OLD FIRM PASSES

Taranaki Daily News, 1 August 1931, Page 9

OLD FIRM PASSES

SMEETONS IN LIQUIDATION. EARLY AUCKLAND ASSOCIATIONS. After many years’ trading in Auckland, the firm of Smeetons, Ltd., importers and general providers, has gone into voluntary liquidation (reports the Herald). It is stated that heavy overhead expenses prevented the firm from keeping price with changing business conditions.

The business was founded in the early days of Queen Street by Mr. Gavin Wallace, and later was purchased by Mr. H. M. Smeeton, who then had a grocery store in Ponsonby. It was carried on successfully by Mr. Smeeton and was considerably enlarged as time went on. The firm had several large contracts for supplies, and a> catalogue it issued, “Smeeton’s Silent Salesman,” was sent io all parts of New Zealand. ■ As Mr. Smeeton’s health failed, he relinquished active control in 1913, when the company was reformed as Smeetons, Ltd., with a nominal capital of £40,000 paid up to £27,600. The Queen Street property was retained by Mr. Smeeton and sold a few years later to City Investment, Ltd. A few years ago it was found impossible to carry on successfully in the face of heavy overhead expenses, including a kh.se made at a time when high prices ruled. Tho business was placed in the hands of liquidators, and it was decided about nine months ago not to carry on.

Tenders for the stock and assets have been called, and stocktaking is now in progress for the purpose of handing over to the suceesssful tenderers. A circular issued recently to shareholders stated that there would be no return of capital to the ordinary shareholders, and only a partial return to preferential shareholders on the moneys invested in the company. It is understood that ordinary creditors are not likely to suffer Hoss,