LIPTON FACES STORM.

Auckland Star, Volume LVII, Issue 205, 30 August 1926, Page 15

LIPTON FACES STORM.

HIS SHAREHOLDERS ANGRY. SIR THOMAS WILL STICK TO SHIP. Sir Thomas Lipton, the' veteran tea merchant and yachtsman was toesed about on the rough sea of criticism at a etormy meeting of shareholders of Lipton'e, Ltd., in London, on July 13. Several of those present used every endeavour to force Sir Thomas to resign the chairmanship of directors in favour of a younger man. Sir Thomas is 76 years old. Protests were made about the decrease in profits and against a bank overdraft of £10,000. Waves of shouts, hoots, catcalls, and ironical cheers frequently drowned the voice of 'the chairman, who found it impossible at times to maintain order. A resolution, backed by certain shareholders, urged that Sir Thomas resign for eighteen months, leaving Sir John Ferguson a free hand in. the company's affairs. "Go on your yacht for a year's trip, Sir Thomas, and give ue a chance to get straight without you," shouted one shareholder. "Make all the old board resign and get some new men," yelled another. The resolution seeking to oust Sir Thomas was dropped upon legal advice of the company's counsel. Sir Thomas frankly admitted that the financial results during the past year were disappointing, and the decreased profits mean a loss of many thousands of dollars to him, but he declared "the business is sound at the core. It represents my life's work, and I am prepared to sacrifice all ideas of rest and recreation in order that the business may regain its wonted position."