HAT WORKS SALE

Greymouth Evening Star, 1 May 1925, Page 5

HAT WORKS SALE

A DIRECTOR’S GRIEVANCE. “WILL NEVER FORGIVE YOU” (Per Press Aflfioelation.) s GISBORNE, May 1. e .The opening stages of the Aleat Commission’s sitting ’- this morning were devoted to a further control versy regarding a ;missifig journal. Mi*, Myers intimated that a search at* the National Bank premises had been unavailing. "" : George Witters, resuming his Cvi-< dehce, said that he" would admit the representations to the Meat Board - regarding the Admiral Codrington , had been left almost 'entirely to the e chairman. There would be a much i better chance of selling the boat if it had been iii 'commission; To Mr. Jones: He was not aware ’ that Lysnar had declared to the Commissioner of Taxes that the Company had no funds to carry on, and even if the vessel were sold, the shareholders would get nothing out of It; Mr.' Jones read LyShar’s Sworn . statement to the Commissioners to . that effect, and asked .was it true. ’ AVitterS replied that at the time it was made, it appeared to be correct, f He thought it was all assumption. Mr. Jones: What are your grievances against the Aleat Board? AVitness: You have enlightened me to some extent during the last day or two, but I think from the outset that I you should have taken us into your confidence, as well as Lysnar. Jones: Was I not entitled to assume that Lysnar would inform Lis . co-directors. Witness: I don’t think so, because you . said you had no confidence in Lysnar. Jones: What do you think the Meat Board should have done? ■'Witness: That is not for me to suggest. Until within 24 hours of the sale, we thought everything would be right. AVe left you after the interview believing you would keep an open mind on the matter. On returning to Gisborne, we sent a request to meet a deputation, and in reply were informed that the Board would be pleased to receive a deputation. Your communication saying that you could hear our views was written after you had given consent to the sale. In that I think you were guilty of utter deception, and for that I will never forgive you. Jones: You will do so when we get a little further. Alexander SE Clair, another director of the AVairoa Company, .gave corroborative evidence. He agreed that Vestey’s operations were detrimental tb the freezing company and to the farmers in the district. George Hartley Coop, director of the Poverty Bay Aleat Company, deposed that when the sale of the works was under consideration, Witness with the other directors, went to Air Jolly and offered to meet the position by raising more shares. Air Jolly replied that the shares in the Poverty Bay Company were not worth a snap of the fingers. He kept urging the directors to sanction the sale without the consent of the shareEolders. Air Jolly insisted that the bgrtik wanted its money. They then went to the Aleat Board, and were told by Mr Jessop they were lucky to have got Vestey’s offer. Witness denied absolutely Jones’s statement that witness had said he was anxious for the salq to go through. Had Jones said the Board had arrived at its decision all the trouble might have been avoided. Mr Jolly met them at breakfast next morning, and urged , the directors to let the sale go though, saying a concession of £22,000 would , no? be given, otherwise they gave Air Jolly to understand they would rather lose their money than their reputation . among the shareholders. , Regarding the missing, journal, ; Porter, an accountant, re-examined, . said that he was still satisfied the , journal was among the books given ] to Hamilton, Lysnar’s secretary. ; Since yesterday, Lysnar had shown him leaves from the ledger relating to the Admiral Codrington.

Lysnar said he was quite prepared to show them to thd’’Commission. The Chairman: Ybu have told us that before Mr. Lysnar, and we have told you we are not satisfied; It is no use reiterating the position. The Commission is not going to have its hands tied by any conditions- imposed by you. Lysnar said that the only condition was the Commission should _ not divulge to the other side information deterrent to the Company. The Chairman: The Commission is going to order the leaves to be produced, before it -whether the information will be disclosed remains to be seen, but the Commission is not going to bargain with you. Mr. Myers said Witters had raised doubts whether Lysnar was entitled to appear on '.behalf of the Company. Lysnar: I absolutely give the assurance that I have authority to appear. Jones: That is not enough. Lysnar: You caii have it under seal. Mr. Myers said Lysnar was appearing before the Commission in dual capacity, and was entitled to be cited as a party. The Chairman said that the Commission had already considered the point, and was not going into it further. He was quite certain that Lysnar would not appear before the Commission, and have the books in his possession without authority. (Proceeding)