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New Zealand Times, Volume XXXVII, Issue 8609, 20 December 1913, Page 4

Paced ■with a heavy deficit on the year’s working, the New Zealand Cornpetitions Society has had to ask its creditors to accept part payment of their claims. At a meeting of the society, the secretary submitted a provisional balance-sheet, which showed that the total receipts from all sources from the recent competition* were £1177 17s Id, whilst the expenditure totalled £1640 12s Bd, leaving a debit balance of £462 5s 7d. The only money available to meet that deficiency was a sum of £42 8s 9d —the credit balance brought forward from last year. That still left a deficiency of £420 6s lOd. The rent due for the Town Hall was £254, and on this the City Council had decided to allow a rebate of £SO. The Mayor had informed him that the rent, less rebate, would have to be paid, or court proceedings would follow. The secretary added that the prize-winners wore only being paid 50 per cent, of their money, and that be, personally, was prepared to have £SO knocked off his salary. After some discussion, it was unanimously agreed:—“(l) That the City Council bo paid its rent in full (less £SO rebate), also the officers and judges (with the exception of Mr Baeycrtz, whose case remains in abeyance), and that the rest of the creditors be asked to accept 15s in the £T in full settlement of their claims. (2) That no payments be made until the consent of the whole of the creditors to the proposal he obtained.’’ The secretary was asked to convey to the creditors an intimation that the society would make an effort to meet all claims in full later on. It was tacitly understood that the only alternative to this proposal would be for the society to gfl into liquidation