DCOLONIAL CONCERN. W.& A. M'ARTHUR COMPANY.

Evening Post, Volume LXXV, Issue 31, 6 February 1908, Page 7

DCOLONIAL CONCERN. W. & A. M'ARTHUR COMPANY.

EECONSTKUCTION. A STATEMENT 'OF ACCOUNTS. By Telegraph. — Press Associatioii. — Copyright. (Received February 6, 9.12 a.m.) LONDON, sth February. At a meeting in London of W. and A. M'Arthur Company's creditors, it was unanimously decided to accept the rcconrtruction scheme. Mr. Whinncy, the liquidator, in a revised statement of accounts, estimated the assets at £235,0C0, and the liabilities at £221,424, leaving a surplus of £14,227, exclusive of the goodwill, which is valued in the balance-sheet of the new company at £64,587. Mr. Whinney stated that he had issued a call on four directors of the old company for £90,000 of tho capital, but doc-a not believe the call would v-salisj any substantial sum. He had arranged for an influential directorate for the ne w company, nono of whom had been ccbncctod with the old concern except Mr. C. Colwill. W. and A. M'Arthur, Limited, registered in 1898, was formed to acquire the businesses of A. M'Arthur and Co., Sydney, and W. and A. M'Arthur, of London. Tho purchase money was £300,000, of which £150,000 was paid in ordinary shares. The last dividend on ordinary shares was paid for the yenr ended 31st July, 1903. Tho authorised capital of tho j company was £450,000, in Z7.000 ordinary shares and 17,500 , prefoionce shares of £10 each. In addition there was 4i per cent, first mortgage debenture r.tock amounting to £75,000, which in the event of a voluntary winding-up was r-rpnyabia at a price calculated according to the mean market value in Londod during the three years immediately preceding tho dnte on which the stock iKcain* enforceable, such price not to bo lops thnn £105 per cent. Tho fiim of M'Arthur, Atkins, and/ Company, Limited, with which the firm of W. and A. M'Arthur was connected, wa3 registered on 3rd April, 1905, and was) formed to acquire the African interests of W. and A. M'Arthur, Limited, the business of commission and general merchant of Mr. Henry Atkins,' of Capetown and elsewhere, the business of Henry Atkins and Co., at Johannesburg and Durban, from A. M'Arthur and Co., the refrigerating premises at Capetown, Port Elizabeth, and Johannesburg, and) a freehold site, at Durban occupied by the African and United Colonies Supply and Cold Storage, Limited, together with business earned on thereat, and the assets of the African and United Colonies Supply and' Cold Storage, Limited. Tho total purchase, money was £250,000 (£144,000 in shares). The issued capital was £325,000, in 150,000 ordinary and 175,000 prefoience shares.