CO-OPERATION.

Dominion, Volume 1, Issue 125, 19 February 1908, Page 8

CO-OPERATION.

PUBLIC SERVICE ASSOCIATION. MEETING OF CREDITORS. LOSS OF £4160 IN TWENTY' MONTHS. A meeting of creditors in tho Public Service Association was hold on the promises, Brandon : Street,- last; night. Over thirty creditors:were present, and Mr. F. W. Haybittlo was voted to the- chair. Mr. Robieson, Chairman of Directors, explained .the. reason why tho creditors had b'eoiv called togetlibr. During the-past few, days several judgments had, lie said, been obtained against' the Association; and, 1 in: the' interests- of 'tho whole, it was 1 thought' l ad-' visablo'that tho creditors should be consulted in regard to tho position of tho" Association's affairs. Liabilities, as exhibited by a balance-sheet prepared on January 25, showed that tho claims of creditors totalled in round-figures about £2500. The assets consisted of plant and fixtures. £700; book debts (good), £1100; stock, £1200; interest in a buttor contract, fully £500; and shareholders' calls unpaid, £140; total, £3600. It would bo seen, therefore, from these figures, that there was. every prospect of the 'creditors receiving their money in' full, and that there would bo a considerable sum left over, for the shareholders. In tho circumstances, and,' seeing'that" tlie affairs.of the Association lit. tho presont date were in a solvent condition, lie had thought it prudent to ! call' tho creditors . together and consult them' as to what course of action should bo taken. The Chairman (Mr. Haybittle) asked for the balance-sheet, which was produced, and, showed that on January . 25 the principal creditors were as follow:—W. and G! 1 Turnbull and Co:; Ltd., £188 3s.' lid.; Johnston and Co., Ltd., £179 18s. 9d;; Joseph Nathan and Co., £125 10s.';'. Kirkpatrick and Co., £81 10s.; Crosse and Blackwell; £79 12s. v 7d.; J; B. Tickle and Sons-(Sydney), £76 19s. 6d.; Christchurch Meat Company, £75 Is., Bd.; Levin and Co., £57 18s. 7d.; Aitken, Wilson arid; .Co., £58'7s. Id.; WaTndck 8r05.,-. £54, besides : a large number of creditors whose claims amounted to £50 or under:

1 .Mr: .OJSuilivan,. one of'tho directors, stated that the Association -had: boon in existence for twenty months,'' and during that period the shareholders had lost £4160. , '

Mr. Haybittlo : Not a brilliant, advertisement for co-operation I *At this stage . the butter agreement, already referred to, was produced.' '.It'showed that a contract had been ;.entered into ..with a Shannon firm for tlie delivery of forty boxes of butter por week at IOJd por lb', and that this contract had seven months to rim;

Tho chairman of directors estimated that the profit to the Association on the butter still undelivered was fully £500. . • Considerable. discussion - place. at this juncture as to the' advisableness of placing the affairs of the Association in the liarids of eithor tho Official Assignee or a privato assigneei for realisation.

Mr. J. Xurnbull (W. and G. Turnbull) moved, and the representative of Messrs. George and Doughty seconded, " that the' affairs of - the Association bo placed- in the hands of the Official Assignee for realisation. ■ Mr^ ..Leigh Hunt (Farmers'..Distributing Company) moved as an amendment, and Mr. M'Callum (Kirkpatrick • and Co.) seconded, that, before further steps are taken the opinion.of Mr.. H. D. Bell; K.C.j be obtained as to the-position of tlio Association in regard to the butter contract, and tli.it tho meeting stand, adjourned .until this ovening. ■ The motion was thon withdrawn,' and the amendment on being put was carried unanimou.sly. ■ ,