DANISH BUTTER FRAUDS.

New Zealand Herald, Volume XLV, Issue 13879, 13 October 1908, Page 6

DANISH BUTTER FRAUDS.

WILLER AND RILEY'S POSITION. [BY TELEGRAPH.—PRESS ASSOCIATION"..! Wellington, Monday. Mr. S. Turner, representative of MessrsWilier and Riley, Limited, states that £■* has received under date stated the following cable message from his principals concerning the Albert i overdrafts:— 3—Farmers owe us £03,000, recoverajj from farmers. As we refused to pay far* mers' drafts, have decided to protect !ihJJ£ holders to recommend liquidation. A-*" . paying ' everybody, there is a surplus of, -' least £100,000. 'Hope to reconstruct sW>--" iv. Hold consignments: consignees not run any risk." .Mr. Turner desires w. stated for the information of facto; y_«i. tors that he had no knowledge when tot **j in Taranaki that the amount tittup «oaw become compulsorily loaned to the fcarniff of Denmark Association would be 'tnyuu, like £93,000. The drafts must have been becoming due during, ■thai time. - The-sua of £92,000 reported by the Press Aswo* tion cablegram as overdrawn by — L .;;' , is: the same sum as is recoverable inning ally from! the farmers of Denmark, -'; reason that Wilier and Riley xesolym» * liquidate and reconstruct was in 01> :\" prevent the acceptance of further ara* '*; which would have increased the amount Jdebt. Messrs. Wilier and Riley ■«?" in favour- of the factories are for pajn- '-■ at sight immediately on arrival of the 1» ducte "in London, ■■ and these credits *L further guaranteed V the bantas ;s g j London, City, and Midland Bank. in* ' I double security to the factories..