A SAD ENDING

Wanganui Chronicle, Volume LXXXIII, Issue 19504, 4 February 1926, Page 6

A SAD ENDING

In deciding yesterday to dispose of their assets to a rival concern the shareholders in the Wanganui Meat Freezing Company adopted the only possible means of escape from the difficulties that beset them. In common with other companies carrying on similar undertakings they have failed to survive the hard knocks of adverse circumstances, and their ambitious enterprise has come to a sad ending. , No doubt the company was handicapped by lack of capital, as so many co-operative concerns are, by lack of support from many of those to whom it confidently looked for help, and particularly of late by the exigencies of an unreliable market. We mentioned the company, however, not in order to discuss the causes of its failure so much as to express sympathy with the many people who will be heavy losers through the winding up of its affairs. Yesterday’s decision means that a capital sum of £130,000 has been dissipated; the property represented in. the sale to the New Zealand Refrigerating Company changes hands, we believe, at £124,000 less than its original cost. And not only is the monetary loss very great in many cases, but those who have been most closely associated with the company’s affairs as directors and in other capacities have the pain of realising that all the time and thought and trouble they have expended have gone for nothing. The loss to individuals is serious. We hope that the city and the district as a whole will not feel it in the same degree. A local institution, spending money locally and using such local facilities as the harbour, is an asset to be desired.