JABEZ BALFOUR VICTIMS

Hokitika Guardian, 23 February 1929, Page 2

JABEZ BALFOUR VICTIMS

NOTHING AFTER 32 YEARS

LONDON, Dec. 22,

A bewildered little woman, nervously clutching a bundle of faded share certificates, sat and listened to the mat-ter-of-fact recital of accounts at a company meeting at, the'lnstitute of Chartered Accountants, Moorgate-place, E. 0., yesterday. At the end of the meeting she was led weeping from the room. She was Mrs Gatcombe, aged 75, one of the survivors of the 25,000 people who orginally held shares in the United Realisation Company, which was formed 32 years ago to try to save something from the wreck of the Liberator Society and other Jabcz Balfour enterprises. NOTHING FuR dJSII. Mrs Gatcombe made the journey from Swanage, Dorset, with the flicker of a hope that something of her husband’s lost savings would come to her. There was nothing for her or any of the other shareholders. Many of the victims, on whose drawn faces were the signs of anxiety and want, had walked to the meeting from outlying parts of London. One man of 75 had come from Wales. It was announced by the chairman, Mr H. Smith, that £1,982,430 of indebtedness had been paid off. No mortgage or debenture debts remained, and a balance of £13,000 had been invested in 4£ per cent. Treasury Bonds.

FORFEITED FEES. Some dissatisfaction was expressed at a proposal to vote £750 to tlie three directors. The articles of association of the company provide for directors’ remuneration at £1,500 a year. For many years tlie directors have been paid only £IOO, divided equally between the three. They accepted these fees to reduco the administration expenses ol the company. “ This is money that should go to the people whose homes were wrecked,” declared one man. “It seems wrong to vote so large a sum when we have so little in prospect.” “We are dying out,” shouted another bearded shareholder, who said he was 80. “Are we to be wiped out?” lie added.

The proposal was abandoned. There was a faint cheer and a few wan smiles when the chairman said:

“ It is only a question ot how much vou will get; you will get something In duo time.”