ABBOTT, ORAM, AND CO.

New Zealand Herald, Volume XXXI, Issue 9494, 25 April 1894, Page 5

ABBOTT, ORAM, AND CO.

EXPLANATION. This cable message which appeared in our yesterday's impression with reference to the affairs of the above firm is entirely misleading, and we have to express our regret for its appearance, and especially for the heading placed to it, "Bankruptcy of a New Zealand Firm." The arrangement mentioned in the despatch does not involveany bankruptcy proceedings at all, as will be seen from She following abatement of facta : —The arrangement that) ha? been entered into is merely a short extension of time, which vas asked for by the firm in the ordinary course of business, owing to large shipments and the prevailing stringency of the New Zealand money market. The meeting called in London only related bo a few of the largest creditors, to whom the position was submitted. It was shown that there was very substantial capital, and fchab there was no fear whatever that the firm would nob be able to carry on profitably. The creditors were apparently so satisfied that there was no real difficulty, that they gave an extension of time far beyond what had been asked. All that the firm suggested was an extension of a portion of their April engagements till June or July, whereas the creditors at once agreed to extend over a period of sixteen months, in view of the prevailing stringency of the money market, both in payinentß|and advances. We are informed by Mr. R. H. Abbott that this large extension of time given will nob be availed of. The firm consists of R. H.. Abbott, C. M. Oram, and J. W. Abbott, an* does business in London, Wellington, and Auckland. The business of the firm is that of softgooda warehousemen. The firm has been established for four years, and has carried on a large business as importers throughout the colony. Its headquarters, are in Wellington, and there is a branch in Wellesley-street East, Auckland. We do nob understand why such a cable message should have been sent through the Press Agency, as such arrangements are nob generally made matters of public news. We nave to express our great regret at the publication of sucb a message in our columns, especially in the form it was made to assume.