The Ward Farmers' Association.

Hastings Standard, Issue 384, 28 July 1897, Page 3

The Ward Farmers' Association.

(By Telegraph.) (Per Press Association.) Duxedix, -July 27. Mr Fisher's examination was completed this morning. Re-examined by Mr Cooper, witness said he drew up the balance-sheets on his own responsibility. Mr Ward trusted him implicitly. As to deals he had authority from Mr "Ward to operate his account, and signed the cross cheques himself, Mr "Ward not being in Invercargill at the time. He gave particulars of several largo drafts drawn one day and retired the next when shipments of grain were made. Mr George Birch, manager of the Colonial Bank at Invercargill, said Mr Ward got all the accommodation he applied for up to £45,000, three months after the formation of the company. lie was not aware the Association was paying Mr Ward's debts. He did not think the Bank was called upon to make enquiry as to the security for accommodation. It was a rash thing to make advances without enquiry. He was told by Mr Fisher in 1893 that a cheque for £21,000 was going to be paid in and taken out by him after balance in order to reduce the debit on balance day. His reply was: "All right if it has been arranged. He saw Mr McKenzie, who told him to pay the cheques. He did not take Mr Fisher's word. The arrangemants were made on McKenzie's sworn statement. He did not know of the transaction' until afterwards. It was untrue that Mr Fisher deceived him, but he admitted he and Mr Fisher practically deceived the shareholders of the Ward Association and the Bank by the cheque transaction. Mr Fisher admitted in an interview that Mr Ward had made heavy losses and 70.000 sacks of oats were short in 1895. Had he told the truth earlier the Association would have come down. Had he been " boss "the Bank would not have sanctioned the cross cheque reducing the account of the balance. He never heard of it being done before.