LOST £125,500.

Waikato Times, Volume 106, Issue 17839, 11 October 1929, Page 9

LOST £125,500.

) | MELBOURNE MORNING POST. LIQUIDATOR’S REPORT. ... ~ The liquidator of Victorian Newspapers, Ltd., which formerly published the Morning Post in Melbourne (taken over in 1928 by the Herald), announced during the month that although the wlnding-up of the company is now subject to only minor adjustments, and the approximate amount that will be available for distribution can be ascertained, the date of the final dividend is still contingent on settlement of outstanding matters. Sharoholdera Sued.

One of the difficulties has been to collect outstanding calls owing by shareholders. When the company went into liquidation GBO shareholders were liable for calls, and although a large amount has since been paid a sum of about £6OOO Is still outstanding, and 270 summonses were recently issued by the liquidator suing shareholders for calls. Many of them have endeavoured to evade payment because the liquidation dividend can return only a fraction of the amounts they are legally required to contribute. The date of winding-up, the liquidator reports, is dependent upon defaulting shareholders meeting their obligations, i The only other outstanding accounts j are those in respect of legal expenses. The company was involved in three j libel actions, but although successful it has been unable to effect recovery of costs. All creditors have been paid off in full liquidation, and £1 of each £5 share has been returned to shareholders. The final payment is expected to be somewhat more than 13s, involving a loss of nearly £3 7s on each £5 share. Losses on Dally.

The actual cost of the Morning Post failure was considerably greater than the revealed losses of £122,500 incurred by shareholders. In addition to that sum operations also absorbed £35,000 surplus that had been obtained by sale of the Flinders Street property to Union Theatres. Aggregate losses on the venture were consequently about £157,500. ~r