PURCHASE OF STOCK

Timaru Herald, Volume CXXXVII, Issue 19804, 21 May 1934, Page 11

PURCHASE OF STOCK

NATIVE COMMISSION HEARS EVIDENCE. By Telegraph—Press Association ROTORUA, May 19. The Native Commission was occupied for the greater part of the morning with further evidence on the question, of stock dealings by D. D. Wilson (Hamilton), with the Native Department. Henry Burgess Luxford, stock manager for Wright, Stephenson at Hamilton, in evidence, said he considered Wilson an expert buyer of stock. He sold one line of bulls to Wilson in July, 1932 at approximately 10 guineas, but between the date of sale and September there was a sharp rise in prices. Witness considered the bulls in September were worth 10 guineas each. Previous evidence had been given that these bulls were sold by Wilson to the Native Department at 14 guineas and bought at 10 guineas. Witness admitted that his firm could have bought the bulls on the same terms as Wilson. Wilson, recalled, said he was unable to produce books showing his dealings, although he admitted that he had previously said that he would be able to do so. He explained that he had made a search, but owing to the fact that the books were stored with his furniture, he had been unable to find them all. The chairman said that witness must not trifle with the Commission, and must produce the full records by Monday afternoon, together with his accountant, who, he stated, had prepared his books, and could produce the income tax returns and bank books. G. P. Shepherd, chief clerk of the Department, said that he had no personal knowledge of Wilson’s dealings, which the Native Minister had kept entirely in his own hands. Witness admitted that he did not consider that the system of stock buying disclosed was prudent, but had had no opportunity of changing it. In his opinion it would have been preferable for an officer of the Department to do the buying, but a suitable one was not available at the time.