TARANAKI BACON COMPANY

Taranaki Daily News, Volume LIII, Issue 269, 23 March 1911, Page 3

TARANAKI BACON COMPANY

THE LIQUIDATOR'S REPORT. The final meeting of shareholders of the Taranaki Bacon Company was held on Saturday last to receive the report of the liquidator, Mr, E. 11. Tribe, who was elected to that position in place of the late Mr. F. A. Whitaker. There were about thirty shareholders present, and Mr. Okey, M.P., was voted to the chair. The liquidator's report showed that the last balance-sheet issued to shareholders, made up January 31, 1908, showed a loss of £ 1001 10s, while among the assets were the following unsaleable items: Curing process £9O, Preliminary expenses £lO4. On Mr. Tribe assuming the position of liquidator there was a liability to the Bank of New South Wales of £397 15s 7d. On June 12, 1909, the site known as the piggeries was sold for £l5O cash, £IOO of which was applied to reduction of the bank overdraft. On February 17, 1910, the factory plant and land were 9old for £SOO, the purchase money being paid on December 28. The whole amount realised for the assets was £092 17s. After payment of bank overdraft and other liabilities there remains a sum of £209 lis 3d, which would give a dividend of 8s Sd to shareholders for each share. The liquidator added that the cause of the company's failure was primarilyi the difficulty in obtaining sufficient pigs to keep the factory fully employed, and also to competitors offering a higher price for pigs. The liquidation had taken a long time, but it had been difficult to dispose ef the property and a better result had been obtained by holding on than by a forced sale. Mr. Tribe thanked Mr. IT. Okey and Mr. Munro for the assistance they had given him in the winding up. j Mr. Ambury moved that the report be adopted, which was seconded bv Mr, C. Warren and carried. A vote of thanks to the directors brought the proeeedings to a close. J