NORTH NEW ZEALAND WOOLLEN MANUFACTURING CO.

New Zealand Herald, Volume XXV, Issue 9184, 13 October 1888, Page 3

NORTH NEW ZEALAND WOOLLEN MANUFACTURING CO.

TO TUB EIJITOK. Sir, —In your issue of this morning I noticed .a paragraph which stated that tenders were received for tho Company's works yesterday, but although they were of sufficient amount to pay off the secured creditors, they fell short of the liquidators' reserve, consequently they have not accepted any tender, being sanguine of receiving a better offer for the property. From that I gather that the liquidators in- ( tend re-advertising the concern, with the object of securing a higher bid, for which they deserve commendation, but it appears to me that some time must necessarily elapse in getting fresh tenders, and if Mr. Barstow was not deluding the shareholders at the last meeting the Bank will close on them, for he distinctly stated that the Bank would not give them more time; how then in the face of that can they invite fresh tenders, seeing that it will take time? Rumour has it that ouly two tenders were received, one of which was from Onehunga residents and shareholders, and singular enough it was the highest. Perhaps thair has something to do with the non-accep-tance of the highest bid. However, one thing is certain—that the Bank is favourably impressed with the liquidators, much more so than they were with the directors. —1 am, etc., Disgustkd Shareholder Onehunga, 12th October, 1888.