MEAT COMMISSION.

Hawera Star, Volume XLV, 11 June 1925, Page 7

MEAT COMMISSION.

3111 LYSNAR CONTINUES HIS ADDRESS. POSITION OF THE P.B. COMPANY. (by TELEGRAPH. PRESS ASSOCIATION.) WELLINGTON, June 10. Continuing his address at to-day’s session of the Meat Commission, Mr AY. D. Lysnar said that the position of the Poverty Bay Farmers’ Meat Co. was not hopeless when the National .Bank effected the sale to A 7 esteys, and that the company could have carried on had it been permitted to do so. The company kept the bank fully acquainted as to its position and operations. If the company’s position was as hopeless as Mr Jolly suggested was it reasonable to expect that Mr Jolly would advise the company to carry out improvements. The bank at no time raised any objection to work being carried out by the company and any matter in dispute was over the calling up of shares. The bank always received the balancesheets and annual reports of the company and it never took any exception to what was stated therein. He urged that Mr Jollv had not placed at the time the position of the company before the Minister for Agriculture. There was no doubt Mr Jolly’s statement influenced the Minister, but the statement was not one that was borne out by the facts. He could standi before the commission with confidence and ask it to return a finding to that effect. In replv to a question by the commission Mr Lysnar said that the bank was charging the company 7 per cent interest, a charrre which bore .rather heavily on the shareholders. The rate of interest started at 5’- per cent, and crent up to 7 per cent. The shareholders had asked for a reduction, and the bank gave a promise that when times were better and when the company’s account had been reasonably reduced to consider the request for a reduction.