NORTH NEW ZEALAND WOOLLEN MANUFACTURING CO., LIMITED.

New Zealand Herald, Volume XXV, Issue 9180, 9 October 1888, Page 3

NORTH NEW ZEALAND WOOLLEN MANUFACTURING CO., LIMITED.

TO THE EDITOR. Sir,—lf your correspondent " A Suffering Shareholder," had called upon us, we could have satisfied him that the shareholders' interests, and those only, were considered by us in the matter of advertising the business for sale. To give as much time as we could, and at the same time to keep up the factory as a going concern, was our thought. The wool season is just upon us; the warehouses (at) least, some of them) are withholding their season's orders until they see whether they can place them with the factory at their own doors in preference to going South, because of course it would be unwise for tht liquidators to make any long contracts! These, with weighty financial considera* tions, rendered prompt action necessary. In the matter of notice, the South has had the same opportunity as Auckland, because the advertisement was telegraphed to the Southern papers, and appeared simultaneously with the New Zealand Heralj here ; and further, inquiries from the Souti reached the liquidators before any local in' quirieti weie made. If it could have answered any good purpose to advertise in Australia to give "probable buyers," as your correspondent suggests, an opportunity of examining the plant and business, going back, it might be, to Australia, consulting there, perhaps forming a syndicate, and then, after all, probably making a conditional tender, the delay could not have been tolerated. It may relieve your correspondent (why will net people give their names?) to know that, if we may judge from inquiries made, there is every prospect of a lively competition for the concern; and nothing would afford us greater pleasure than to be able, nob only to pay all the creditors twenty shillings in the pound, butj to make a substantial return to the shareholders.—We are, &c., 14, Victoria Arcade, Auckland, October 8, 1888.