THE NEW ZEALAND TIMES.

New Zealand Herald, Volume XXXIV, Issue 10409, 6 April 1897, Page 5

THE NEW ZEALAND TIMES.

[BY TELKURAPH.—VUMS ASSOCIATION.] Wellington, Monday. The report presented at the annual meeting of the New Zealand Times shareholders stated thai in fire yearn £3641, about half tho capital, had been lost.. This, however, included eome £1200 for brokerage, of which the company had never had the use. The plant and machinery were old and obsolete, and though the circulation had increased from 2001} to 5000, and the business was good, the paper could nob be carried on by a company without more capital, The report and balance»sheet were adopted, and resolution! were passed to sell the paper to a new company at a price to be fixed by arbitration, suoh price to cover the liabilities and yield shareholders not le«H than 10*, nor more than 15s per paid-up sliare of £1, the purchasers to bind themselves to their assigns to carry on the paper for «ix years in, the Liberal interest. It is understood that the new company will contain not more than ten shareholders, and that the capital will bo £25,000. Aβ fixed above, the price paid for tho paper represents between £8000 and £9000.