THE ALBERTI FRAUDS.

Taranaki Daily News, Volume LI, Issue 233, 25 September 1908, Page 2

THE ALBERTI FRAUDS.

WILDER AND RILEI 8 POSITION, By Telegraph.—Press Assoeiation. Wellington, East flight. Mr. S. Turner, director of Wilier aud Riley, Ltd., writes to the Press Association as follows:—"The indirect connection Alberti had with Wilier ami iiUcy, Ltd., was as follows: -Albert! i.-.. an ex-Minister of Justice ami was * director of the Zetland Peasants' lie was also cliairmuu of the Fanners of Denmark Butter Export Assocmmc/x This Association banked with Hie Zetland Peasants' Bank, and Alnmi is

alleged to have taken 0,000,000 kronen from the Zetland .Savings Jia-jk. a, kroner is equal to Is l'/ 3 il in Englisn, money. Therefore this represented about £337,000, but all the peasants'; and associations of peasants in the limber, egg, butter and other trades hanked with that bank, in addition to the farmers of Denmark Butter Export Association. We have been the, Farmers of Denmark Butter Export', Association's agents for 21 years. Ow-' ing to my company saving the internie-. diale prolit by selling direct to retailers, they have grown and prospered,

and so have we. During the very high prices this lust year, the Farmers ot Denmark Butter Export Associalioi overdrew their account, and they shij a very large quantity of butter to nn company on consignment, drawing !l( per cent, market price. Owing to tin extreme market pike they overdrew their account several thousands o pounds. The amount the Farmers o: Denmark Jiutter Export Association overdrew was banked, and had, goni with other peasants' savings in hhi Peasants' Havings Bank, and the poo: 'peasants will have lost heavily b; these frauds. The Association, how ever, on the advice of my people, ar< not pressing them oil their joint am several guarantees, because we can le the debt remain owing until the Farm ers' Association can collect it gradually and pay it back to my company with out causing financial embarrassment t< the individual farmers. Last May w> secured £125,000 worth fresh capital and we can therefore let the debt b wiped off gradually, and thereby givthe poor farmers who have been th. victims of the fraud plenty of time t< get over it. The agency handles some thing like 5000 to 7000 tons of Danisl butter per year. They have stuck t( us for 21 years; therefore why shouh we take advantage of them in thcii •present unfortunate position? We liavi £1)50,000 fully paid-up capital; in tact our last issue was two and a-half times .over-subscribed in three days (ISth tc 20Ui Hay, 1908). It will clearly b< seen by any of our fin-nds in Mew Zea land and Australia that our positior to-day is very much stronger than lasl year, although we did so well for om ■factories last year. Wc have secured nearly 0000 tons of butter this year uj to now. The money in the hands ot the Fanners of Denmark Butter Ex port Association is as safe as in the Bank of England, on account of each individual Danish farmer in the Asso-

elation being jointly and severally liable for it. This fraud may be taken as a warning to New Zealand and Aus Irnlmn fanners to keep their liaanci tightly in their own hands, and not Ir one man have butter or money in hi: own hands. Of course the inoiiej which tlie farmers of Denmark owe u: ■will bear the usual rate, of interest and we are 'practically financing then ■by compulsion owing to these frauds Now, it is clear to aeo how our one mies make capital out of this fraud by making out to the united press ol London that we are reported to havi lost £55,000, and our shares have dropped. I cabled my people, telling them our competitors in New Zealand and Australia were making out thai our distributing power ami ihinincial standing were being effected. Their answer reads as follows:—'licuter's, ■Wellington, September ■>.— tM-25,000 was obtained from the issue of shares so that in any case we are stronger than last year, ft would not be good policy to press the Farmers of Denmark Association for the money they owe us, but the farmers are liable individually. AW will have no difficulty in financing shipments during the coming season, and will satisfy everybody Hint our selling and distributing power are "Irouger firm ever.- -Wilier.' "We give power to all factories to draw full market rate under letters of credit from banks in their own town, ami we are willing to deposit a sum of money in these li.lll.ks to cover' nnv surpluse-. We are capable of handling 15.00U tons of butter and cheese from New Zealand and Australia this mir, H 1..1 u,j In now we have secured on consignment about 0000 tons in New Zealand and 3000 tons in Australia. At the present time we are financing in Oreal Hritaia between 10,000 and 18,000 tons of butter from tlie northern hemisphere.