KARANGAHAKE CO-OPERATIVE SOCIETY.

Auckland Star, Volume XXXIV, Issue 178, 28 July 1903, Page 2

KARANGAHAKE CO-OPERATIVE SOCIETY.

The Karangahake Co-operative Society has decided to wind up. At the half-yearly meeting held on Saturday in the Public Hall, Karangahake, at'which Mr Kemp presided, the statement of accounts showed a marked improvement on the previous six months, the balance of assets over liabilities having increased from £03 11/ to £138 16/6. The receipts and expenditure showed a credit, of £05 13/4. The president explained that owing to the reduction in the retail price of meat the report was not as favourable as was anticipated, still they had not only stopped the loss of the previous six months, but added over £70 to the assets of the society. Mr A. Wright was practically the only creditor. £327 12/0 being due to him. F_r the last three months the business had oulv been paying its way, leaving no margin' of profit wherewith to reduce old liabilities. Under the circumstances, Mr Wright, and certain of the officers, who had been guaranteeing the meat bill, did not feel inclined to do so any -longer, as they considered they had not received the support they were entitled to from the shareholders. Mr Wright had written demanding a settlement of his account or some definite arrangement regarding it.

After a general discussion it was resolved: "That it has been proved to the satisfaction of this meeting that the society cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same at the end of the month, yiss., July 31- IWW: and that the society be wound up accordingly, and that Messrs A. E. Wight, J. Kemp. Ohos. Trezise, and A..W. Ellis be appoiuted liquidators.''