WANGANUI MATCH CO. TO BE WOUND UP VOLUNTARILY

Wanganui Chronicle, 10 November 1950, Page 4

WANGANUI MATCH CO. TO BE WOUND UP VOLUNTARILY

t WELLINGTON, Last Night (PA).— f The shareholders of Matches N.Z. Ltd., / at an extraordinary general meeting t today decided to wind up the com--1 pany voluntarily. A statemeit issued - after the meeting said it was held to consider a resolution to wind up the s | company, or to provide fresh capital, c To carry on would involve reconstruc- - tion of the company or the formation t of a new company. - The chairman (Mr F. H. Bass) sur- • veyed the company's operations, and 5 its problems and difficulties. More 1 than 7,000,000 boxes of matches had 1 been produced, but manufacturing ex- = penses had been too costly, and loss of capital had resulted. The operations of the company had also been adversely affected by the large supply of imported matches which had come in under licences granted in the latter part of last year, and which, through delays in shipment, had arrived late, - causing a glut on the market. In con- - ’ sequence the demand for the comr pany’s matches had fallen away, and • 'the factory had been forced to reduce - staff and output Further finance was 5 needed to purchase new machinery, L considered necessary to reduce run- ‘ 'ning costs and increase output. The I statement added that after a long 1 discussion, the conclusion was reached 1 that the company was not justified in ‘ continuing operations under existing 1 conditions, and the decision was made • 'o wind it up. 1 Mr C. T. Cox was anpointed liqui--3 -'atnr. and was authorised to accept i shares in any new company that might be farmed on a basis to be ar1 ranged and submitted to members of th.? company for approval, or to carry out rny other approved scheme of re- ' construction. ’I It was honed that the factory at l : Wanganui might still be able to carry jon under some form of reconstruction.