NO BUYERS FOR NGAHERE DREDGE

Press, Volume XCII, Issue 27838, 10 December 1955, Page 13

NO BUYERS FOR NGAHERE DREDGE

No buyers were found for the dredge as a whole, says the report for the year to August 27 of Ngahere Gold Dredging Ltd. (in voluntary liquidation). The report says it was therefore decided that because of the possibility of damage while the- dredge was left unattended, all the valuable electrical gear should be removed and stored in Grey mouth.

All the creditors at the date of liquidation were paid during the year, with the .exception of accrued directors’ fees amounting to £3654. The report says that the directors were prepared to forgo these fees, but it was found after legal adyice had been taken that had they done this they would have been personally liable for taxation and possibly gift and estate duty. It is, therefore, proposed to pay these fees out of the funds now available. After other liquidation expenses have been met. it is hoped that a small distribution to ordinary shareholders will be made m the near future. The statement of receipts and payments shows that realisations during the y eai o^’ nounted to £10.831 and payments to £3OlB. leaving a balance of £7813 in the hands of the liquidators. Canterbury Dairy Farmers.—The Canterbury Dairy Farmers’ Co-operative Milk Supply Company has changed its name to Canterbury Dairy Farmers, Ltd. Notice of the change of name is given in the Gazette.