LARGE FAILURE
Melbqukne, June 25. Messrs Goldsborough, Mort and Co. haye suspended payment. This aetiwi was necessitated by somewhat heavy withdrawals of fixed deposits* **nd the fact that a portion of, the company's debentures were due. this year. Early in the yea? bonds to the extent of £250,000, bearing interest at 4.1> per cent,, were offered in London to convert terminable debentures into permanent stock, but owing to the pressure of the times this was unsuccessful. According to the balancesheet the company's liabilities under laud debentures and fixed deposit, were £2,573,000. Guaranteed mortgages and endorsements amounted to £292,000 Other liabilities are £2500. The business of the company necessitated advanoes to customers, which are not readily available during a period of pressure. This induced the board to propose terms of arrangement. The company intend to offer debenture stock to the creditors, and carry on in trust.
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Temuka Leader, Issue 2521, 27 June 1893, Page 1
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145LARGE FAILURE Temuka Leader, Issue 2521, 27 June 1893, Page 1
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