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NORWICH CITY F.C., LTD. TO BE WOUND UP
Norwich City Football Club, Ltd., after a plucky fight against adverse circumstances, has now to be wound up. This decision was made at the annual general meeting of shareholders held last evening at the Museum Café, the following resolution having been carried:- "That owing to the company being unable to meet it liabilities, it is hereby resolved that the same be wound up voluntarily, and that Mr. Robert Charles Spicer, of Queen Street, Norwich, incorporated accountant, be and is hereby appointed liquidator."
More than one of the shareholders expressed regret that this course was necessary, but it was generally accepted that there was no alternative. The resolution, in order to become really effective, will be submitted for confirmation to an extraordinary general meeting to be held at a later date. There is little likelihood of the resolution not receiving such confirmation.
The directors' report stated that the policy of "carrying on" during the war had further increased the indebtedness of the club by £309 16s 4d, bringing the total accumulated losses up to £7328 19s 7d.
According to the balance sheet the liabilities amount to £9294 8s 6d, made up of the following items:- 3292 share at £1 each (less calls in arrears £51) £3241, loans an interest £3016 3s 1d, balance due to bank £1981 10s 7d, creditors £1055 14s 10d. The assets are:- Estimated value of effects £400, goodwill £1500, sundry debtors £60 9s 11d, South-Eastern League deposit £5.
Mr. W. T. Blyth, one of the directors, presided at the shareholders' meeting. "It is the first time I have been in the chair," he said, "and it looks as if its going to be the last."
The financial statement and the directors' report were passed without comments.
The Chairman subsequently referred to the resolution that the club should go into liquidation, stating that it was unnecessary to go into the pros and the cons of the case. It must, he said, be very evident to all of them that it was impossible for the club to continue. The bank were pressing for payment, and in the circumstances the directors had no option but to place the matter before the shareholders.
Mr. C. Watling moved the resolution, observing that to the shareholders it seemed that there was nothing else that could be done. Personally, he felt that the thanks of sportsmen in Norwich were due to the directors for having kept the old ship as long as they have done. Some directors, Mr. Watling added, would have wound up the club long ago. "No one is more sorry that I am to see the club go into liquidation, but still we won't lose heart. There is really no reason why one of these days, when circumstances will become more favourable, the old club should not be started again and have a glorious future."
Mr. W. Kerry seconded the motion, which was carried unanimously.
Mr. Blyth, in acknowledging the friendliness of the comments, remarked that it showed that the shareholders agreed that the directors had really done their bext to keep the old flag flying. Circumstances, however, had been so dead against them that it was impossible to go on. They had not been able to play any matches with any profit, and had accordingly only got further into difficulty. The course that had been taken had been forced upon them.
Mr. J. W. Howes (secretary pro. Team) explained that should anything come forward between that date and the next extraordinary general meeting, for the salvation of the club, the resolution which had just been carried out would not stand.
Acknowledging a vote of thanks, the Chairman spoke of his long association with the club in which he had always been interested as a sportsman. The director's who were a good body of men, had always worked amicably together, and if they could have seen their way they would have saved the club from such a fate. Perhaps some day it would revive, and if so he would be in it. (Applause)
In reply to a question as to whether there could be a match occasionally at the Nest, the Chairman said arrangements were being made to provide one on Christmas morning, but the club were not responsible for them.
Reproduced from the EDP, Tuesday, December 10th, 1917