THE STINNES COLLAPSE.

Auckland Star, Volume LVI, Issue 199, 24 August 1925, Page 7

THE STINNES COLLAPSE.

CARRYING ON MOTOR WORKS. BERLIN", August 23. At a meeting , of the creditors of the Stinnes motor works it was decided to piaffe the business under supervision and to establish a committee of creditors to can-}' on the works jointly with the board of directors, and to temporarily suspend their claims. The position now is that the affair 3 of the eoninany will be controlled by a special Court, which will have the final uay in all future developments. It would be incorrect to say, however, that the firm is bankrupt. On the contrary, the creditors have agreed to grant a respite for the payment of their bills, and will continue to supply the works with material. Consequently it is expected that the creditors will be able to recover all their losses. The balance-sheet presented to the "meeting of creditors showed obligations totalling !),200.0n0 marks. These were fully covered by outstanding debts, and property of the company at an estimated value of 8.000,000 maTKs was not taken into account. In. the meanwhile, negotiations for credits continue and Dr. Edmund Stinnes* offer of half his shares to the workmen still holds good.— ißeuter.) BOUGHT BY SYNDICATE. ißeeeived 11.30 a.m.> BERLIN", August 23. Thp Stinnps newspaper "Deutsclie Allgemeine Zeitung -, has been sold to a syndicate headed by Herr F. Weber, the paper manufacturer, for 3,000.000 marks. The policy of the laper will remain unchanged.— (A. and N.Z. Cable.) NEW GERMAN TARIFF. BERr,TN". August 23. The new tariff regulations regarding the importation of grain, flour, sugar, cattle and fresh meat will come into operation on September 1. All other goods will come under the t.irifT on October ].- (Reuter.)