A MORAL DEBT.

Auckland Star, Volume LX, Issue 243, 14 October 1929, Page 8

A MORAL DEBT.

BACON COMPANY'S GUARANTEE

APPEAL TO FARMERS,

(From Our Own Correspondent.)

HAMILTON, Saturday.

An appeal to shareholders to do their part in wiping out "a debt of honour" was made by several speakers at the annual meeting of the Farmers' Cooperative Auctioneering Company today, the reference being to a moral debt held to be owing by Waikato fanners to Messrs. J. Barugh, E. C. Banks and tlie estate of the late Mr. Thomas Paterson, in .regard to the guarantee which they were called on to meet in connection with the failure of the New Zealand Co-operative Bacon and Packing Company. Mr. P. M. Strange said the liability that the guarantors took on their shoulders belonged to the fanners of the Waikato. The committee set up at the last meeting of the New Zealand Co-operative Dairy Company, Limited, proposed to make an active canvass of as much of the district as it was possible to reach. To facilitate the liquidation of the debt, it was hoped that farmers would voluntarily send to Mr. F. C. Hansen, Waitoa, what they thought was a fair and honest contribution. Mr. Hansen said the shareholders of the dairy company had contributed about £1500, but nothing had come from the auctioneering company for Mr. Barugh. The contributors to the fund to date had given about £5. each. The chairman, Mr. H. S. Hawkins, thought it would be a stain on the farmers of the district as long as that guarantee was not met. The company had been advised by its solicitors that it could not give anything to the fund, but a committee had been set up and had collected a sum which fell far short of the total required. He understood that from the voluntary contributions the three guarantors had received £500 each, out of £5000 each which they had provided. Mr. Barugh said he appreciated the expressions of the speakers, but he felt very uncomfortable about the matter. "A debt of honour, sir," interjected a shareholder, and others' applauded this sentiment.