FLOATING TRADE EXHIBITION.
WHY THE PROJECT FAILED. APPARENT MISMANAGEMENT. LONDON, December 30. Reasons for the failure of the scheme to send a ship round the world to exhibit British manufactures were revealed at a meeting of creditors of the British Trade World Exhibitions, Limited. Officials of the company attributed the failure to insufficient capital, although the official receiver was of the opinion that mismanagement was a contributory cause. It was disclosed that the company's capital was £75,000. It was stated that an advantageous sale of the Orontes offered the only prospect of the creditors receiving a dividend. Ilie accounts showed total liabilities of £103,020 sterling and assets £41,762. The deficiency facing shareholders after payment of debenture holders is estimated at £28,635. It was stated at the meeting that Mr. Ben Tillet, M.P., who acted as chairman, was the only director who received fees. Mr. Tillet said he did not know that the other directors had not been paid.—(A. and N.Z. Cable.)
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Bibliographic details
Auckland Star, Volume LIV, Issue 311, 31 December 1923, Page 5
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161FLOATING TRADE EXHIBITION. Auckland Star, Volume LIV, Issue 311, 31 December 1923, Page 5
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