NATIONAL REALTY CO.

New Zealand Times, Volume XLVIII, Issue 11045, 31 October 1921, Page 6

NATIONAL REALTY CO.

LAND AGENTS IN LIQUIDATION, COMMISSION ON MASON'S GARDENS DEAL. (Special to the "Times.") A meeting of creditors of the National Co-operative Realty Co., Ltd., Auckland, a firm, of land aganis which is now in liquidation, was hold at tee office of Mr W. 8. Fisher, the Official Assignee, and after discussion of tee position the meeting was adjourned to enable further investigation of the company’s affaire la be carried out. At the meeting it was said the capital of tee company was £IO,OOO. <7750 shares being held by Otto, MOO each, by A- H. Jack and E. D. Jack, fanners, Silverdale, S“X) each by A. W. Anderson and J. MoKay Linklater, and 250 by C. H. Wood ruffe. Otto originally, poaeeesed 8000 shares, 5755 of which, were supposed to be payment for the goodwill of nis business, which was taken over by the company. He gave 500 of these to Anderson, a salesman in his employ, and 850 to Wood ruffe, his book-keeper, in consideration of their services. Later ha sold 5<X) shares to Link Later. Al| Ib* shares were reported to be fully paid up, except those of the Jack on which £1400" remained unpaid. After the assignee had expressed M* sorrow for the fact that he had been unsuccessful so far in getting information' of value to the creditors, the possibilities of recovery of various commissiona were discussed. There was a series of big exchanges, said Mr Lovegrove, solicitor for Mr Linklater, one of the creditors, with Mason's gardens,. Wellington, c« one of them. On this exchange a commission approximating £2OOO was stated be ’ hnt the opinion* of other creditors were varied, one saying *ie he-i h-ard that the sa e had been completed. and another egying that it had not -other "\atter dlscnmwd was brought up by Mr Hogben (solicitor for a not he— creditor), who asked if it was not a fact that tee books showed ons accou-t as "The Lord's Account,” apparently to cover unauthorised payment*. It was also stated that outstanding tradesmen's accounts, incurred during ei-bt «- nine month*, were more than £2500, and the list was probably not eomnlete The meeting was adjourned for farther information.