CANTERBURY AVIATION COMPANY

Wanganui Chronicle, Volume LXXXI, Issue 19049, 28 June 1924, Page 5

CANTERBURY AVIATION COMPANY

SHAREHOLDERS LOSE 3s 61d IN THE £. (Per Press Association.) CHRISTCHURCH, June 27. Those shareholders who invested in the Canterbury (N.Z.) Aviation Coy., Ltd., made a loss of 3s 61d in the £. The final business transacted by the company, which came into being in the war period, and whose property was acquired by the Government, was the reception to-day of the report of the liquidators. •It was stated they had realised the whole of the company’s Assets, and had collected all moneys owing to the company, amounting to £24,1'41 4s 4d. The liquidators’ expenses amounted to £253 14s 4d, and the balance, amounting to £24,687 10s, equal to 16s 51d in the £, had been returned to shareholders. The paid-up capital of the company was £300,000, ami the losses from April to July 18, 1923, as shown by the balance-sheet, were £5062 17s 7d.

Mr C. H. Hewlett (chairman), said that the expenses had been cut down as much as possible. Every penny owing had been collected. He added that the company had been the means of establishing aviation in New Zealand. If the company had not started aviation it probably would not have been started for many years to come.

It was decided to send to Hon. H. F. Wigram a letter of appreciation of his work and interest in aviation, members agreeing that the country was under a great debt of obligation to him.