STRANGE METHODS.

Waikato Times, Volume 107, Issue 17972, 18 March 1930, Page 10

STRANGE METHODS.

CHAIRMAN’S EXPLANATION PHOTOMATON, LTD., CRISIS. (From a correspondent.) LONDON, Jan. 16. Some strange revelations were made by the Marquis of Winchester at the annual meeting of the Photomaton Pa re nil Corporation, Ltd., one of Ihc Hatry companies. The marquis is the chairman of ttie company. “In November, 1928,” he said, "I wrote to Mr Hatry drawing attention io the unsatisfactory method by which the business of the company was being conducted, but chiefly that the hoards were not consulted about any transaction that took place, and also that certain statements which ought to be presented were not presented. ”1 attended one other board meeting, on December 5, 1928, and after that, on December 10, I handed my written resignation to Mr Hatry as a dffector. “After that I was not summoned to any board meetings, nor was T aware of the retirement of certain directors from the company, ‘‘When the crisis occurred I found that Mr Hatry had not. put forward my resignation to the board, and therefore I returned to the company for

the purpose of trying to assist it in its difficulties. But I am not offering myself for re-election, and am only formally moving ths adoption of the report.” Generous Commissions. Mr J. H. Gold (deputy chairman), said: “One thing that 'has struck me forcibly since I joined the board of this company has been the commissions which were showered in a most liberal way by those who assumed the conduct of the business on all and sundry who claimed that they had done anything to further the business of the company. ‘‘lt is a decision of the board not to pay arty of those commissions unless they are advised by their lawyer that they must, of necessity pay them or if they are directed to pay them by an order of a court of justice. ‘'We all think it is a most" deplorable position. Very large sums of money have been received and grotesquely large sums of money have been thrown away.” Mr Gold outlined the proposed scheme for the company’s reorganisation, and said that the alternative would be that the company would be thrown into immediate liquidation.