LIQUIDATION OF NEW ZEALAND GRAIN AGENCY MERCANTILE COMPANY, LIMITED.

Grey River Argus, Volume XXXI, Issue 5256, 30 July 1885, Page 4

LIQUIDATION OF NEW ZEALAND GRAIN AGENCY MERCANTILE COMPANY, LIMITED.

At the fourth annual meeting of the shareholders of this Company a very doleful report was presented by the directors. For the year 1884 the profit and loss account showed a balance to the bad of L 48,889 7s 9d. The Conpany's shipments of,"grain to this country last year resulted in a loss of L 38,024, owing to the damaged and heated condition in which the wheat arrived ; indeed not a single cargo had been sound, and all had to be sold at ruinous prices. This exceptional loss, aggravated by the abnormally low prices ruling for even good wheat, had been further increased by bad debts in New Zealand, resulting from three bad harvests in succession. The directors therefore 'recommend that the company should at least discontinue the mercantile part of their business, and either continue only the mortgage part or altogether wind up. The chairman, in moving the adoption of the report, added that they had lost more than half their paid-up capital — a loss, however, which was very evenly distributed among all persons connected with the Company. He recommended a voluntary winding-up, and this after a short discussion appearing to be the sense of the meeting, he announced that a meeting would be called for Friday week. The Company have since gone into liquidation.