A COMPANY FINED.

New Zealand Herald, Volume LXII, Issue 18941, 12 February 1925, Page 10

A COMPANY FINED.

NO ANNUAL LICENSE. ASSETS UNDER TWO POUNDS. FINE LEAVES BOOKS IN DEBT. [lii' TELEGRAPH, —OWN CORRESPONDENT.] C IiRISTC HU RCH, Wednesday. A fine that will leave the books of a limited liability company in debt was imposed by Mr. Wyvern Wilson, S.M., at the Magistrate's Court to-day. The amount of the fine with costs was less than £2.

The Canterbury Marine Salt Company. Limited, was charged that it carried on business without obtaining an annual license under the Stamp Duties Act, 1923. Mr. A. W. Brpwn, who prosecuted, explained that the offending firm was " a poor sort of company." It had been formed to get s.ilt from the ,sea but it had done nothing besides hold meetings. " It has been defunct for 12 months," said Mr. T. D. Harmaji, who represented the company, " Steps are being taken to wind it up. It has never earned anything." The magistrate remarked that the offence might be met with a penalty of £2O for every month or fraction of u month during 'which it had occurred. That would render the company liable to a fine of £2BO. However, it did not seem that the assets of the firm would stand that amount.

Mr. Hannan: There is only £1 18a in the account and that is all the capital they have got. The Magistrate: It will scarcely stand a guinea then." Continuing the magistrate stated that the directors and secretary were evidently to blame. It might have been a bettor plan to havo proceeded against the secretary as ho was probably the person to blame. A fine of 10s with costs 7s and solicitor's fee £1 Is was imposed. " That makes £L 18s," said the magistrate, significantly. Mr. Harman (slightly embarrassed): I made a mistake Your Worship. There is only £1 8s in the account, not £1 18s (Laughter.)