NEW ZEALAND STUD COMPANY.

New Zealand Herald, Volume XXVII, Issue 8258, 17 May 1890, Page 6

NEW ZEALAND STUD COMPANY.

SPECIAL MEETING.

THE COMPANY TO BE WOUND UP. A special meeting of the shareholders of the New Zealand Stud Company was held yesterday afternoon at the offices, Short-land-street, Mr. .James Russell presiding. The Chairman said -the purpose of the meeting was to consider a motion for the winding-up of the company. He did not think he need trouble them with any detailed account of the linaneial position of the company. Suffice it to say that they had been carrying on for years past under a great disadvantage in consequence of the fact that they owed a large sum of money, principally to the Bank; and the large .sum they hail had to pay as interest had to a certain extent crippled their efforts. The company's property comprised a large number of mares, which were every day getting older. In the natural course of events they decreased in number, and every year saw the loss of perhaps two, three, or more. They had never been able to replace those mares, and therefore the position of the company was not becoming hotter. They had been requested to supply a certain .sum of money for the replacing of the mares, but were not in a position to do so ; and therefore their principal creditor, the Bank, had asked them to go into liquidation. Personally he could not .say one word against the Bank's action ; lie thought they had done what every prudent creditor would have done. He was glad to say that there was a prospect that the company would not leave Auckland. J t was the sincere desire of the Bank, and he was sure of every shareholder, that the company should remain an institution in this city, and they and the outside public would be glad to hear that there was still a probability that the company would remain here. Air. Russell said that the last call which the company could make had been made, and the liabilities ol the shareholders had been terminated. The effect of the motion he was about to propose would be that the company would be placed in the liquidator's hands, and he would deal with the assets as he thought best. Whether there would be anything for the shareholders to receive out of the sale of the property was a, matter which the future alone could tell. He believed there would be nothing for the shareholders, or that there was any chance of the sale of the assets realising anything more than would pay the creditors. The Chairman proposed the following motion :—"That it has been proved to the satisfaction of this meeting that the company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same,' and accordingly that the company be wound up voluntarily." The motion was seconded by Mr. J. J. Craig, and agreed to. Mr. H. E. Whitaker was appointed liquidator, his remuneration to be at the rate of £100 a year. In reply to questions the Chairman said that the greatest tcood feeling existed between the company and the Bank. The latter was practically the only creditor. He did not think there was any intention to have a forced sale of the property ; there was rather the desire on the part of the Bank to put money into it, and nurse it, as it were, until a better price might be got for it in the future. He could assure the shareholders, however, that the most would be made of the property. There was no doubt that mares ought to have been replaced from time to time, but, as he had said before, they had not been in a position to do this.