W. A. MACARTHUR AND CO.

Taranaki Daily News, Volume L, Issue 61, 16 December 1907, Page 2

W. A. MACARTHUR AND CO.

'i'illi XvIiC'ONSTUUCTiON SfUEAiK Loudon, December 13. Presiding at a meeting of shareholders of \V. A. ALacArthur & Co., Sir Win. ALacJliUan explained tJiat losses bad occurred in connection with the shipping business and the locking up 01 money in subsidiary companies and in the South African business. The directors had considered they were better able to obtain from bankers sufficient

loney to make up for the capital lock- ; 1 up ill those concerns, but the iinanml stringency Jiad prevented this, wing "to the depreciation of securities. Air. AVhinney said the general effect £ the investigation showed that tlia ompany had lost about £235,000. All he ordinary share capital had been npeu out and a large hole made in tiie ireterenco capital. He was unable to ollt liopo of realising anvthin" rom uncalled ordinary capital. * " Mr. Whinney's rough statement, vluch may be altered when further de> ails are cabled from Australia, show Irai'ihties are expected to amount o (.242,0,!); assets £282,013 j leaving surplus of £JO ,8:13 exclusive of good" ril , and 100,11)1 fully pttij J ilm ». A. JlacArthiir, South Africa, Ltd Uiiong the assets are stocks and shares f a book value of £244,«2tt, now esti. rated to produce only £43,100. K( onsiders that, unless the warehouse Jiisiness can be saved, preference shave loldcrs will lose the whole of theii "°ney. His scheme of reconstructioi olrW ? f " S ! dn^ t,!e firSt Idoi A to take the security of tin i-areliouso business) asking the seconi holders to give time fo, th ealisation of their debt, which wi] rcdftor for : and askin editoi s to take shares in the wurc h" S £ t0 th ° extont ° f Ws The proposed new company will b lipitalised thus:-T5,000 5 'pcr'ccnl "fit mortgage debentures, 1«>5000 5 r\o w~?inir ru preference share ■ii. ing ,)!/, )x . r eent t b offered t rcditors, 100,000 «R» - £1 Xre" „ ATM 'The'tt i* JoMijrg will l,e eredlled with 12s (Id pai ■ 1 nn foi ' « P'lvln' "m n 7' "''"".holilpr ft ~r'