COMPANY NEWS

Press, Volume LXXXVI, Issue 26266, 10 November 1950, Page 10

COMPANY NEWS

MATCHES (N.Z.) LTD. SHAREHOLDERS DECIDE TO WIND UP (New Zealand Press Association) WELLINGTON, Nov. 9. The shareholders of Matches (N.Z.), Ltd., at an extraordinary general meeting to-dav, decided to wind up the company voluntarily. A statement issued after the meeting gald it was held to consider a resolution to wind up the company or to provide fresh capital to carry on with, which would involve the reconstruction of the company pr the formation of a new company. The chairman, Mr F. H. Bass, surveyed the company’s operations and its problems and difficulties. More than 7,000,000 boxes of matches had been produced, but manufacturing expenses had been too costly and a loss of capital had resulted. The operations of the company had also been adversely affected by the large supply of imported matches which had come, in under licences granted in the latter part of last year and which, through delays in shipment, had arrived late, causing a glut on the market.

The conclusion had been reached that the company was not justified in continuing operations under existing conditions, and the decision was made to wind it up.

Mr C. T. Cox was appointed liquidator and was authorised to accept shares in any new company that might be formed on a basis to be arranged and submitted to members of the company for approved scheme of reconstruction. It was prvoed scheme of reconstruction. It was hoped that the factory at Wanganui might still be able to carry on under some form of reconstruction.