WAIPA COLLIERIES.

Waikato Times, Volume 116, Issue 19453, 18 December 1934, Page 2

WAIPA COLLIERIES.

refund to shareholders.

FURTHER PAYMENT RECEIVED.

A further payment of Is 3d a share, making a total refund to date of 10s 9d on the shares which were 15s fully paid, has been received by shareholders in Waipa Railways and Collieries, Limited, which went into liquidation in 1930. This represents repayment of £42,949 of the paid capital qf £59,929. A circular received toy shareholders from the liquidator in Wellington shows a cash balance of £5264 as at November 20. Chief receipts were £I7,CSS for sale of Government stock, £6739 from plant and machinery and land and buildings (book value *£4730) and £2374 from sundry debtors (book value' 1 £26'69). It'is stated that at the date of liquidation Wilton Collieries, Limited, owed the company £IO,OOO on account of the purchase of the Ngaruawahia-Te Akatea railway. The sum of £6OOO and interest had been received and the balance, £4OOO, had been taken over by a' new company, Wilton Collieries (1934), Limited. As part payment for the sale of its railway the company received 10,000 shares in Wilton Collieries. Of these-4186 shares were disposed of for a return of £3502. Wilton Collieries was now in liquidation and no value attached to the balance of the shares. The liquidator states .that assets still to be realised consisted of Wilton Collieries (1934) debt or £4OOO, a small sum in respect of loans to employees on cottages some plant and machinery ar.d 5000'£1 shares In Waikato Carbonisation, Limited. It was practically impossible to dispose of the Carbonisation shares, as the company had not been successful ilnancially and there were restrictions on transfer. . . Liquidation proceedings are expected to continue for several years.