THE DANISH FRAUDS.

Gisborne Times, Volume XXVI, Issue 2321, 14 October 1908, Page 2

THE DANISH FRAUDS.

AATLLER AND RILEY’S POSITION

[Press Association.] AVELLINGTON, Oct. 13. Mr. S. Turner, representative of Messrs AVille-r and Riley, Ltd., states that ho has received under d ites stated the following cable message from bis principals concerning tlie Alberti overdrafts :—“October 3: Fanners owe us £93,000, recoverable from farmers.” October 6: “As we refused to Jiay farmers’ draft have decided to protect shareholders, to recommend liquidation. After flaying everybody there is a. surplus of at- least £IOO,OOO. Hope to reconstruct shortly. Hold consignments. Consignors do not run any risks.” Air. Turner desires it stated, for the information of factory directors, that he had,- no knowledge when he was in Taranaki that the amount' that would become “compulsorily loaned” to the Fanners of Denmark Association would be anything like £93,000. The drafts must have been coming due during that time. The sum of £93,000 reported by the Press Association telegrams as overdrawn by Alberti is the same sum as is recoverable individually from the farmers of Denmark. The reason that AViller and Riley resolved to liquidate and reconstruct was in order to prevent the acceptance of further drafts, which would have increased tlie amount of debt. Messrs AAAiller and Riley’s credits in favor of_ the factories are for payment at sight immediately on arrival of the produce in London, and these credits are further guaranteed by the bankers, the London City md Midland Bank. This is double security to the factories.