WILLER AND RILEY.

Taranaki Daily News, Volume LI, Issue 248, 13 October 1908, Page 2

WILLER AND RILEY.

THEIII POSITION EXPLAINED. By Telegraph.—Press Association, Wellington, Last Night. Air. - fc., Turner, representative of Messrs. Wilier and Riley, Ltd., states that he has received under the dates stated the following cable messages from his principals concerning the Alberti overdrafts!—" October 3—Farmers owe us £93,000; recoverable from the farmers." "October fl—As we refused to pay fanners' drafts, have decided in to protect shareholders to recommend liquidation. After paying everybody there is a surplus of at least '£loo,ooo. Hope to r'e-oonstruct shortly. Hold consignments. Consignees do not run any risks." tMr. Turner desires if to be stated for the information of factory directors 1 t he had no knowledge when in Taranaki that title amount which would Jjocoiho compulsorily loaned to tlieFnrniers of Denmark Association would be anything like £03,000. The drafts must have been becoming due during that time. The sum of £02,000 reported by tSie Press Association cablegram as overdrawn by Alberti is the same sum as is recoverable from the farmers of Denmark. The reason that Wilier and Riley resolved to liquidate and re-construct was in order to prevent the acceptance of further | drafts which would havo increased toe amount of debt. Messrs. Wilier and Riley's credits in favor of the factories are for payment at sight immediately on arrival of the produce in Londonand these, credits are further guaranteed by tlhe tankers, the London CitT ami Midland Bank. This is double seem :!y to the factories.