W. & A. McARTHUR, LTD.

Manawatu Times, Volume LXIV, Issue 284, 9 December 1907, Page 5

W. & A. McARTHUR, LTD.

A WELL KNOWN FD3M TO WIND UP. . £175,000 SECOND MORTGAGE DEBENTURES. Press Association—Copyright. Received Dec. 8, 430 p.m. London, Deo. 7. An extraordinary, meeting of shareholders inW. and A. McArthur, Ltd., warehousemen, exporters, and shipping and insurance agents, of London and Australasia is called for the 12th to consider the winding-up of the present company with a view to reorganisation. The directors explain that the original warehouse business has progressed satisfactorily and yielded a profit of £25,000 for the year ended January 31st last, but the result of the shipping agency business, in which a very large amount of capital was locked up, has not realised expectations.

The directors therefore decided some months ago to separate entirely the warehouse business and to pursue a steady policy of realising the capital locked np in other parts of the business. Meantime in order to give collateral security for special advances, which were necessary for carrying on business pending the realisation of various assets, it was found necessary to issue £175,000 of second mortgage debentures. Preliminary negotiations have taken place for the Bale of the warehouse business as a going concern to the new company. It is hoped that arrangements will be made whereby part of the interest of the preferential shareholders will be secured in the new company, leaving the balance to be satisfied out of the liquidation of the present undertaking. In order to maintain continuity of the business, Mr Arthur t\ Whinney, chartered accountant, has been appointed by the Court of Chancery, Receiver and Manager. [The above news will cause a sensation in Australia, but especially in Sydney, where the firm is one of the best known in the commercial world carrying large shipping, insurance, engineering and grain dealing in teres ts, as well as a great warehouse business. The Hon. Sir W. McMillan, K.C.M.G., formerly Treasurer of New South Wales, and a prominent leader of the Federation movement, is resident partner at Sydney, where the resident director is Mr J. Peroy McArthur, president of the New South Wales Chamber of Commerce, and prominent in various ways).