QUILL, MORRIS.

Star (Christchurch), Volume LXVI, Issue 20541, 16 February 1935, Page 9

QUILL, MORRIS.

Reconstruction Proposals to Be Made. LIQUIDATORS’ REPORT. The report of the joint liquidators, Messrs J. T. Sutton and W. H. Nicholls, to be presented at the annual meeting of shareholders of Quill, Morris, Ltd., on February 26, states:— “It will be seen that further progress has been made in the liquidation of the Company, the bank overdraft having now been reduced from the very considerable indebtedness of £41,896 3s lOd in January, 1932, to a net figure at January 25. 1935, of £7233 6s 3d. Furthermore, we have pleasure in advising that the trading operations of the year have resulted in a net profit of £3027 14s Id, which sum has contributed to a considerable degree in enabling the liquidators to make reductions in the bank overdraft. Accumulated profits for the three years and twenty days during which the liquidation of the company has been in progress amount to £6610 15s sd. We feel you will agree that the trading results and overdraft reductions can be considered with a measure of satisfaction, the achievements suggesting that the successful reconstruction of the company is now definitely within sight. “The meeting called to consider the balance-sheet and report will be a very important one as certain matters preliminary to reconstruction of the company will be placed before shareholders for consideration. Unfortunately, certain claims made against the company have not yet been finalised, and until this is done the actual reconstruction must necessarily be delayed. It is felt, however, that the time is opportune for proposals to be made, and this meeting of shareholders will be the most important held since the company went into liquidation.” Balance-sheet. The chief items of the balance-sheet

MINING IN FIJI. Strict Control to Prevent Speculation. SUVA, February 15. An official statement has been issued to the effect that the Fiji Government will assist all genuine mining enterprise, but it intends to prevent any speculation which may tend to damage the Colony's good name. Present prospecting licenses are fixed for a term of two years and cannot be renewed. It is proposed to amend the law and issue licenses on such terms as the Government may think fit. The licenses are not transferable, and a holder has a prior right to a mining lease, but a lease will not be granted unless there is evidence of gold in payable quantities and the applicant commands sufficient working capital. The Government states that of sixteen prosp:cting licenses on, Tavua one prospector so far has proved values sufficient for the issue of leases. All existing Tavua licenses expire in June, are not renewable, and cannot be transferred except with the consent of the Governmrnt. The Government warning has been issued so that parties should ascertain conditions prior to concluding agreements, and no trafficking in applications for prospecting licenses in any circumstances will be recognised. The Government will consider the allotment of Tavua areas after June 1. It intends to prevent the get-rich-quick type of speculation, and promoters are reminded that companies and conditions must be approved by the Government. It is of the opinion that no-liability companies are undesirable.

LIABILITIES— £ 8. d. Nominal capital 82,250 0 0 Mortgages of realty 12,000 0 0 Sundry Creditors— Profit and loss account .. 6,610 £131,021 15 7 ASSETS’ — £ s. d. Land and buildings at cost (less depreciation) Sundry debtors (including unpaid purchase b Plant, machinery, vehi3,806 Shares in other companies Liquidation account .... £131,921 15 7 The profit and loss account shows gross profits for the year at £9567 15S 6d, and net profit £3027 14 Is Id.