THE ALBERTI FRAUDS.

Hawera & Normanby Star, Volume LVI, Issue LVI, 26 October 1908, Page 5

THE ALBERTI FRAUDS.

WILLER AND RILEY'S. OUTPUT.

FAREWELL STATEMENT BY MR. TURNER.

Mr S. 'IWsier, representative for Messrs Wilier and Riley, the English produce firm which has gone into liquidation owing to losses sustained by the Alberti frauds in Denmark, left for Sydney en route for England on Friday. Before leaving, Mr Turner asked the Dominion to publish the following statement (in which he points out the contradictory character of the cable messages received from England, which he thinks might tend to injure the good name of the firm he has been associted with as director and buyer) : —

"My co-directors have confirmed my action in rescinding agreements for 4500 tons of butter and cheese at the request of the factories interested. They cabled me to hold consignments ; consignors did not run any risk. I tried to hold them, but the press messages made the st#t/pliers force the hands of some of the directors, so there was nothing for it but to do the correct thing and make an honorable settlement. My co-directors 'hope the factories will give us credit that they have not lost a single penny by us.'

"Now, about the cable messages which have been the cause of their action. That of September 19 stated — 'Wilier and Riley, Ltd., have lost £55,000, etc' This message was contradicted on September 24, when it was stated: 'Wilier and Riley' s supposed losses were recoverable from fifty-two butter factories, £5000 each, and afterwards the individual farmers.' My statement that my company had not lost any money was therefore proved correct.

"The second incorrect message was that of October B—'The8 — 'The directors reluctantly came to the conclusion that i^ was imperative to liquidate,' which was' contradicted on October 19, when another press message stated — 'Provisional liquidator was appointed by creditors.' Which of these two messages was correct? My cable from the firm of October 15 stated — 'Liquidator will be appointed Tuesday, 20th.' This was confirmed by the press message published to-day (October 22) as follows: — "The shareholders have decided to wind up the company. 'The directors are- preparing a scheme of reconstruction.' This seems to confirm my people's cable to me that 'a liquidator would be appointed Tuesday, 20th.' It therefore proves the Press Association message, October 19, to the effect^that 'the creditors had appointed a provisional liquidator.' I cabled on October 21, telling them of the October 19 message, and their telegram, October 16, contradicting that, and asked them what was the true position on October 15. It is very clear to see that there are very serious mistakes in the cables, and it does not make these mistakes justifiable, simply because our company has gone into liquidation. My cables published in the press as contradictions have been proved correct by subsequent press messages. The situation has evidently been growing more serious during the last month, and my people's •cable of September 22, stating we were stronger than last year (which I published September 25, to contradict the Press Association messages) was evidently our correct position at that time.

"I have relied upon my cables from my co-directors, whom I have worked with and trusted for nineteen years, and I have yet to learn that they have withheld any information from me. That is the reason why I have contradicted the press messages when they were not according to my cables, and my contradictions have been proved correct by the Press Association cables themselves. I very much regret the unpleasantness and worry caused to suppliers and directors in New Zealand by this matter. I thank them for the confidence placed in my company and myself in giving me outputs in New Zealand during my four visits of over 15,000 tons, £1,500,000 worth of butter and cheese on consignment, and although we have lost 4500 tons of consignments during this last week I have still plenty to be grateful for. New Zealand has left me better off than when I first saw the Dominion. I shall always remember the overwhelming true manly sympathy which has been given me by the directors, competitors, and others during this, my most trying experience, and some of my most pleasant recollections will be of the genuine men I have met in 'God's own country.' — Yours sincerely, Wilier and Riley, Ltd. (S. Turner, director.)"