ONAKAKA COMPANY
GOES INTO LIQUIDATION SERIOUS BLOW TO DISTRICT IS' Owing to the general depression, and the financial difficulties Onakaka Iron and Steel Company finds itself ill, the directors resolved at a meeting held in Wellington on Saturday to go into liquidation, and to hand over immediately to the trustees for the debenture holders —Messrs H. R. Duncan and F. G. Gibbs —tlie whole of the assets of the Company. Every effort has been made by the board to obtain further financial assistance from the Government, but without avail. The closing of the works will mean throwing 130 men out of employment and the loss of £50.000 a year in wages. The Company, after three years' preparation, started smelting iron for commercial purposes on 14th January, 1924. Later, the manufacture of pipes was added to tlie company’s enterprise. Those responsible for directing the affairs of the company have had an uphill fight, and much regret will be felt that circumstances have compelled the directors to take the present action.
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Bibliographic details
Nelson Evening Mail, Volume LXIV, 30 March 1931, Page 4
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169ONAKAKA COMPANY Nelson Evening Mail, Volume LXIV, 30 March 1931, Page 4
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