OFFER TO SELL BUSINESS
TRANSPORT COMPANY > IN AUCKLAND GOVERNMENT DECLINES TO BUY (P.A.) AUCKLAND, Dec. 11. The North Shore Transport Company, Ltd., was advised to-day by the Minister of Transport (Mr R. Semple) that the Government had decided to decline the firm’s offer to sell its business to the State. The company, which maintains a fleet of 48 buses, is one of the largest in New Zealand. An offer to sell to the Government was made last June, but was withdrawn about a fortnight later. It was reported early last month that the offer had been renewed, and that negotiations with the Government were proceeding. Crown valuers subsequently appraised the company’s assets and submitted their report to Mr Semple. The North Shore Transport Company is a subsidiary of the Devonport Steam Ferry Company, Ltd., which took up the whole of the share issue when the company was formed in 1927, with a nominal capital of £lOO,OOO. Of this sum. 50,000 £1 shares were fully paid up. The company bought out the Takapuna Tramway and Ferry Company, which ran steam trams.
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Bibliographic details
Press, Volume LXXXIII, Issue 25365, 12 December 1947, Page 8
Word Count
180OFFER TO SELL BUSINESS Press, Volume LXXXIII, Issue 25365, 12 December 1947, Page 8
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