SALE TO VESTEYS.

Auckland Star, Volume LVI, Issue 125, 29 May 1925, Page 5

SALE TO VESTEYS.

SOME INSIDE INFORMATION. EVIDENCE BY MINISTERS. (By Telegraph.—Press Association.) WELLINGTON, this day. Important evidence relating to the Bale of the Poverty Bay Farmers' Heat Company to Vesteys was given before the Royal Commission by Sir Francis Bell and the Hon. W. Nosworthy to-day. Sir Francis Bell said that in September, 1923, when he was Acting-Prime Minister, he received Mr. Lysnar in his room on the 17th. He and Mr. Lysnar were on very friendly terms. Mr. Lysnar at considerable length set out his relations with the National Bank. It was not a discussion, as he (Sir Francis Bell) took no part in it. Mr. Lysnar was not very coherent in his statement. He said the bank had unduly pressed the sale of the concern, which was quite Bolvent and able to carry on if given time. He also said the bank was selling to Vesteys, which was & meat trust. Involved in the first point was an allegation that they were selling at an undervalue. Mr. Lysnar pressed upon him that he should withhold an export license or refuse to agree to the transfer. The withholding of the license, said Sir Francis Bell, was a Departmental matter, entirely at the discretion of the Hon. W. Nos'.eorthy. The only right witness had was to request his colleague to refer the matter to Cabinet. He could not act himself, but he thought Mr. Lysnar thought Jie could. As to the bank's action regarding the sale, witness told Mr. Lysnar that he would not lift a little linger to stop the bank, and Mr. Lysnar assented to fet, ' _;