AFFECTED BY SLUMP

New Zealand Times, Volume LIII, Issue 12433, 29 April 1926, Page 7

AFFECTED BY SLUMP

MARLBOROUGH COMPANY GONE INTO LIQUIDATION CREDITORS TO BE PAID IN FULL Per Press Association. BLENHEIM, April 28. The Marlborough Fanners Co-opera-tive Motors, Ltd., a big Blenheim concern, with branches at Havelock, Nelson and Seddon, has gone into voluntary liquidation, this step having been necessitated by losses incurred during the slump in tlie years 1919 to 1921. It is anticipated that the company’s assets will realise more than / sufficient to pay creditors 20s in the £, and the only losers will be shareholders in the concern, whose claims will come after all the other liabilities have been met in full. ASSETS EQUAL LIABILITIES The chairman of directors, Mr W. J. Girling, M.P., presided, and an interim balance-sheet was placed before

the meeting showing that the nominal capital was £50,000 in 50,000 £1 shares and the subscribed capital £13,906, of which £4277 10s remains to be called up. The book assets were shown as £32,000, including uncalled capital, and the liabilities are estimated at rather under £32,000. The chairman said that the principal reason for the directors’ recommendation that the company be wound up, was its liabilities incurred during the years of the slump as they were eating up all the profits in interest charges. There was no reasonable possibility of recouping these losses although last year’s turnover was no less than £50,000.