WELLINGTON CO-OPERATIVE BUS COMPANY.
THE MORTGAGEE FORECLOSES.
(BY TELEGRAPH. —PRES9 ASSOCIATION.)
Wellington, this day. At a meeting of the shareholders in the Wellington Co-operabive 'Bus Company it was stated that tbe mortgagee bad foredosed for the amount of his mortgage-, £600 and interest, which, the Company was unable to meet. The Chairman said that hq did not think there would be more than enough to meet the mortgagee's claims if the Conjpany went into liquidation. There was another mortgage of £250. It was stated that the first mortgagee, in acting as he had done, was simply exercising one of tho covenants under hia agreement. The Company had no money with which to pay the men's wages, buy horse feed, or pay tor the printing of tickets, etc; no money, at all, in fact. To save loss tbe mortgagee took possession .of the plant, paid the men their wages, and kept the concern going. If the shareholders thought they could make arrangements to carry on, the mortgagee would no doubb be willing to meet them. Eventually a Committee was appointed to go into tbe whole matter.
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Bibliographic details
Auckland Star, Volume XXV, Issue 149, 23 June 1894, Page 2
Word Count
185WELLINGTON CO-OPERATIVE BUS COMPANY. Auckland Star, Volume XXV, Issue 149, 23 June 1894, Page 2
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