COMMERCIAL

Timaru Herald, Volume XIC, Issue 13463, 9 December 1907, Page 5

COMMERCIAL

THE LONDON MARKETS.

Press Association-Bv Telegraph-Copyright "LONDON, Dec. 6. At tflia -wool sales theie was spirited competition for mieiiion. -which formed the bulk of the offerings. Sliver, 2s 27-16 d per oz. , THE McARTHUR CO.MiPANY. Received 4.30 p.m., December Bth. LONDON, Dec. 7. An extraordinary meeting of the W. A. ] McArthu Company lias been called' for, Dt.'eembefci 12hh it© consiider winding-up with .a, view of reorganisation. The <Ji rectors explain that the original warehouse ha,s prog reused .-ati'sfactorily 'and yielded a profit of £25,000 a year ended January 31st,- bub the result of\the shipping agency business -in" -nhich a very' large a,mou.rifc of capital is locked up had not -realised expeicfcutdjOns. The directors, therefore, decided some months ago to separate"""■etrtfirely the warehouse business

and/ puiMie .ji Vleady policy of lealViug th.e capital locked up iu other paisfs of lllie busiriev. Meantime ■orders had been ftiven for s.olLiiteni.l security for special advances iTacessaiy-for carrying on business pending' the realisation of the various a<wets. jfc-wa.s found necessary 'to issue £1,075.'C , 00 of second mortgage debentures preliminary to negotiations taking place for -the sale of the warehouse business' as a going comcein to Ihe new company. It is- ~hoi>ed that arrangements will be made whereby part of the interest of pieferenoei shairoholderH will be secured in the new company, leaving the balance to be satisfied out of liquidation of the present undertaking, lin order -to maintain continu-. ity of business. Mr Arthur F. Whinney. chartered accountant m has bean appointed by the Court of Chancery, as receiver 'and manager.