THE WOOL SITUATION
INVESTIGATION FROM BRITAIN.
(United Press Association—Copyright) (Received This Day, 10.45 a.m.) LONDON', October 24, Lord Barnby is to visit New Zealand and Australia shortly to study the wool situation in connection with the ■reorganisation of the Francis Willey Company, of which he is chairman of directors. He will arrive at Auckland by the Lurline on November 1.
A London cablegram dated February 21 stated : Following a private'meeting of the creditors of the firm of Francis Willey and Company, the. Bradford wool merchants, which passed a resolution for voluntary liquidation, the chairman of directors (Lord Bainby) said this was only a unit of what was known as the Willey Group. It was not anticipated that certain substantial businesses of the group would be adversely affected. It is understood that bv arrangement with the financial creditors concerned the creditors for goods and services will be fully paid. Theie is no alternative to this step. In view of the non-arrival of agreements with certain “stand-still” creditors, this action was the only way of protecting the intereests of all concerned in the hope that it will lead to a basis of some reconstruction.
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Bibliographic details
Ashburton Guardian, Volume 56, Issue 8, 22 October 1935, Page 5
Word Count
192THE WOOL SITUATION Ashburton Guardian, Volume 56, Issue 8, 22 October 1935, Page 5
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