N.Z. Stud Company.

Nelson Evening Mail, Volume XXIV, Issue 116, 17 May 1890, Page 2

N.Z. Stud Company.

Auculanb, May 17, • The resolution to voluntarily wind up the New Zealand Stud Company was pas3od at a apeoial meeting of shareholders yesterday. Mr James Russell, who presided, said that he did not think he need trouble tham with any detailed acaount of tha financial position of the Company. It was sufficient to say that thay had been carrying on for years past under great disadvantage ia consequence of the fact that they owed a large sum of money, principally to the Bank, and the large sum they had to pay as interest had, to a certain extent, crippled their efforts. The Company's property oomprifiei large numbers of mares, whioh were everyday getting oldejf. and in tho natural course of events they decreased in number, and every year saw a loss of two or tbres or more. As the Company was not in a position to supply a c rtain sum of money for replacing the maras, the Bank had asked them lo go into liquidation. Personally he oould not say a word against the Bank's aotion, but thought they had done what every pruJent oreditor would have done. Mr Russsll said there waa a prospso*; 'hat the Company would not hnve Auoklond. He did not think there was any intention to have a foroed sale of the property, bub there was rather a desire on tha pirt of the Bank to put money into it, and nurse it until a better price might be got for it in Uie future. He cou'd assure the shareholders, however, that the most would be made of tho property. The Hon. E. Whitaker was appointed liquidator.