OLD SYDNEY FIRM

Nelson Evening Mail, Volume LXIV, 21 February 1931, Page 3

OLD SYDNEY FIRM

liquidation proposal The announcement by tlie directors of Keep, Macpherson, Ltd., of Sydney, last week of a proposal to place the company in-voluntary liquidation, affects vitally a business., connection extending back 10(1 years. Formed in 1927 °tlie company represented an amalgamation of Holdswortli, Macpherson a°id Company, Ltd., and John Keep and Sons, Ltd., two of the oldest hardware businesses in Sydney. Holdswortli, Macpherson and Company, Ltd., had its origin in a business founded in 1825. The business was converted into a limited liability company early in 1927. The firm of John Keep and Sons, Ltd., was founded in 1853 by Mr John Keep, and became a limited liability company in 1893. Up to the time of the amalgamation three generations of the family had conducted the business. Operations for the year ended 30th June last resulted in a loss of £53,414, and in the preceding year a loss of £30,514 had been shown. Accounts covering the first eighteen months of the company’s existence, to 30tli June, 1928, disclosed a net profit of £17,003. For the 1929-30 year the directors reported that the difficult economic conditions and the decreased purchasing of the community had affected the volume of trade. Paid-up capital is £375,007, of which £70,000 is preference.