FARMERS' MEAT WORKS.

Press, Volume LXI, Issue 18405, 11 June 1925, Page 10

FARMERS' MEAT WORKS.

—— + —. PURCHASE BY VESTEYS. MR LYSNAR'S CHARGES. . (parss association wlegbaic.) WELLINGTON, June 10. At the Meat Commission, Mr Lysnar said that the position ot tho Poverty Bay' Fanners'. Meat Company was not hopeless when the National Bank effected the eale to Yesteys, and that the company could have carried on» had it been permitted to do so. Tho company kept the hank fully acquainted, as to its position, and its operations. If the company's "position was as hopeless as Air Jolly suggested, was it reasonable to expect.that Mr Jolly would advise tho company to carry out improvements? The bank at no time raised any objections to the work being carried put by the company, and tho only matter in dispute was over the calling-up of shares. The banfe always received the balance-sheets and the annual reports of the company, and it never took any exception to what was stated therein. Ho urged that Mr Jolly had not placed the true position of the company' before the Minister of Agriculture.' There was no doubt that Mr Jolly's statement influenced the Minister, but the statement was not one that was borne out by the facts. He could 9tand before the commission with confidence and ask it to return a finding to that effect.

In reply to a question by the commission, Mr Lysnar stated that the bank was charging the company 7 per cent., a charge which had borne rather heavily on the shareholders The rate of * interest started at 5$ rer cent, and crept ud to 7 per cent. The . shareholders had asked tor a reductior., and the bank gave » promise when times were better, and. when the'TMmpany's account had been reasonably reduced to consider the request for reduction. Mr Hislop. cited figures to show that the the bank's loss was at least £40,000. He characterised Mr Lysnar's statement to the contrary as a gros3 misuse 'of figures and an improper deduction to draw from the evidence hefore -the Commission. Mr' Lysnar contended that lie had proved his point by • analysing Mr Jolly's own figures. Mr Hislop said that Mr Lysnar had arrived at his. "result by taking figures ont of one statement and putting thorn into another. ..

The chairman: The Commission will look carefully into the matter. Mr Lysnar, replying to an interjection by Sir John Findlay, said that the Minister, having let one competitor in, and that the greatest and most dangerous .of all trusts, he should have let them all in. He (Mr Lysnar) either would keep them all out or let them, all in. Sir John Findlay: So long as they will pay enough. Mr Lysnar said that he had been putting stock, through Vesteys while the Commission had been sitting. Ho admitted it. He made no bones about it. He had. to pat stock, through Vesteys or, else make a still greater sacrifice. Was he to blame for that? The Minister was failing in his duty in allowing Vesteys to 'operate, but -since he did allow them to operate, he held that he (Mr Lysnar) was legitimately, legally, and rightly entitled to use. them. The matter could not be settled by counsel merely waving a hand and'saying, "You use the works." Mr Lysnar contended that there was nothing in Sir Francis Bell's evidence to suggest that the Minister of Agriculture had not the power to refuse the license.to Vesteys if he considered that the facts justified such a refusal. Both Sir. Francis Bell's evidence and that of Mr Nosworthy showed that the Cabinet and Sir Francis Bell left the decision to Mr Nosworthy. The responsibilty. for the decision, therefore, he held, rested entirely upon Mr Nosworthy. The Government was not responsible, and from the first he had refused to hold the Government responsible.*: ■■'■\i! : .'•'•'.'■• .' ■■' ■.'■'

Sir John Findlay: But Sir Francis Bell distinctly said that he accepts responsibility'. • , ■"'■ Mr Lysnar:, "I don't care. The Government, was not responsible.''' He maintained that' it. was the Minister's duty to refuse the license unless Vesteys could show cause why it should have boen granted. • At this Sir John .Findlay - laughed aloud.

At 5 p.m., Mr Lysnar, in replying to a question by the chairman, said that he must admit that he had not yet got half-way through his address.. He was quite willing to go on. Sir John. Findlay remarked that ho could not but admire his friend's capacity for going on, but'he must-concede that his (Sir John's) power to sit listen-' ing to him was not equal to Mr Lysnar's power to go. on. (Laughter.) The Commission adjourned till tomorrow. ..-■■' v Sir John Findlay: We have Mr Lysnar's assurance, at any rate, that he will not disappoint us by finishing to-morrow.

(to Mr Lysnar): Will you finish this week? (Laughter.)