 2

New Plymouth Co-operative Society.

MEETING OF ; CREDITORS.. CHANOE OF LIQWIDATORS. The mtvti'ng of creditors of the Cooperathe Soclet.v, held at the Town Hall yesterday, was largely ulU'iidcd. and the greatest interest was manifested in the proutMtags throughout.

Mr .1. It. Connelt, who was called upon to preside, s-tattd thai whilst in Wellington recently he had ascertained from tile manager of the National ItnnU t'hnl. ho wa:.'willing to holdover the bank's claim for twelve months, so aK not lofoivea s.ilu oi the properly. lie mentioned Vhat the rents now receivable from the property nearly e.pmlie.l the inter...... payaid'e, and that a tend -r uhich had been received for the premises had been le.uporarily withdrawn to suit the convui eace of the tenderer. Air Kelsey jya'.d i...a the liquidators had not accepted any oiler, as thvv prefeuvd obtaining' '(he assent (V the cicditors before doing so. i 'I he liijUidatois reported thai at the last audit there was an ascertained loss of ,C2<illl. 'pile late, directors, rather than liquidate, had altempted to acquire fresh capital and tailed. The stock and plant had wen sold, and the property had been and offerW received that came I within a measurable distance of the | valuation. The claims already i-e----jceived, exclusive of the overdraft, aniounlted to £SOOO, and might reach to meet which theie wa:, £720, proceeds of sale of stock and plant, book duUs (presuming onehall are realised) £2250, aiid tile va'.ue of the oquity or redemption on the property, leaving an estimated dcticit of over £IOOO. Ten days back the books were sn-ven months in arrears and posting was not yet completed. Jiutter creditors were proving very troublesome, insisting they wero preference ci-editoi-s, but the solicitous advised to the contlrar\they considered that the cause Jf the j».volvc«d position was attributable to the stock being valtiod too high on the balance-sheets, the creditors considerably under-rated, and the book debts being set down at a totally unreal value.

Al'-I'ou'man remarked on the great discrepancy in the book debts and •stock as compared with the lust bal-ance-sheet, in which the stock was valued at £;j(l00, reduced six months back to £BOO, and realising i-000, while the book debts were shown as £(HO0, aad now estimated to produce only £2OOO. ].,J! 1- J r' l , My ~ohUwl °» l unit intho 'a.st balance-sheet provision was £ISOO ''"' l " ld dnd douljU ' ul debts-- ! AlrJiur gl ,, s said i,t was considered tl'iit the creditors should have a yo.cem the winding-up, and ~h„t was the reason the meeting- was convened. Ho slfongiy advocated that course 'being taken. I The Chairman agreed with the I "ggestion, and thought it was unfortunate the creditors were not represented at lirst.

I Mr Okey considered it would ijo better i„r the liquidators to remain a* at present, but he supported api'i" 1 ,',." c ""'"' jt tc'c to confer with the liquidators.

\ Mr Burgess did not think a committee would be of any use He suggested that the N-uter ' course would be for the liquidators to nfciffn..

| Mr k'elsfy said he was quite prepared to resign, or he would hail with pleasure (he appointment oi anyone to assist in the book work. | After some further discussion Mr Connett said it would be belter for himself ami Mr Kelsey to retire and lave the meeting to consider the matter, and these gentlemen then retired.

| Mr Burgess was called 'to the*chair and pointed out that creditors to tho extent of about £IOOO were quite unrepresented.

I Mr Johns moved that in the "inI terest, of the creditors one <H the liquidators be called on to resign, and that a representative of the creditors be appoinkd as- one of the liquidators.

I In reply to Mr Okey| the Chairman | aid there was no desire to lose Mr Connect* services, but on the conit was advisable that his ser- | vices should be retained. I Mr llerry considered the best course to take was to ask the Court to appoint the liquidators and by the expenditure of £f, or £lO the proper legal steps could be taken. He moved in that direction, suggesting (hathe Court should be asked to apjmint two Mandators nominated by the creditors, and one by tile com'panv. I Mr Claude 11. Wetlon seconded "tlm motion.

I Mr Johns withdrew his motion in layout-of Mr Berry* amendment. I Mn I'oreman supported Mr Kerry's proposition. '

I Mr Weston doubted the wisdom of one of the liquidators ieing nominated by the shareholders', especially as it appeared there were matters to ?*) inquired into.

Mr Kerry considered it would not .only be fair to tl.e »hareholders, but advantageous to the creditors lo have Mr Council as one of the liquidators,

I After some further discussion Mr Heny said lie hud been asked to add to nis motion Unit Messrs T O Kelsey, 11. JJayley, allcl j. ~ Con ; net b» recommended to the Court for appowitiiunt as liquidators | Sir Were moved thai the present Mquidators remain m ollice. 1 he amendment was put and ,lout. | « was then moved by jilr old that no name be suggested to the „ "Si °* , an i' o,lu "'ho has been- connected with the society. H.T! 10 , O '' i '' lnol ,wiion w ™ then earnod by a large majority. Oil the motion of Mr Berrv it was Lin, > , ° l '" y " a0 dwi ™l »»*«t- |' e airi take steps lo bring the -—ment of liquidators before totST-J 1 , 110 * recomiuendu on 'uvehoLlT' *T t0 hoW on to the luihold property ,'„,. twdv ,„...,.,.„ |un:es.s they couW se.,l for £O2OO ,m h lin'l 1 * dlst '" S9ion ha< l taken place he withdrew the motion A proposal was made aslo Using the liquidators- remuneration, and : cvontua!!!y Mr Claude Wilson moved that Messrs Burgess, Johns and Jler■'.V be a sub-committee to curry out details until the liquidators are an pointed. This was carried