UNFORTUNATE SHIPPING VENTURE.

Auckland Star, Volume LIV, Issue 171, 20 July 1923, Page 6

UNFORTUNATE SHIPPING VENTURE.

COMPANY GOES INTO LIQUIDATION. LOSS OF £23,000 ON ONE SHIP. ACRIMONIOUS MEETING OF SHAREiHOLiiFRS. (By Telegraph.—Own rv;rre»poiM-eirt.T HAMILTON, this day. Tbe close of a very unhappy shipping venture was signalised at Hamilton yesterday, when the Waikato Shipping Company, whose shareholders were mostly farmers and small traders, went into voluntary liquidation. A resolution terminating the business was carried by a special meeting of shareholders, at which about 40 were present, Mr. J. Frost presiding. The meeting waa called at the request of certain shareholders. Mr. R. English reviewed operation* since August last, when it was decided !to reconstruct the company. He sail he was only an ordinary director, but as he was on the spot he was called on to do the work. He did this, but got nothing for it except certain small payments for duties which he specified. The reconstruction scheme was tried, • but it failed, and the Roose Shipping Company was formed. An arrangement was entered into with this concern whereby they ehould pay £17,200 for certain assets. After many meetings it was agreed that the Roose Shipping Company should take certain extra assets, but at the price of £15,100. The Roose Company took everything that worth taking, including the coalmine. Mr. W. Seavill then traversed the purchase by the company of the *.-. France and the subsequent financial operations which followed that purchase, as he contended these were the chief causes of the company coming te grief. Considerable discussion took place regarding the business, and at length Mr. Hammond pointed out that thi meeting was not called to enable dire* tors to justify blunders. What shaw holders wanted to know Was, how much they were to get out of tha concern. Mr. Rollet objected to one or tw§ men ursurping the functions of th* whole board. Mr. English said that when tile boat arrived at Auckland they could not gel a definite estimate of what the work I would cost. Regular meetings of the I board were held. The time then eami I when they found themselves in a tangle, 'and there was a general scramble likt rats to desert the sinking ship. Eventually a resolution was adopted by 23 to 5: "That this meeting is satiafied that hy reason of its liabilities the company cannot continue in its bnstnesa and that it is advisable to wind up the same; that the company be wound np accordingly, and that Mr. Rielmrd '-English, accountant, of Hamilton, be appointed liquidator."