THE CEMENT TRUST

Waikato Times, Volume 94, Issue 14767, 5 October 1921, Page 5

THE CEMENT TRUST

MR MASTERS' CHARGES MINISTERIAL STATEMENT. UNJUSTIFIABLE DEDUCTIONS. (Bv Telegraph.— Special to Times.) WELLINGTON, Wednesday. The Minister for Industries and Commerce, made his reply to-night to the allegations of Mr Masters (r?trr.!ford) regarding (he operations of !lie Cement Trust. He traversed the transactions of the companies and ibc Board of Trade at considerable length, and insisted that them had been no restraint of trade and no unfair treatment of the public. The shortage of cement ml year had been due to a shortage of coal. Control of Prices. The Board had exercised full control of prices and supplies, and had done its best to meet the needs of essential industries. The local price of cement had never risen to the level of prices in other countries. The text of the agreement made by the three cement: companies had been correctly stated to the House by Mr Masters, but the deductions drawn from it had not been justified. The agreement was not illegal, and it was not immoral. The New Zealand law did not prohibit commercial trusts and did not penalise them unless their prices were unreasonably high. There was no evidence of unreasonable prices in this case. Alleged Threats. Mr Lee read a letter from Air Luttrell, the managing director of the Golden Bay Cement Co., in reply to the charges. Mr Luttrell stated that Mr Masters, who was an agent for the sale of Golden Bay cement, had threatened to attack the company unless he was given supplies of cement. No Big Profits. The companies had not made big profits. The company that took over the Golden Bay works had been interested in securing supplies of cement for building purposes, and it had never got, any dividend at all. The agreement between the companies had been intended to meet the conditions created by the financial stringency, and it had not prejudiced the public in the slightest—in fact, the price of cement had been reduced to consumers. Mr Lee added that arrangements would be made for a full inquiry by a competent tribunal. Mr Masters' Denial. Mr Masters stated that Mr Luttrell's references to himself were entirely inaccurate; no such threat had been made.