THERE IS NOTHING FOR SHAREHOLDERS
N.Z. CENTENNIAL EXHIBITION DEFICIENCY OF £36,080 [ Per Pre** Association.] WELLINGTON, Feb. 25. Information that there is nothing available for distribution to shareholders was made by the liquidator of the New Zealand Centennial Exhibition Company, Mr. L. C. Forgie, in a statement prepared for presentation to shareholders at a general meeting to be held in Wellington in March, Liabilities of the company are show as follows:- - Bank overdraft, interest and ~ £ liquidation expenses 70,080 Contingent liability for restoration of main Exhibition grounds 25,000 Contingent liability for retoration of Rongotai College grounds 6,000 Dealing with assets, the liquidator states that all assets, consisting of buildings, plant and equipment, were estimated, before opening, to bring £50,000 if the company carried out demolition and disposal. However, when the Government took over a special committee of experts valued all assets at £65,000. This left a deficiency of £36,080. Under its guarantee to the bank the Government met the bank overdraft and liquidation expenses, totalling £70,080, and also took over the company's liabilities of £31,0.00 for the restoration of the grounds.
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Bibliographic details
Wanganui Chronicle, Volume 85, Issue 48, 26 February 1941, Page 6
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179THERE IS NOTHING FOR SHAREHOLDERS Wanganui Chronicle, Volume 85, Issue 48, 26 February 1941, Page 6
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