Lipton's Losses

Horowhenua Chronicle, 30 November 1915, Page 2

Lipton's Losses

U-jUjUUU CiJ.Fi.' J.U COMPANY 131 -Slit TJiOUAti. •Somewhat stormy scones took place at the animal meeting u[ Lip ton'a (Limited,), held at \\ liichester House on Tuesday. A letter was read from Sir Thomas .Upton expressing regret at his inability to be present owing to indisposition, and stating that he believed tile appointment ol directors and other changes would lead to improved resii'lts in the future.

Mr Robertson Lawson, who presided, said serious discrepancies had been discovered. in the stocks, and there was a substantial dulieiency ol capital owing to speculations which had been largely conducted without proper sanction. The cost ol several legal actions had also fallen on the company, and 'the result [ was that, Ironi the point oi view ot actual ■working capita], they found thu position short by nearly JWoU.OOU. Tins statement was greeted with ori<>y v oi "Whame" audi other protests however, by cheers when it announced that Sir Thomas Lip'ton hatt expressed his determination to make good these losses himself. The chairman further said that tho war had had a bail e fleet on the company, and the proht 011 trading was 17U.-189 loss than in the previous year. IJig report and accounts were eveutualJy adopted unanimously.