THE ALBERTI FRAUDS.

North Otago Times, 25 September 1908, Page 4

THE ALBERTI FRAUDS.

Per Press Association. . Welhngtcm, September 2i Mr. S. , Turner,; director of Willor Riloy, writes to the iPrciis Association ns iollows: The, indirect connection Albert! had with Wilier Riiley led ns follows: Albert! was ox-Minister oi Justice and a director of the Zetland Peasants' Bank. Ho was also chairman of tho farmers of Denmark Butler Export Association. This Associa-, tion na'nkei with'the Zetland Peasants' Bank, and Alborti,is alleged to have taken 6,000)000 kroner; from tho Zetland pavings Bank, Tho kroner is equal to la Ud in jEagliah money, thereforo this 'is about £337,000, but ull the peasants and associations of peasants in tho timber* ogg, ' butter and olhor 'trades, banked. ;with that bank, in addition to Fanners. of Denmark Butter. Export Association, for which ] wo had .been'; agents .for; 21' years. Owing to' 5 my -company saving the intermediate profit: by selling direct to'..tho retailers, they had grown, and prospered, and so; haye;wo.■During the very high prices'of^thjs-last year 1 the Farmers' ■Butter accounts, >( as 1 .they: Bhip}; ay; yoryj large quantity; ; of biitter;; ; to'jmV Company, on consignment, : drawingS9o per cent; of the markelipricfeQwmg ; |; ; tpjj'thejeii-.;; . tremo peVeral The iamwintlpe.vFamcra'of/Denmark;; : :pßi;ljai\fed^^

.... TOrto^^^iytieVl^era'a ■•'t^'Wot'fftrmetf-w&v^Hfo'victima:.' over it,':"!ThcK, ageticyvHosi^ometliag' i ■ likfe 5000 ta tons' of- 'DiinisMiiut-;; aii'yearaj !;':|hereToje ■ fyty should 'jyiefj pr.!Bent uttfortunoia position: '^Vevhave,, fact; our last.ißsuo to 2|'timesovei; ' subscribed in';'. tHrae' ;'< days (from the;; 18th tov.tte dearly, beiseen by'aw °*" our .frioii'ls! in NewyiZealatid' Und Australia;; that J: our position' tWay :s*ronger*thnn"lafl'l" yearl ws did so .well,for our,factories last-year,,: w'seeuMnearly 6000 tons of buttur , this yenrup.tb.now.; Jl'ha money ; iri'. the hands of the Farmers of TJenniurk Butter; Export Association is <is, safe as in tho . Bank of England en, account.; of oaoh individual, the ; , Danish - •formers in tie Association being joint- '■ \y andsoverally liable for it.; 'fins fraud,may be taken-as rii-warnirig to New Zoaland'and'Australian farmcis to keep their finances tightly in their own hands, and. not let anyone lioiV have their 'butter arid money in his own hands., Of..course the..nwney which, the 'farmers''of : 'iieiimavk owo us will bear ..tip; ■ usual ; rate of interest', and''Wfl'are"practically froanoing them by compulsion qwingi.to those fi'umls, Now'it is clear to see how it,is : our enemies make capital out of this fraud ' by making out to the United ; I'ross in London: that! we are reported to have losV £85)000, and our share's are dropping. I cabled my people telling them our competitors in ' Now Zoaland and Australia were making out that our 'distributing power ; ami financial standing had ueon affected. 1 heir ...paper- !| reads' as follows: "Router's Wellington report oi ' the 22nd says '£125.000 wero obtained from the last issue of shares, so that in any case wo are stronger than last year. It would not ho good policy to pross the Farmers of- Denmark Association for money they owe us, but the farmers are liable individually, and we will have no difficulty in fianancihg shipments during tho coming season, and will satisfy, overybody. Our : selling and distributing power is stronger than ovor.-Willor.'' We give power to all factories to draw the full market rate tinder letters'of credit'from banks in thoir own town, and wo are willing to deposit a sum of monoy in thoso banks to cover any surpluses. Wo are capable of handling 13,000 tons of butter and cheese from New Zealand and Australia this year, and up ' to now we have secured on consignment about 6000 tons in Now Zealand and 2000 tons in Australia. At the present timo wo are financing in Great Britain ' between, 16,000 and 18,000 tons of butter from tho northorn hemisphere. . ;