HEAVY DEFICIENCY.

Hawera & Normanby Star, Volume XLIII, Issue XLIII, 31 December 1923, Page 5

HEAVY DEFICIENCY.

WORLD TRADE EXPEDITION

87 CABLE-r*KBB ASSOCIATION—COPYEIGH'I LONDON, Dec. 28. The accounts of the British World Trade Expedition, Ltd., showed total liabilities £103,020, and assets £41,762. The deficiency facing shareholders after, payment of debenture-holders is estimated at £28,635.. . It was stated at to-day's meeting that Mr. Ben Tillett, M.P., who acted as chairman, was the only director who received fees. Mr. Tillett said he did not know that the other directors had not received fees. * LONDON, Dec. 29. The reasons for the failure ~of tTiescheme to send a ship round the world to exhibit British manufactures was revealed at the meeting:,of creditors of the British World TVade Expedition, Ltd. Officials of the company attribut|ed the failure'to insufficient capital, j although the official receiver was of opinion that mismanagement was a contributory cause. It transpired that the company's capital was £75,000. It was stated that the advantageous sale of the Orontes offered the only prospect of the creditors receiving a dividend.,