AUSTRALIAN REPORTS Liquidators Of Reid Murray Acted Wisely

Press, Volume CVIII, Issue 31774, 3 September 1968, Page 18

AUSTRALIAN REPORTS Liquidators Of Reid Murray Acted Wisely

(N.Z. Press Association—Copyright)

MELBOURNE, September 2,

The liquidators of Reid Murray Holdings, Ltd, appear to have made a wise decision to develop one of the group’s original properties in the Melbourne suburb of Glen Waverley, according to the “Financial Review.”

The sale of the blocks in the sub-division is rapidly developing into one of the more spectacular successes of the liquidation and the associated receivership of Reid Murray Acceptance. Forty-six out of the 137 blocks in the area were sold at auction on August 17. another 50 went on August 24. and the balance is expected to be disposed of soon.

The total consideration is expected to be more than $600,000. Dvelopmdnt work and sales would cost about $200,000, suggesting a profit in excess of $200,000. The return to the Reid Murray group will be enhanced because of the terms involved in the sale.

Although the interest rate charged is competitive with any others, the effective return is higher to Reid Murray because none of the interest Is taxable.

supplied by Silver Valley and as a result of preliminary assessment had sent technical experts in May. listing fees for the debenture stock. Refusal To Pay Listing Fees Debenture stock of the Emu Bay Railway Company, Ltd, a subsidiary of EZ Industries, Ltd. is to be removed from lists of the Stock Exchange of Melbourne, the Australian "Financial Review” reports, because of the EZ group's refusal to pay the

The review says the refusal appears justified on the basis of turnover in the debenture stock. Only one sale has been made this year but the decision was made with no i known reference to holders i of the securities involved. Wilkins W’boards Passes Divs Wilkins Continuous Wallboards, Ltd. Christchurch, has passed its ordinary aryl preference dividends for the latest year, after a loss of $5047 in the year to March 31. In the previous year the profit was $10,993.