POVERTY BAY MEAT WORKS

Evening Post, Volume CVI, Issue 103, 29 October 1923, Page 2

POVERTY BAY MEAT WORKS

' BY NO MEANS A BANKRUPT CONCERN,

(81 TEIEORAPH.—PBESS jJSSDCHIJOK.)

GISBORNE, 27th October. . In reply to a statement made by one of the speakers at the meeting of the executive of the Dominion Farmers' Union to the effect that the Poverty Bay Farmers' Meat Company was hopelessly bankrupt, the directors of the company desire to correct this and to make a statement as to the actual position: The directors say that the assets of the company are as follow (excluding the Admiral Codrington):— -■ '

Works, plant, and buildings . (according to two independent freezing engineer experts' reports) are worth ... 401,802 Calls in arrear 20,099 Uncalled share money 10^400 Sundry debtors 3,090 Bills receivable 15,235 Stocks and stores 9,830 Balance on consignments, etc. 7,000 Total 467,456 The liabilities are:— . ■ ■■ £ Mortgage and debenture 32,000. Accruoments for interest, etc. ... 3,650 Sundry creditors 304,913 Bills pajy-able 1,719 Total ....,...:. 341,742 This leaves a balance of assets over liabilities of ' £125,714, plus any equity the. company may h.aye in the Admiral Codrington, which is only subject to a mortgage of £60,000. Neither this mortgage nor the value of the steamer is included in the above figures. j As showing that the company is by | no means in a bankrupt condition, the directors point out that the working profit on the works for the year ended 31st , August last Was £3822, after allowing for all interest chargeable to the works. The assets and liabilities shown here are. the actual figures taken out in the baiance-sheet as at 31st August last, es-j cepting only that the value of the works, which the directors have taken at the ■ experts' to-day's value and not at the figures shown in the'balance-sheet, which is not. the true value owing to .writing down, etc. The company leaves it to the public to judge as to whether it i s bankrupt at flic present time; but it frankly admits that its financial position. entirely depends on the amount at which the' bank allows the works to be sold. The directors make no suggestion that the right of the bank to sell at what price it thinks fit.should be interfered with, but they contend that "Vestey-s should not be allowed a license. ' i