THE WHOLESALE CLUB.

Taranaki Daily News, Volume LIII, Issue 326, 13 June 1911, Page 8

THE WHOLESALE CLUB.

CHRISTCHURCII VENTURE. CHAIRMAN LOSES £IO,OOO IN THREE WEEKS. Christchurch, June 11. The adjourned meeting of shareholders of the New Zealand Wholesale Club was held this afternoon. Mr. George Dayies, managing director, was in the chair. In reply to various questions, Mr. Davies said all the shareholders had been advised of the meeting. They would have had nothing to gain by failing to notify some of, the shareholders. A voice: 'You are trying to shuffle out of it.

Mr. Davies: There was no shuffling. I did the best I could for the club and for you, and lost my own money. A shareholder: Why is our stock in shops in town? A voice: Is it in everybody's? Mr. Davies: You make inuendoes and statements. Stand up and make a definite charge and substantiate it! . You can go through the books or get anyone vou like to go through them. I will pay for it. A voice: There must have been a mistake.

Mr. Davies: There was. It had not enough money. But it would have been well if we could have got the credit that the club deserved. They would not even supply us when we came with cheques in our hands. An elderly shareholder spoke at some length, reproving Mr. Davies for having drawn others into the club's affairs. A shareholder demanded to know why the Hon. John Barr had dropped out, and how lie had been able to get his money out when others had not. Mr. Davies explained that Mr. Barr had had very little in it. He had come in to help the club, and that was practically all. The Hon. John Barr said it seemed to be understood that he, with other people, received certain privileges. That was wrong. He was more out of pocket than any one else, because when he withdrew he took the advice of a lawyer, and that was not got for nothing. He left a letter in the hands of the lawyer. Mr. Davies got the advice of Mr. Russell in this matter, and owing to the unfortunate attitude adopted at last meeting they could not do anything else. Mr. Davies said he would like to add th''t In; and Mr. A'eorn were trying to pit up their own money to meet the creditors who wore not guaranteed, so (hat ci'ls need not be made upon the shareholders. They had nothing to be i'fratd of, and they were conscious that they ltd done nil that lay in their power. They had put up a good fight in the ice of circumstances that would have injured the biggest concern in the country. A voice: I think the shareholders are finished with you', unless they're gluttons. «

Another voice: You won't float another. A shareholder added that there was present a young fellow, a cripple, who had put in £3o—all that he had— and now he had nothing. Mr. Davies: Three weeks ago I had £IO,OOO. To-day I havn't sixpence. It went in trying to sare people like that. I'll use what I can get to help you people. .—„„„. — ,•?..—.«*

It was asked why the £3OOO had been Iforrowi'.i on the terms which had been published. The chairman 'aid that a man yi the town had promised to lend £IO,OOO for which there was no security. He had failed at the last moment, and they had to get the money where they could, It was the one feature of the club at which they could point, because £3OO had been paid. A previous number of debentures had been issued to Mr. Percy Herman. A voice :_ Was not Mr. Herman in at the beginning? I remember a court case in which Davies and Herman were trading as the "Wholesale Club."

Mr. Davios smiled as he explained that his name was George Herman Davies, accounting for the mistake. "I saw a Tot of our goods in other shopkeepers' windows to-day" said a shareholder. "Is 'Everybody's Limited' a branch of the Wholesale Club? It is in the old premises." This drew from Mr. Oeorgc Davies, erstwhile managing director of the club, a vigorous retort. "Have you any charges to make?" he asked. ""Do you mean to say we have been stealing the stock? I have met a great many men of your sort, full of inuendoes and sneaking suggestions. If you have no definite charges you had better keep silent."