FARMERS, UNION FINANCE COMPANY.

Press, Volume L, Issue 8599, 28 September 1893, Page 5

FARMERS, UNION FINANCE COMPANY.

A meeting of the creditors, contributories and others, interested in the final winding up of the Farmers' Union Grain and Finance Company, Limited, in liquidation, was held at Messrs Beauchair.p aud Ayers' Auction sooms, Cashel street, yesterday. There were about twenty-five pursous present, and Mr T. B. Craig presided.

The Chairman read a statement showing that the petition to wind up tbe Company was filed on August 23th, 1891, and Mr L. C. Williams was appointed provisional liquidator. Mr Williams retired in April, 1892, having received £54 for his services, and be handed over to Mr 0. Kiver, his successor, £223 15s 4d. The debts due by the Company to creditors was £644 12s sd. Mr Kiver was to receive £2 per week on account of salary. On February 17th he divided amongst creditors 10a in the £, which absorbed £265 14a 10d, and it was alleged that he took ten months to collect the J842 required to make up the dividend, wiiile his salary for that period amounted to £90. The liquidation had been in hand twentyfive months at a cost exceeding £216, besides other expenses, so that, if all expenses were included, it cost at least £400 to collect and distribute £26514s 10d. Mr Kiver had been applied to for accounts, but ha declined to furuish them.

Mr Kivee. submitted a statement to the meeting explaining- in detail the legal steps he had taken to recover unpaid calls, &o. When the bailiff's returns were to hand for the distress warrants taken out in the last 156 cases he intended to apply to the Court to settle his list of contributories, make a final call, and bring the liquidation to a close as soon as possible. He pointed out that there were 735 shareholders on the register, many ot whom had left the district, thus making it a matter of extreme difficulty lor the officers of the Court to find them, in addition to which many of the shareholders were in a terrible state of poverty. The sum of £818 had been collected from all sources. He had paid a dividend of 10s in the £, amounting to £266 ; Court fees, rents, small accounts paid in full and liquidators' fees (about) £382; cash in Bank, £170—total, £818. He had considered the question of paying a further dividend of 5s in the £, but did not think it prudent to do so at the present time. A desultory discussion took place, but although a number of resolutions were proposed none were carried, and nothing was therefore definitely decided. A vote of thanks to the Chairman subsequently terminated the meeting.