AN UNSUCCESSFUL CONCERN.

Auckland Star, Volume XXVI, Issue 4529, 4 December 1884, Page 2

AN UNSUCCESSFUL CONCERN.

Tbe' Potter Wool Scouring Company

Wound Up,

Tnß,o_istonco of the above Company was practically terminated this forenoon at the annual mooting of shareholders, at which Mr. James Burtt presided. A resolution was,paesed calling on the directors to wind .tiff th&. Company forthwith. From the report and balance-sheet submitted, it appeared that the result of the endeavours by the directors to induce the use of tho C.mpany's machines has been unsatisfactory. The report says:—"Of course, it was not to bo expected that any profit would result jfifbm the experiments which involved expenses not chargeable in the case of inaohinos permanently erected, and with a rsgular supply of the raw material, but the .final account Bales of wool scoured and shipped to London lead most conclusively to the conviction that although the principle of ■ the patent may be good in Itself, the machinery would require remodelling, so as to reduce not only the cost of the machines themselves, but also to materially lessen the working expenses. ■QTith regard to the exhibition of the _ achine at Christchurch, the directors -found it necessary to dispense with the services of their working manager, Mr Albert J&tter, with whom they found it utterly mi IKN|§ible to work harmoniously; and their misgivings as to the profitable working of ijhe machines induced them to suspend Operations pending the result of sales of wool lUip'ped from that place and from Auckland. Ail will be seen from the documents open „>]br the of shoreholders, the ■ wisdom of this course has been fully Mtified. Under these circumstances, a Ifesolution will be submitted to the shareholders, having for its object the voluntary '^'iridingj-up Cf the Company. The balancesheet laid before you shows a debit of £526 &j3d,and itis therefore suggested todisppsp ot the plant and patent rights, and to make a call sufficient to liquidate the liabilities, jti moving the adoption of the report, the Chairman referred to the fact that the profit ; U-Worshipped to London had only been _4jfcjS. This, again, was not profit, but only Presented the difference in price between tMJ. amount paid for the wool in ChristcJMfch and the account sales in London, •■%SJng nothing for incidental expenses. If ■M fwool had gone Home in grease, there arfe have been a profit, and in proof of lilin statement he mentioned tho fact that ritie I (bales which were sent Home in fciftMc. showed a profit of Ll4 or LIS. flfi^Srisidered the whole system was i|w|Hfox_—-ve.-; and cumbrous. A re- ..____ rpflt ■_ Bradford said there was too ___B_4'. n'^_§s"^- Chairman pro-_P^__[l-I____ F^° "A^'fllle'ged infringement n______^®^** hy Mr Matzen. Some rolj^Ktpw.tO(i_ place between Mr Potter ______ _Oh*sirman. One of the shareMKJ_fc.'. testimony to tbe efficiency of MPfipteofc; The report was eventually .Snip. , Slessre.Coorubes and Elliott appSßui- direotors, and Mr Fraser auditor. wKj) agreed.-that the directors be re- | TO__^''*° ta®?.n% necessary steps to havo flu finiprmy wound up forthwith.-