A Pecuiiar Case.

Wanganui Herald, Volume XXIV, Issue 7168, 1 August 1890, Page 3

A Pecuiiar Case.

A private Meeting of Creditors lms been called for to-morrow (Saturday) at tno o'clock, by tho Wanganui Mesfc Preserving Company, to discuss tho peculiar circnmstances which have forced tho Company into liquidation. It appears thai tho difficulty firßt arose through shipping meat Home. During tho first two years of tl 0 Company's business, moats winch cost 41<1 per lb by tho time they loft tho works, remained unsold at Homo for another two j yours, the interest and storage expensoa accumulating of course all that time, so that ultimately they netted tho Company only 2gd per lb. Consignments sent homo during the third year, an t which cost BJd or Gd per lb to put np,netted 3 l-10d lb at Homo. Tho_ shop and local trado pays well, bring" ing in, about £20 per week or at tho rate ol about £1000 a year, go that tho liabilities were being gradually wiped off, At tho end of February last thero remained as overdraft to the bank the sura of SI7GO, and £2038 was due to creditors j since then tho amounts have bten reduced to £1305 overdraft and £2.023 to creditors. Through tho action of ono creditor— an amount of between £80 and £90— tho Bank eallcd in the overdraft, and some of tho dhectors paid it off, taking ovor tho securities held by tho Bank. Consequently the Bank can take no action and the Company's position is considerably improved, The Company haa been forced into liquidation, then, by one creditor, who stops the Oompany from proceeding with a profitable business when other much larger creditors are perfectly willing and anxious that matters should go on aa hejoro, It seems a pity that an arrangement made between, a body of creditors and tho Company eaunot in Borne way have the force of law. In this easa nine-tenths of the creditors agreed to accept payment of their clu-ms by quarterly payments and yet one man is allowed to stop in and upsot the wholo arrangement. Thero should bo some means of registering an arrangement of that kind so that it should be binding on all and not have tho Company forced into liquidation agdnst its wish. It is fully expected ab lo morrow's meeting tjjati satisfactory arrangements wiil be made, but in tho meantime tho intoresls of tho Company have considerably suffered in consequence of vexatious law and other exponses,

The usuual morning and afternoon sessions of tho Victoria Skating Rink, will take place to-morrow, at tho usual hours. Tlio testimonial presented to Captain Cummins Just night, was on view to-day at Mr '£. Worry's shop in Ridgway Stioet, and elicited much admiration. The love-sick maiden is almost always too small for her eigha. Tlio young man, 100, when ho is walking with her, forgets all tho short cuts to her lesidcnco. Several funny episodes ocurrcd dm ing the progress ot tho Firo Brigado hanquot liiet cve.ninfr, which, for the time being, " Bet tho table \\% a i ■. ." One of the prime jokes was "The DicipiUtecl Head," the expressions on the f.u Ob of some oC the gucets suggesting that tlio >>at vai being passed round with eh-mUMo ends in \icw. A well-known gcnlloiiKin, after descmling on the mutts ol Uio poit, t.itdown to listen to tho applause that always follows his utter, anccs, and found that his pockets had been filled w ltli scveii>l"uviconsidored" trifles during his oratorical effort ; thn " unpacking " in that instanco wa3 skilfully offeeted. if? Manning, who assisted bo materially to tlio success of the musical portion of tho programme, is to be complimented on his sLill aud commended for hia good undue.