BUSINESS SENSATION

Manawatu Standard, Volume XLV, Issue 143, 21 May 1925, Page 10

BUSINESS SENSATION

FIRM IN VOLUNTARY

LIQUIDATION. Per Press Association. CHRISTCHURCH, May 20. The Sun to-night states that a sensation has been cused in business circles in Christchurch through Messrs Kayo and Carter, Ltd., the wellknown firm of merchants and exporters, going into voluntary liquidation. The affairs of Kaye and Carter, Ltd., have been involved through export operations in moat and wool, the drop in the Home market causing the trouble. From several aspects, the failure is the most startling in Christchurch for many years, affecting many business concerns throughout the Dominion. There was an informal meeting of a section of unsecured creditors yesterday, their claims amounting to between £12,000 to £14,000, but it was adjourned until to-morrow in order to secure greater representation. Mr Gavin Anderson, of London, a member of the firm of Messrs Gilbert Anderson and Co., of London, which acted as London agents, for Kaye and Carter, Ltd., mostly in ment operations, was present, and stated that a meeting of Kayo and Carter, Ltd., that morning had decided that the company should enter into some form of voluntary liquidation. The whole situation is very complicated, many issues being involved, and at the moment an estimate of the financial position of the concern is impossible. Even the question of an actual deficit seems an open one. One aspect is the relationship of the company to a wool exporting concern, which involves further questions of guarantees to banks. The principals of the firm state that the position has been brought about through the financing of a certain firm of wool exporters and that owing to the serious decline in the wool market, facilities for further credits were withdrawn.