WELLINGTON NOTES.

Hokitika Guardian, 7 November 1924, Page 4

WELLINGTON NOTES.

CO-OP HR ATI VIC AIEAT FREEZING

(Special to “Guardian”.)

WELLINGTOX, November 5. The balance sheets of several Farmers’ Co-operative freezing; eoncerns have reached Wellington, and a gentleoian closely connected with the' trade in course of discussion pointed out that the word "co-operative ” was lightly Used in connection with farmermanaged concerns. He deplored the fact that farmers had not the faintest notion of the value of co-operative effort, in fact they were lacking entirely in the co-operative spirit. In connection with the freezing industry he regretted that farmers who were shareholders in the freezing concerns would pass their own companies hv and sell to outside operators so loop; as another .‘ld or (ill per head was ohtainahle. fn

the tenth annual report of the Wiaroa Farmers’ Co-operative Meat Company,

Ltd., covering the period to July .11

last, there appears the following:— " The Directors wish to bring to the notice of shareholders the absolute - necessity of being loyal to their own ( concern. For this company to succeed i the individual farmer must support his own organisation, and if need he, resist the apparent tempting offers from > outside operators. These offers may ' seem good at the moment, hut if the policy of sending sheep out of t'lie district is carried too far, it can only have one result —disaster to the company — and the farmers here will then he at the absolute mercy of the people who : are at present offering this tempting hail.” The Fast Coast Co-operative Freezing Company Ltd., Whakatano, has been in existence about two years and the aggregate loss during that . period was £ 1,770 Ids .‘id. That is disclosed in the balance sheet lor September lasi, and in the report the directors say, "It has regrettedly to he admitted that the hoped lor measure of support from the farmers ol the Hay of Plenty was not lortheoming and this fact, of course, contains the key to the position. There can he little doubt that the required quantities of stock are available, and il farmers will ondy stand by their own company, then the unsatisfactory figures on the balance sheet will he immediately reversed. A reference to published balance sheets of other freezing companies throughout Xew Zealand will prove that the past vear has been a very difficult period in the freezing industry, and as these conditions are likely to continue, it is only with a whole-hearted support of the farming community that the establishment of the eoinapny on a sound financial basis can he achieved.” This gives an idea of how Xew /calami farmers view the principle of co-opera-tion. ! •» . , r.r. . l.’V’l’l : 1> I.'CI !

AIISSIXG DKHKXTCi:Kf>.

The Eastbourne Borough Council —and Eastbourne is Wellington’s marine horough—has been placed in an awkward position owing lo certain debentures of the lace value ot 1 .titlt) having gone astray. The horough obtained authority from the ratepayers to borrow £50,000 to provide a new ferry steamer. The Council was approached by a man from Auckland, who was a member ol the stock exchange, with a view to underu tiling the placing the debentures on the market. Mis credentials appearing satisfactory the Council agreed to the terms of his proposal and the debentures were placed on the market. H is alleged that the underwriter and broker obtained the signed dehentilies and had failed to account for about e I,<a 10. Just exactly how this defieienev arose it is not very clear, hut il is known thill the horough ollicials made repeated ollorts to rceovei the amount, hut without success. Eventually the underwriter 101 l lor England, and as far as can l>e gathered theie was no secret about his intention to leave Xew Zealand. At all events he did got attar and il is alleged I bat leis now in business in the Old Country. The loss of the money has put the Eastbourne Horough Council in an awkward plight, and it was necessary to get the authority of I’arliament to borrow the amount .alleged to have been lost, and the above details came out in the course of debate. The story however, is not so dismal as painted. The original deficit was C 1.000, but about (.'2,000 of this will be paid. It is stated that CSOO was paid by cheque and a promissory note, now about due, was given for C 1,200. The balance it is believed will he repaid in due course. | .Mr H. Fraser, member for 'Wellington i Central, referring lo the underwriter and broker said " that this particular gentleman who had taught the Eastbourne Horough Council a lesson was

nil example of how an honoiirninlo gonLlont:iII of tin: stock- exchange cnuld act.” The innuendo in this is fpn'c l dear and was no doulit intended to ho very nasty. Mr Fraser holds a front rank nosition in t!io Labour movement and if lie would take the trouble to count on his fingers lie would easily exhaust the number of his digits ill recording the defalcations o[ I nion secretaries and other front rankers in the Labour I’arlv. Black sheep dwell in every fold hut it can he said for the stock exchanges in New /calami that

its members are thoroughly honourable :ilid reliable men. They insiy bo slmrp and clever lint tliov are straight. The writer has roino into contact with numerous sharebrokers anil rega ids them as ahont \he smartest hnsiness men in the country. Their business is such that they never take anything for granted, hnt invariably probe the matter and satisfy themselves that all is right. Sharebrokers need to be men of the highest integrity for in their dealings with one another the oral contract is just as binding as the written one. Mr Frasers insinuations are! totally unwarranted.