MANAWARU FACTORY AFFAIRS.
(To the Editor.)
Sir, —I suppose this Manawaru Dairy Squabble will go on till you put your foot down and say enough. I think it would have been better to have let sleeping dogs lie, but if the opponents of the Co.-op. will stir up these matters, they must take the consequences. “ Manawaruite ” states that I said the Co.-op. made high payments, I have not said this, nor have I made any comparisons between that and other companies. He then goes on to say that we have not paid interest on the paid-up capital, or a penny for depreciation, and he quotes bis figures from the balance-sheet. Now with that before him where were his eyes that-he did not see on the opposite 6ide of the page, the depreciation reserve account, and this amount will no doubt be much increased after the next directors’ meeting, as the necessary balance is in hand to do so, but things must be done in proper order. In the other letter signed by “ one of the old crew ” the writer starts by speaking of the Co.-op. as a wrecked company, it is anything but that with 25 suppliers and 50 per cent, more milk this year than last, and good prospects ahead. Then he hints at dishonesty in the starting of the Company and implies that some creditor said as much. Now, I challenge bitn for proof of this. The fact was quite the contrary, soon after I became secretary a special general meeting’was called, and the discontented onps demanded that an enquiry into the affairs of the company be made right from the beginning by an impartial and competent auditor. The Directors agreed to the proposal, and the opposition were allowed to nominate their own man, and they voted 15 guineas as fee. Copies of his report and balance-sheet were distiibuted to every shareholder, and ho completely exonerated the Directors from all the charges made against them, and finished up with a big puff to the Company, prophesying a blight career in the future, if ithe shareholders would work together. I hive 6till spare copies of this report by me to prove that what I say is correct, aud I may say that befoie he began his investigation I gave him the names of some of those who were leading the opposition, and he went to them, and heard all they had to say, before he began Lis work, I was determined to have a thorough investigation, a 3 I did not know myself who tvas right. Now the partial break-up of the Company was caused by the spreading of a mass of falsehoods about things and people, everyone of which was proved to be nntrue, but that made no difference, the mischief went on all the same, as temper had got the better of judgment. I will give just one specimen : When I first joined as secretary I was told by several shareholders that the first Chairman had made away with all the early accounts, in order to conceal his own wrong doing, and he lay under this stigma for some time, till one day someone in Te Aroha told me there were some papers belonging to the Company iu his place. I got the papers and, when I got home, was astonished to find that they contained all these missing early accounts, which were said to have been done away with. I afterwards spoke to him about them having been kept in the dark, and he said he had mentioned them to one who was a director at the time and he said, “ Let them alone and say nothing about them,” or some words to that effect. Now, this man was the respected leader of this party who were spreading these wicked falsehoods against an innocent man’s character, and he was publicly charged with this at the next shareholders’ meeting and did not deny it. As to the question of interest, it must be remembered that a number of those who still supply ere fully paid up also, aud get no interest, as it is agreed that all profits ] shall go to ' those who bring milk. Of course this matter would wear a different aspect if the outside shareholders had not deliberately tried to wreck the Company. As the New Zealand Dairy Shareholder j have done so well, according to their own account they can afford to be generous to those who have Suffered so much loss j through the aclion of those who tried to break up the Company which they themselves had helped to establish.—l j am, etc., |
J. Squirrei.l.
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Te Aroha News, Volume XXVII, Issue 4436, 15 July 1909, Page 3
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774MANAWARU FACTORY AFFAIRS. Te Aroha News, Volume XXVII, Issue 4436, 15 July 1909, Page 3
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