SIR HIRAM MAXIM'S INVENTIONS.

New Zealand Herald, Volume XLII, Issue 12991, 7 October 1905, Page 5 (Supplement)

SIR HIRAM MAXIM'S INVENTIONS.

UNDER the winding-up order made against the Sir Hiram Maxim Electrical and Engineering Company Mr. ' 11. E. Burgess, assistant receiver, has issued the summary of accounts, together with his observations upon the facts of the case. Mr. Burgess reports that the company was formed in May, 1899, to acquire the sole agency for the sale in Australia, Africa, and Asia of electrical appliances, etc., manufactured by the Hiram Maxim Electrical Corporation and by J. F. Pease and Co., Limited, of Midd.esbrougli-on-Tees. The promoter and vendor to the company was M. Jules do Meray, the capital, £100,000, being increased to £175,000, of which £42,500 was issued for cash and the balance ill fully-paid shares. The available working capital was £20,000. In October, 1900, the company acquired the business of Messrs. Edwards and Co., of London, for £2000 in cash, and in the following January purchased the undertaking of the Hiram S. Maxim Electrical Corporation (Limited) for £55,200, payable £2700 in cash and the balance in shares. In August, 1903, the company acquired tlm business of the Hiram S. Maxim Lamp Company. In March, 1904, the company acquired the patent rights of his flying machines from Sir Hiram S. Maxim for 6666 shares in the Hiram S. Maxim Captive Flying Machine Company, to which they sold their rights for £20,000, and which was promoted by them with a capital of £30,000. The new company also took over at cost price a) flying machine, together with the tools and machinery The accounts filed showed gross liabilities £55,481, of which £19,192 was unsecured, with assets £49,009, less debentures representing £21,366. The contributorieV account disclosed a deficiency of £161,949. The failure was attributed to the falling through of the agreement with the Hiram Maxim Lamp Company, want of working capital owing to the available working capital being locked up in la-nip stock, and to advetso legal'coets.