LIQUIDATION PROPOSED

New Zealand Herald, Volume LXIX, Issue 21328, 1 November 1932, Page 5

LIQUIDATION PROPOSED

MACKY,. LOCSAN, CALDWELL SHAREHOLDERS TO MEET A notice issued to shareholders of Macky, Logan, Caldwell, Limited, states that an extraordinary general meeting will bo held at the Chamber of Commerce on Friday to consider and, if deemed ex- x pedient, pass the following resolution• " That it has oeen 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, arid that Harry James Mills, of Auckland, accountant, bo appointed liquidator for the purpose of such winding up." In an accompanying letter to shareholders, the directors state that the clb- * cision to report progress to the shareholders was made for the following reasons : "The trading results of the, company during the six months ended July 31, show a further considerable loss." "The company's overdraft at the bank is considerably in excess of the arranged limit, and while the bank was prepared to find further advances subject to conditions, it. declined to find interest duo to depositors on February 1, 1932, so that your directors can no longer rely oh carrying out the obligations they entered into by deed with the depositors." " The conditions on which the bankers of the company agreed to find money for trading involved, in the opinion of your directors, s, liquidation of assets in so short a period that further losses would accrue." The directors state that the conclusion was arrived at that owing to the conditions prevailing and the uncertain outlook, together with the accumulation of losses an:l obligations, the company was unable to carry on. The secretary of tho company was suggested as liquidator, having been unanimously chosen by th« directors. Mackv, Logan, Caldwell, Limited, is one of" the oldest warehouse Auckland, having been established in 1882. Its activities quickly spread throughout the Dominion and it has been closely associated with the growth of the city. The firm was formerly known as Macky, Logan, Steen arid Company, and the partners in New Zealand were Messrs. C. Macky and D. R. Caldwell. Last yeai- a decision to enter the retail trade was made and the premises of the firm were opened in October as a combined retail and wholesale warehouse. The firm has about 2000 employees. WOOL TRADE REVIEW DEMAND FROM BRADFORD A HARDENING TENDENCY LONDON. Oct. 30 The London representative of the Australian Woolgrowers' Council, Mr. W. P. Devereux, reports:—The depreciation- of sterling; stimulated the demand for tops from Bradford for export, and this, combined with the improvement in overseas raw wool markets, owing to the same reason, lias caused Bradford Merino topmakers to advance quotations. There is, a hardening tendency, with a moderate amount of new business. ; Fine crossbred tops are rather firyi. Merinos, low descriptions are steady wiUi not much business. For Merino yarn the, position is unchanged. Quotations maintained. Crossbred yarns are unchanged, with not much business. Sales of top:; to Germany are only modf-rale. Prices are unchanged. Tho knitting hosiery trade is fairly well employed. The weaving trade'is diminishing, and exports are very poor. SYDNEY WOOL SALES LITTLE CHANGE IN MARKET (Keceived October 31, 8.35 p.m.) SYDNEY, Oct. 31 At the Sydney wool sales to-day 11,414 bales were offered and 10,659 were sold. Also 524 bales were sold privately. The market was unchanged from, the closing rates of the last Sydney series for all descriptions except fine Merinos carrying t fault, which were irregular and tended in buyers' favour. Greasy Merino fieec® sold to 16Ad. DOMAGHY'S ROPE COMPANY USUAL INTERIM DIVIDEND An interim dividend of 9d a share has been declared by Donaghy's Rope and Twine Company, Limited, of Dunedin. The dividend is at the usual rate. PRICE OF* POLLARD REDUCED [BY TELEGRAPH—PRESS ASSOCIATION] CHRISTCBURCH, Monday Distributors, Limited, announces a reduction of 10s a ton in the price of pollard,