DEBT TO GUARANTORS

Sun (Auckland), Volume III, Issue 793, 14 October 1929, Page 10

DEBT TO GUARANTORS

DEFUNCT BACON COMPANY APPEAL MADE TO FARMERS From Our Own Correspondent HAMILTON, Today. The fact that Messrs. J. Barugh, E. C. Banks, and the estate of the late Mr. T. Paterson had not been reimbursed in respect of the guarantee that they had had to meet in connection with the failure of the New Zealand Co-operative Bacon ancl Packing Company, was mentioned at the annual meeting of the Farmers’ Co-op. Auctioneering Company, Ltd., on Saturday. Mr. F. M. Strange said the farmers of the Waikato should shoulder the guarantors’ liability. The committee set up by the New Zealand Co-opera-tive Dairy Company, Ltd., proposed to make an active canvass of as much of the district as it was possible to* reach. To facilitate the liquidation of the debt, it was hoped that farmers would voluntarily send to Air. F. C. Hansen, Waitoa, what they thought ; was a fair and honest contribution. Mr. Hansen said the shareholders of the dairy company had contributed j about £1,500, but nothing had cornel from the auctioneering company for j All*. Barugh. The contributors to the j fund to date had given about £5 each. I The chairman. Air. H. S. Hawkins, j said he thought it would be a reflec- | tion on the farmers of the district as long as that guarantee was not met. j The company had been advised by its j solicitors that it could not give any- ; thing to the fund, but a committee had been set up and had collected a sum which fell far short of the total re- ' quired. He understood that from the voluntary contributions the three guarantors, had received £SOO, out of j £s.ooo.each which they had provided.! Air. Barugh said Ire appreciated the j expressions of the speakers, but he felt very uncomfortable about the matter. j A Voice: A debt of honour, sir. The meeting applauded this senti-