KAIRANGA AUCTIONEERING COMPANY.

Manawatu Standard, Volume XLIV, Issue 1074, 22 July 1924, Page 6

KAIRANGA AUCTIONEERING COMPANY.

MEETING OF SHAREHOLDERS.

The adjourned annual meeting of tho Kairanga Auctioneering Company shareholders was held last night, Air J. Balsillie, chairman of directors, presiding. Others present were: Messrs J. Hurley, T. J. Rodgers, E. J. Leydon. C. E. Deiiipsy, 11. E. Bennett, CL Barnao, W. I. Lovelock and G. A. Broad.

The chairman, in presenting the annual report and balance-sheet, referred to the unsatisfactory financial position of ilie com pany, remarkihg that great difficulties had had to be faced during the past year. It had becorno necessary to reduce the statf by which a saving of £5 pe" week had been effected. A big item bad been :he heavy overhead expenses which liutl resulted in financial loss. Mr Balsillie also added that the prospect of Hie company going into liquidation had not been conducive to keeping the business up to a paying level. The balance-sheet, which was presented by the chairman, for the year ending March 31, 1924, showed liabilities amounting to £18.099 Os 3d as against assets sot down at £13.198 15s sd, leaving a deficit of £4900 Is lOd. There was a gross profit iu the trading account of £616 15s Id. Of the above deficit £3172 4s 10d was net loss shown in tho profit and loss account carried forward from the previous year. In tho ensuing discussion the company's position was criticised by various members present. Tho chairman explained the tlfliculties which had been responsible for the unsatisfactory position The directors, ho said, had put in £775 to help the company to carry on, and had also given a bill <4 sale to Mr Rodgers. This was done in the belief that the company would bo in a position to meet its obligations. The leport and balance-sheet were adopted on the vote of * lie chairman, the | others present taking- no part in the voting. Mr Balsillie informed a “Standard” reporter that the company would not, go into I liquidation if the proposed new company I now being formed to buy the auction j raoonis for conversion into a picture theatre was successfully flouted. If, however, : that did not eventuate liquidation would , be unavoidable.