SPORTS SERVICE LTD
VOLUNTARY LIQUIDATION. At a special general meeting of shareholders of Wadham's Sports Service, Ltd., held in Masterton, a motion to go into voluntary liquidation was carried unanimously. Mr N. H. James was appointed liquidator. It was stated that the failure of the company could be attributed to the question of discounts, which shareholders, when taking up their shares, considered they had been promised. Failing to get discounts they had a feeling that they had not been treated rightly, and transferred their custom. This also had a bearing oil their unwillingness to pay calls. The company had been forced to abandon the proposed discounts by the New Zealand Sports’ Federation. If the company insisted on giving discounts the Federation would refuse to supply goods. It left the company with no option but to abandon the suggested discounts.
The amount owing to sundry creditors is £536, and against this there are book debts and bank balance £ll4, and calls outstanding £67. The value of the stock is placed at £6OO to £7OO. The average takings per week amounted to £24, and the expenses to £l2, and with the reduced profits there was not sufficient income to warrant carrying on. It was readily conceded that the company was under capitalised from the start, but had shareholders met tlieir calls the venture might easily have turned out a success.
A vote of sympathy with Mr Wadham in the failure of the business was carried.
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https://paperspast.natlib.govt.nz/newspapers/WDT19331013.2.22
Bibliographic details
Wairarapa Daily Times, 13 October 1933, Page 4
Word Count
243SPORTS SERVICE LTD Wairarapa Daily Times, 13 October 1933, Page 4
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