North British Australasian Company Limited – Delay on Wool Clip creates liquidity issues - 1892

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North British Australasian Company Limited – Delay on Wool Clip creates liquidity issues – 1892

Short Description

Original manuscript letter from the Company Secretary of the North British Australasian Company Limited from their headquarters at 10 Moorgate Street, London E.C. dated 5th July 1892.

Addressed to Cochran Macpherson who were likely the lawyers of 152 Union Street, Aberdeen who were no doubt attending to their wily Scottish clients interests.

I legible hand but for ease of reading … “Dear Sirs, I am in receipt of your letter of the 1st inst and in reply beg to say that the delay in the payment of the Guaranteed interest is owing to the non-arrival of the greater part of the Wool Clip. We have however received a Cablegram saying that same is being pushed forward and expected to arrive here in September. On the completion of the sales whatever amount remains after meeting out-goings in the Colony will be appropriated for interest on the Guaranteed Stock. A payment on account would have been made ere this had it been possible to have sold a large quantity of surplus Live Stock on the Stations at the present time but prices are so extremely low that we are prohibited from doing so .. ”

The North British Australasian Company were formed in the early 1840’s and by the time of this letter had extensive interests in Australia.

What at first hand may be a routine business letter … reflects the difficulties facing the Australian agricultural sector to this day … overstocking when prices are low, delays caused by unforeseen reasons and shareholders expecting guarantees when they cannot be fulfilled.

10 Moorgate is a beautiful building now occupied by ING Group.

Liquidity Issued Politely Explained
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