LEWIS BROS. MEETING.

Auckland Star, Volume IX, Issue 2500, 29 March 1878, Page 2

LEWIS BROS. MEETING.

(To the Editor.)

Sir, —I beg to request a portion of your space to reply to Mr Hean's comments on my remarks at the late meeting of Messrs. Lewis Bios', creditors. Ho says, "had I known that the creditors were to be treated to a lecture by Mr Stevenson on banking and the duties of bankers, 1 should have gone better prepared. " I did not expect to have my few remarks dignified by the name of lecture ; much less did I expect Mr Hean to acknowledge his inability to reply to them. A careful perusal of his letter only shews that time has been of no great advantage to him. Again, he says, " had the Bank adopted the selfish and suicidal policy suggested by Mr Stevenson, &c." What, may I ask, more selfish policy could the Bank have pursued than to secure themselves 20s in the £, leaving only 5s in the £ to other creditors ? According to Mr Hean, at the time Mr Gabriel Lewis went home, he failed to obtain from them any statement of their affairs. While not possessed of the banking experience of Mr Hean, I have always understood it to be the custom of such institutions to make themselves thoroughly conversant with the position of clients, whose affairs are in a state of embarrassment, and who require such unusual accommodatfon. It does seem rather a joke to learn that the balance-sheet of an Auckland firm should arrive via London. With regard to the valuation of the assets of the firm, I can only repeat what I said at the meeting, that the securities held by the Bank were the best portion of the assets, and fairly valued ; while those held by the unsecured creditors will realise less than half of Messrs Lewis' estimate. I beg to call {attention to the fact, as stated by Mr Hean, that there are shipments still afloat, as no iutimation of such has hitherto been made, so far as lam aware. I have no unkindly feeling, as I stated at the meeting, towards the Messrs Lewis Bros.; any severe remarks I may have made were not addressed to them. As to the " bolstering up of retail houses," and consequent loss to wholesale firms, I beg to remind Mr Hean that in such cases the loss falls upon the houses who do the " bolstering up," and not upon unsuspecting third parties. In conclusion I would only assure Mr Hean that the firm to which I belong, not only looks at home, but finds it useful, at times, to look abroad also. —I am, etc, J. Y., Stevenson.