WOOLLEN MILL.

Bay of Plenty Times, Volume LVIII, Issue 10322, 8 March 1930, Page 4

WOOLLEN MILL.

SOLD TO PRIVATE COMPANY. A private company with a capital I of £50,000 has been formed in Christchurch and has taken over the Wanganui Woollen Mill as a going concern (says the “Press”). The name of the company is National Woollen Mills (N.Z.), Ltd., and the shareholders are H. B. Williams, of Gisborne, ■who holds 25,000 preference shares of £1 each, and W. E. Best. of» Christchurch, who holds 25,000 ordinary shares. The office of the company is in Chrsitchurch. Wanganui Woollen Mills. Ltd., over which an option to purchase was given in December by the directors on account of its unsatisfactory financial position, was formed after the year With an authorised capital of £200,000 in £1 shares. At June 30, 1928, £184,252 had been issued, paid up to £178,064. In September, 1928, a resolution was passed by the shareholders to reduce the authorised capital from £200,000 to £IOO,OOO by reducing the shares from £1 to 10s, and to write down the issued capital of £184,252 to £92,126. This made the paid-up capital £85,939, there Ijelng £6178 calls unpaid. The resolution was confirmed by order of the Supreme Court in March last. The reduction of capital enabled the company to extinguish its establishment and preliminary expenses, £18,737, and the accumulated deficit of £39,171, leaving a balance of £34,319.