TO GO INTO VOLUNTARY LIQUIDATION

Bay of Plenty Times, Volume LXX, Issue 13623, 22 April 1942, Page 2

TO GO INTO VOLUNTARY LIQUIDATION

TAURANGA GAS COMPANY DECISIONS OF SHAREHOLDERS AND CREDITORS LACK OF CAPITAL The shareholders and also the creditors of the Tauranga Gas Co.. Ltd., met last night and at both meetings it was decided, in view of the position of the company, to proceed to voluntary liquidation. At the creditors' meeting Mr E. T. Baker presided and there were present Messrs A. S. Newland, District Manager of the Public Trust Office, A. J. Gallagher, Butcher, State Coal Mines, M. Hanron, Manager Bank of Australasia, W. Cross, F. N. Christian, R. A. Harris, M. J. Rundell, and the secretary (Mr J. H. Garratt).

An apology was received from Mr Denis Ivory, chairman of directors, who was absent from town. Mr Baker read a statement detailing the general position of the company and the circumstances which led to the present position. He stated that the main difficulty had always been lack of capital. After hearing the statement, Mr Cross moved, and Mr Christian seconded, that the company go into voluntary liquidation. Mr Newland then moved that Mr Gallagher be appointed liquidator and this was seconded by Mr Hanron and carried. Mr Newland also moved that a committee of inspection to consist of three members be appointed, this being seconded by Mr Butcher and carried. The following were nominated for this committee and declared duly elected, Messrs D. Ivory, J. H. Garratt and A. S. Newland. If the company goes out of business, which it is hoped will not be the case, 280 consumers will 7fe seriously inconvenienced as it would not be possible to procure, at the present time, that number of electric ranges. Mr Christian stated that it would also be very difficult to carry on with acetone welding if no gas were available for heating purposes.