POVERTY BAY MEAT CO.

New Zealand Times, Volume L, Issue 11662, 29 October 1923, Page 6

POVERTY BAY MEAT CO.

DIRECTORS ANNOUNCE FINANCIAL POSITION. “ALL DEPENDS ON BANK.” Per A^onciM-ion. GISBORNE, October 27. In reply to a statement made by one of the speakers at the meeting of the executive of the Dominion Farmeis’ Union, to the effect that the Poverty Bay Fanners 1 Meat Company was hopelessly bankrupt, the directors of the company desire to correct this and to make a statement as to the actual position. , The directors say that the assets of the company are as follows. Excluding the Admiral Codrington, according io two independent freezing engineer experts the works, plant and buildings were worth £401,802, calls in arrear £20,090, uncalled share-money £30,400, sundry debtors £3090; bills receivable £15,235. stocks and stores balance oh consignments, etc., £7000; total £467,450. THE LIABILITIES. Liabilities a/re. —’Mortgage and debenture £32,000, accruments for inter est, etc., £3650; sundry creditors £304,913, bills payable £1179; total £341,742, leaving a balance of assets over liabilities of £125,714, plus any equity the company may have in the Admiral Codrington, which is only subject to a mortgage of £60,000, and neither this mortgage, nor the value of the steamer, is included in th<» above figures. As showing the company is by no means in a bankrupt condition, the directors point out that the working profit on the works for the year ended August 31st last was £3822. THE VALUE OF WORKS. After allowing for all interest chargeable to works, assets and liabilities shown above are the actual figures taken out, the balance-sheet as at August 31st last excepting only the value of the works, which the directors have taken at the experts’ to-day's value, and not at the figures shown in the balance-sheet, which is not the true value owing to the writing down, etc. Th© company leaves it to the public to judge whether it is bankrupt at tli© present time, but frankly admits its financial position entirely depends on the amount at which the bank allows the works to be sold. The directors make no suggestion that the right of the bank to sell at what price it thinks should be interfered with, but contend that Yestey’s should not be allowed a license.