CEMENT ENQUIRY.

Hokitika Guardian, 2 November 1921, Page 3

CEMENT ENQUIRY.

AIR MASTERS’ CHARGES. r UY teuhghaph—per puess association] WETJ-INGTON, November I. The cement inquiry was resumed today. Air Berry for Air Masters ALI’., said that he had consulted the Solicitorgeneral with the result that they had agreed upon the Addition of t subclause. judge Him said that he could not add anything to the order of reference. If evidence on the point desired to he incorporated was put in and not objected to. it would meet the ease. Mr ALu-Gregor and Air Myer* sal<l (Kit. they would not object to any evidence of the kind, and Mr Berry expressed himself satisfied. Mr Perry- said that Afr MacGregor had agreed to the extension of a third clause to Coyer the nhrnsc “in restraint of trade.” AH* AraeG regor said that this did not fairly state the agreement. Obviously “in restraint of trade” was for Afr Afasters to show to bo illegal. AH' Berry said that it had keen very difficult for his side to obtain evidence because tii,, people, who were parties affected, were not keen to give evidence, as tlie v were dependent oil the other two companies r or cement supplies, still he hoped to produce such evidence as would conclusively satisfy the Commission that f-lte agreement "tie in restraint of trade, and that these companies might ink,, advantage of the acute shortage of cement, to start unreasonably high prices. Vurtlior lie hoped to show that the Board of Trade in authorising the increase acted improperly and with a lack of judgment. Tile first witness called at the Cement Commission "‘as Air Gerald Fitzgerald. civil .• engineer ami debenture holilcr. who is acting in the interests of the ,absentee ('/ciieii'ture hnlrers in the Golden Ha v Company.

This witness said that a. meeting of delionture holders was held and they appointed a committee, after the cement agreement was signed and they obtained legal advice. They r eared that tile plant was deteriorating, and goodwill was being lost, so that if the cement agreement held for twelve months or longer. Hi,, business (-ollld not lie picked up again., ami "Otlld got into the hands o! rivals., 'the Milsun (’.. even took over their hap; Evel I if the agreement "ere terminated it would require fifteen months to start liu.siiioss again. Thu Company was being strictly bound by Ii as regard'd its ivoi’gauis'ttion. The witness characterised this as “an outrageous clause.” They read it as a disnbiy intention of closing (lie "neks and i" 1 posing conditions (hat would prevent them oyer i e-open big

111 reply in collll-ci. " It II -ss siild (lull Hi" ih bolil in '' I'nhb'is login ih d the agreements :i “ riii'ioiis lo tl'e Golden Ilav Onmp'niv. It looked as il they laid tyalked into a trap.

Asked what benefit the shareholders were to get out of the agreement he considered that they were anxious. some of them, to mak<> the mihlie pay the interest to the debenture holders and eseanc themselves; hut he admitted that they were liable to the debenture holders for £45.000 of the uncalled capital.