DANISH DAIRYMEN.

Timaru Herald, Volume XIIIC, Issue 13709, 25 September 1908, Page 3

DANISH DAIRYMEN.

THE ALBERTI FRAUDS

Per Press Association.

WELLINGTON, Sept. 24. Mr S. Turner, director of Wilier and Riley writes to the Press Association as follows : —"The indirect connection Albert i had with Wilier and Riley was as follows—Alberti was an ex-Ministfir of Justice and Director of the Zetland Peasant# Bank. He was also chairman of the Fanners of Denmark Butter Export Association. This Association banked with the Zetland Peasants Bank and Alberti is alleged to have taken 6,000,000 kroner from the Zetland Savings Bank (a kroner ia equal to Is l£d. in English money) theretore this is about £357,000. All the peasants and associations of peasants in the timber, egg, butter and other trades banked with that bank in addition to the Farmers of Denmark Butter Export Associations agents for 21 years. Owing to my company saving the intermediate profit by selling direct to retailers they have grown and prospered and so have we. During the very high prices this last year the Farmers' of Denmark Butter Export Association overdrew their accounts, as they ship a very large quantity of butter t-o my company on consignment, drawing 90 per cent, ol the market price. Owing to the extreme market price they overdrew their account several thousand pounds. This amount wa« banked and has gone with iother peasants' saving in the Peasants Savings liank and the poor peasants will have lost heavily by these nauds, but the Association on the advise oi my peopi are not pruning urm on their joint and .several guarantees because we can let .lie tk-bt 1.-main owing until the Fannus Association can collect it gradually and pay it back to my company without causing financial embarrasment to individual farmers. Last .\lav we secured £125,000 fresh capital and wc can, therefore, lei- the debt be wiped off gradually thereby giving the poor farmers who are victims of the fraud plenty of time to get over it. Tlie agency handles something like 5000 to 7000 tons of Danish butter per year. They stuck to us for 21 years. Therefore why should we take advantage of them in their present unfortunate position. We have £350,000 fully paid, up capital; in fact our last isstio was times over subscribed jn three days (18th to 20th May, 1908). It will clearly be seen by any of our friends in New Zealand and Australia that our position today is very much stronger than last year. Although we did so well for our factorit* last year we secured nearly 6000 tons of butter tlibs, year up to now. 11»- nionev in the hands of the Fanners of Denmark liutter Export Association is as safo as in the Bank of England, on account* of each individual Danish fanner in the Association being jointly and severally liable for ii This fraud may be taken as a warning to New Zealand ami Australian fanners to keep their finances tightly in their own hand.s, and not. let- any one man have the butt.r money in his own hands. Of rourse the money which ih« farmer* of Denmark owe us will War the usual -at-* of interest- and wo are practically financing tliem by compulsion, owing to t Ih-v frauds. Now it is clear to see how it is that our enemies. make capital out of this frauu by making out to the united press in London that we arc r.'|«nt<-d to have lost £55,000 and our shin* is have dropjted I cabled niv }»o|>]e telling them our coin j>etitors in New Zealand and Australia were making out that our distributing (lower and tifianeial (standing had in-, n al Their rep!y r>-.oU as follows .- H- lit- r"s Wellington ieport on 22n<l that £125,000 had i>ecn obtained from th«> last is>.uc of shale* so that ill any (a>e «e arc stronger than last year, it would dot !i- g.. (1 ,l j,o!ii-v to puif- t lf- I-\um-is of Denmark Association for the nionev thev owe us, but tho farm-rs arv Ikil>!<individually. We will have no difficulty in financing shipments 'luring t !<•• coining season. Wc will satisfy evciyhodv that our selling and distributing power i* stronger than ever. Wilier.' Wr givjvowor to all factors*, to draw ih>- full market rate under lc!tn< of err-dit- from the banks in thrir own town and w. aie willing to <!c|*isi! a. sum of in»n»y in these banks t«» cover any surpluses. Wo ar" capable of handling ] t,, ri * ~f butN-r and elw-.-s*- from New Ze.d.wid and Au«tralM this vc-ir and Up t" now w" have? «*»*ur«-d <-n roijfijjnmmi alfouttow in New Zealand and ."V>X> !"«-•< in Au*.trali\. A: the present time *" at-

hnan.-ing in (inr-at Britain l>--iw<-rn H.'">■> and 1 .000 tons "f butter from North ern Hetni?p!»-*re "