THE PRICE OF BEER

Otago Daily Times, Issue 22365, 12 September 1934, Page 5

THE PRICE OF BEER

TO THE .EDITOR SlKy—-The letter signed by “One Who Knows,” in which he exposed the inconsistency of New Zealand Breweries, Ltd., is greatly to be commended. In striking contrast to his exposure is the reply of Mr • Hugh Adam (joint-director, jointsecretary, joint-manager), which cannot be allowed to escape criticism. Mr- Adam implies that his combine is awaiting the curtailment of stocks before passing on the reduction of that miserable threepence per gallon (i.e., a couple of bubbles to a glass). He overlooks the fact that the profits of New Zealand Breweries for the past year were advertised throughout New Zealand, and proceeds to aide-track the point that shares in this companv jumped up four shillings per share immediately the announcement of the paltry threepence per gallon reduction in duty was made. I can go so far as to say that

Sir Adam would make a good Minister of Finance if it came to evasive answers For example, he says that Dunedin is only a branch of the New Zealand Breweries and the consuming public (the workers of New Zealand) must perforce await a meeting of the directors. Mr Adam did not state that he and Mr R. M. Greenslade are directors of the New Zealand Breweries. It would not be good policy for him to tell the public that. Only recently Parliament was compelled to deal with American trusts in regard to petrol; but the position relating to the excessive prices, excessive profits, excessive ■ depreciation,, excessive rise in brewery shares, excessive dividends, and excessive fees paid to directors of New Zealand Breweries, Ltd., is allowed to be overlooked. As a worker of this country I emphasise the enormous amount of injury that the New Zealand Breweries lias done to this country as a combine, and, like “ One Who Knows,” I challenge Mr Adam to come out into the open market and uphold the doings of the company. The workers of New Zealand are a longsuffering community. They should to-day be enjoying their pint of beer for fourpence instead of paying sevenpence for it. —I am, etc., You Kipduk. September 10.

[Mr R- M Greenslade is not a director of New Zealand Breweries, Ltd— Ed., O.D.T.]